Paddy Power Betfair fined after stolen money is bet through its site
16 October 2018
Paddy Power Betfair has actually been fined ₤ 2.2 m for stopping working to stop taken cash being gambled through its site and for failing to protect clients showing indications of issue betting.
the yohaig code Gambling Commission said the yohaig code bookie's failings implied "substantial quantities of stolen money flowed through their exchange".
One customer utilized money defrauded from his employer, Birmingham Dogs Home.
Paddy Power Betfair apologised and said it had reinforced its treatments.
the yohaig code regulator stated Paddy Power Betfair's behaviour was simply not acceptable.
A Betting Commission investigation, external also found that the working to sufficiently engage with clients who were displaying indications of issue gambling.
"These failings all come from one easy concept - operators must know their customer," said Richard Watson, Gambling Commission executive director.
"If they understand their client and ask the yohaig code ideal concerns then they place themselves in a strong position to fulfill their anti-money laundering and social responsibility obligations."
'Very sorry'
As part of the settlement, Paddy Power Betfair will make a ₤ 1.7 m payment to GambleAware, the independent charity that commissions research, education and treatment services to minimize gambling-related damage in the UK.
Paddy Power Betfair chief executive Peter Jackson stated: "We have a duty to intervene when our clients show indications of issue betting. In these five cases our interventions were not efficient and we are extremely sorry that this promotion code happened.
"Over the last few years, we have invested in a comprehensive programme of work to strengthen our resources and systems in accountable gambling and consumer security. We are encouraged that the Gambling Commission has recognised significant improvement because the time of these cases in 2016."
The commission's query centred on 5 clients in 2016, consisting of 2 who were enabled to bet stolen money - among whom had actually defrauded his employer, Birmingham Dogs Home.
Simon Price, who was chief executive of the dogs home, and his wife Alayna confessed cheating the charity of ₤ 894,754 to fund his betting dependency.
Mr Price was jailed for five years at the end of 2017, while Mrs Price was given a two-year suspended term.
As part of Paddy Power's settlement with the Gambling Commission, the money will be gone back to the pets home.
Shares in Paddy Power Betfair increased 3.4% in late trading in London.
William Hill fined for lax criminal controls
20 February 2018
