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 stopping working to stop taken money being gambled through its website and for failing to protect customers revealing indications of problem gambling.


The Gambling Commission stated the bookie's failings suggested "substantial amounts of stolen cash flowed through their exchange".


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


Paddy Power Betfair apologised and said it had strengthened its .


The regulator stated Paddy Power Betfair's behaviour was simply not appropriate.


A Betting Commission investigation also found that the bookie failed to adequately interact with clients who were showing signs of problem gambling.


"These failings all stem from one easy concept - operators need to understand their client," stated Richard Watson, Gambling Commission executive director.


"If they understand their consumer and ask the best concerns then they position 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 reduce gambling-related harm in the UK.


Paddy Power Betfair president Peter Jackson said: "We have a duty to intervene when our consumers reveal signs of problem betting. In these 5 cases our interventions were not efficient and we are really sorry that this occurred.


"In the last few years, we have purchased a substantial program of work to strengthen our resources and systems in accountable betting and consumer security. We are encouraged that the Gambling Commission has actually identified substantial enhancement considering that the time of these cases in 2016."


The commission's inquiry centred on 5 consumers in 2016, consisting of two who were enabled to bet stolen money - among whom had actually defrauded his employer, 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 money his betting dependency.


Mr Price was jailed for five 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 returned to the dogs home.


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