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 website and for stopping working to secure clients showing indications of issue betting.


The Gambling Commission stated the bookmaker's failings meant "considerable amounts of stolen money flowed through their exchange".


One client utilized money defrauded from his company, Birmingham Dogs Home.


Paddy Power Betfair apologised and said it had enhanced its .


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


A Gaming Commission examination also discovered that the bookmaker stopped working to effectively connect with consumers who were showing indications of issue gaming.


"These failings all originate from one basic principle - operators should know their consumer," stated Richard Watson, Gambling Commission executive director.


"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 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 decrease gambling-related harm in the UK.


Paddy Power Betfair president Peter Jackson stated: "We have a responsibility to intervene when our customers reveal indications of issue gambling. In these 5 cases our interventions were not reliable and we are extremely sorry that this occurred.


"Over the last few years, we have purchased a substantial program of work to strengthen our resources and systems in accountable gambling and consumer defense. We are motivated that the Gambling Commission has actually recognised significant enhancement since the time of these cases in 2016."


The commission's query centred on 5 consumers in 2016, including two who were allowed to bet taken money - one of whom had actually defrauded his employer, Birmingham Dogs Home.


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


Mr Price was imprisoned for 5 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 cash will be gone back to the pet dogs home.


Shares in Paddy Power Betfair increased 3.4% in late trading in London.