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Paddy Power Betfair Fined after Stolen Cash is Gambled through Its Website

Paddy Power Betfair fined after stolen money is bet through its site

16 October 2018

Paddy Power Betfair has been fined ₤ 2.2 m for failing to stop taken cash being gambled through its website and for failing to safeguard customers showing indications of problem betting.

The Gambling Commission stated the bookie’s failings indicated “substantial quantities of stolen cash streamed through their exchange”.

One customer used money defrauded from his company, Birmingham Dogs Home.

Paddy Power Betfair apologised and said it had strengthened its procedures.

The regulator stated Paddy Power Betfair’s behaviour was simply not acceptable.

A Gaming Commission examination, external likewise found that the bookie failed to engage with consumers who were displaying indications of problem gambling.

“These failings all originate from one basic principle – operators should know their consumer,” said Richard Watson, Gambling Commission executive director.

“If they understand their client and ask the right concerns then they place themselves in a strong position to satisfy their anti-money laundering and social duty commitments.”

‘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 chief executive Peter Jackson stated: “We have a responsibility to step in when our clients reveal signs of problem gambling. In these 5 cases our interventions were ineffective and we are really sorry that this promotion code took place.

“Recently, we have bought an extensive program of work to enhance our resources and systems in responsible betting and consumer defense. We are motivated that the Gambling Commission has actually recognised considerable improvement given that the time of these cases in 2016.”

The commission’s questions centred on five customers in 2016, including 2 who were allowed to bet taken cash – one of whom had defrauded his company, Birmingham Dogs Home.

Simon Price, who was president of the pet dogs home, and his partner Alayna confessed cheating the charity of ₤ 894,754 to fund his betting dependency.

Mr Price was imprisoned for 5 years at the end of 2017, while Mrs Price was provided 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.

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