Paddy Power Betfair Fined After Stolen Cash Is Gambled Through Its Website

16 October 2018
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Paddy Power Betfair has actually been fined ₤ 2.2 m for failing to stop stolen money being gambled through its site and for stopping working to secure consumers revealing indications of issue betting.


The Gambling Commission stated the bookmaker's failings suggested "considerable quantities of taken money streamed through their exchange".


One consumer used cash defrauded from his employer, Birmingham Dogs Home.


Paddy Power Betfair apologised and stated it had strengthened its treatments.


The regulator said Paddy Power Betfair's behaviour was just not acceptable.


A Gaming Commission examination likewise found that the bookie failed to sufficiently interact with who were displaying signs of problem gaming.


"These failings all stem from one basic concept - operators must know their client," stated Richard Watson, Gambling Commission executive director.


"If they know their consumer and ask the ideal concerns then they position 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 study, education and treatment services to reduce gambling-related damage in the UK.


Paddy Power Betfair president Peter Jackson said: "We have a duty to intervene when our customers reveal signs of problem gambling. In these 5 cases our interventions were ineffective and we are very sorry that this took place.


"Recently, we have invested in a substantial programme of work to reinforce our resources and systems in accountable betting and customer defense. We are motivated that the Gambling Commission has recognised considerable improvement given that the time of these cases in 2016."


The commission's inquiry centred on 5 consumers in 2016, including two who were enabled to gamble stolen money - one of whom had defrauded his company, Birmingham Dogs Home.


Simon Price, who was president of the dogs home, and his better half Alayna admitted cheating the charity of ₤ 894,754 to fund his gambling dependency.


Mr Price was jailed for five years at the end of 2017, while Mrs Price was offered 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 rose 3.4% in late trading in London.