Paddy Power Betfair fined after taken money is bet 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 stopping working to secure customers revealing indications of problem betting.
The Gambling Commission stated the bookmaker's failings indicated "considerable quantities of taken money flowed through their exchange".
One customer utilized cash defrauded from his company, Birmingham Dogs Home.
Paddy Power Betfair apologised and said it had actually enhanced its procedures.
The regulator said Paddy Power Betfair's behaviour was merely not acceptable.
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A Gambling Commission investigation, external also found that the bookmaker failed to effectively communicate with customers who were displaying signs of issue gambling.
"These failings all come from one easy principle - operators should understand their consumer," Watson, Gambling Commission executive director.
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"If they understand their customer and ask the best questions then they position themselves in a strong position to meet their anti-money laundering and social responsibility obligations."
'Very sorry'
As part of the yohaig code 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 damage in the UK.
Paddy Power Betfair primary executive Peter Jackson said: "We have an obligation to step in when our consumers show indications of issue betting. In these five cases our interventions were not efficient and we are really sorry that this promotion code took place.
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"In the yohaig code last few years, we have actually invested in an extensive programme of work to enhance our resources and systems in accountable betting and client protection. We are motivated that the Gambling Commission has recognised substantial enhancement considering that the yohaig code time of these cases in 2016."
The commission's query centred on 5 clients in 2016, consisting of two who were permitted to gamble stolen money - among whom had actually defrauded his company, Birmingham Dogs Home.
Simon Price, who was primary executive of the pet dogs home, and his partner Alayna confessed cheating the charity of ₤ 894,754 to money his betting addiction.
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 money will be returned to the canines 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
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Paddy Power Betfair Fined after Stolen Cash is Gambled through Its Website
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