Paddy Power Betfair fined after stolen money is bet through its site
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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 safeguard consumers showing indications of problem gaming.

The Gambling Commission stated the bookmaker’s failings meant “considerable quantities of stolen money flowed through their exchange”.
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One customer utilized cash defrauded from his employer, Birmingham Dogs Home.

Paddy Power Betfair apologised and said it had reinforced its procedures.
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The regulator stated Paddy Power Betfair’s behaviour was simply not acceptable.

A Gaming Commission investigation, likewise found that the bookie stopped working to sufficiently communicate with consumers who were showing indications of problem gaming.
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“These failings all stem from one basic concept - operators should understand their consumer,” stated Richard Watson, Gambling Commission executive director.
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“If they understand their consumer and ask the best concerns then they put themselves in a strong position to meet their anti-money laundering and social obligation 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 harm in the UK.

Paddy Power Betfair president Peter Jackson said: “We have an obligation to intervene when our consumers show indications of issue betting. In these 5 cases our interventions were not effective and we are extremely sorry that this promotion code took place.

“Recently, we have invested in a substantial program of work to strengthen our resources and systems in accountable gaming and customer security. We are motivated that the Gambling Commission has actually identified substantial improvement considering that the time of these cases in 2016.”

The commission’s query centred on five customers in 2016, including two who were allowed to bet taken money - among whom had defrauded his company, Birmingham Dogs Home.

Simon Price, who was president of the pet dogs home, and his wife Alayna confessed cheating the charity of ₤ 894,754 to money 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 cash will be gone back to the pet dogs home.
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Shares in Paddy Power Betfair increased 3.4% in late trading in London.
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William Hill fined for lax criminal controls

20 February 2018