Paddy Power Betfair fined after stolen money is bet through its site
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16 October 2018
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Paddy Power Betfair has been fined ₤ 2.2 m for failing to stop stolen cash being bet through its site and for stopping working to safeguard clients revealing signs of issue betting.
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The Gambling Commission stated the bookie's failings indicated "considerable amounts of taken money flowed through their exchange".
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One customer utilized money defrauded from his company, Birmingham Dogs Home.
Paddy Power Betfair apologised and stated it had actually reinforced its procedures.
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The regulator said Paddy Power Betfair's behaviour was simply not appropriate.
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A Gambling Commission examination, external likewise discovered that the bookie stopped working to sufficiently engage with consumers who were displaying indications of issue gambling.
"These failings all come from one simple principle - operators need to understand their client," stated Richard Watson, Gambling Commission executive director.
"If they know their customer and ask the best questions then they put themselves in a strong position to fulfill their anti-money laundering and social responsibility obligations."
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'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 minimize gambling-related harm in the UK.
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Paddy Power Betfair president Peter Jackson stated: "We have a responsibility to step in when our clients show signs of issue betting. In these five cases our interventions were ineffective and we are really sorry that this promotion code happened.
"Recently, we have actually invested in a comprehensive programme of work to strengthen our resources and systems in accountable betting and customer protection. We are encouraged that the Gambling Commission has actually considerable enhancement considering that the time of these cases in 2016."
The commission's inquiry centred on 5 clients in 2016, including two who were enabled to bet taken money - among whom had actually defrauded his employer, Birmingham Dogs Home.
Simon Price, who was primary executive of the pets home, and his spouse Alayna confessed cheating the charity of ₤ 894,754 to fund his gambling dependency.
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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 returned to the pet dogs home.
Shares in Paddy Power Betfair rose 3.4% in late trading in London.
William Hill fined for lax criminal controls
20 February 2018
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Paddy Power Betfair Fined after Stolen Cash is Gambled through Its Website
jasminhealey7 edited this page 2025-10-20 02:15:29 +02:00