Paddy Power Betfair fined after stolen money is bet through its site
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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 stopping working to safeguard customers showing indications of problem betting.
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The Gambling Commission stated the bookmaker's failings suggested "substantial quantities of stolen cash streamed through their exchange".
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One cash defrauded from his company, Birmingham Dogs Home.
Paddy Power Betfair apologised and stated it had enhanced its procedures.
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The regulator stated Paddy Power Betfair's behaviour was simply not acceptable.
A Gambling Commission investigation, external also discovered that the yohaig code bookie failed to effectively engage with consumers who were displaying indications of issue gambling.
"These failings all come from one basic principle - operators should know their consumer," said Richard Watson, Gambling Commission executive director.
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"If they understand their customer and ask the best concerns then they put themselves in a strong position to fulfill their anti-money laundering and social duty obligations."
'Very sorry'
As part of the settlement, Paddy Power Betfair will make a ₤ 1.7 m payment to GambleAware, the yohaig code 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 step in when our customers reveal indications of issue betting. In these five cases our interventions were ineffective and we are very sorry that this promotion code occurred.
"Recently, we have actually bought a substantial program of work to strengthen our resources and systems in accountable gambling and client protection. We are encouraged that the Gambling Commission has actually identified considerable enhancement since the time of these cases in 2016."
The commission's questions centred on 5 clients in 2016, consisting of two who were allowed to gamble stolen cash - one of whom had actually defrauded his company, Birmingham Dogs Home.
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Simon Price, who was president of the canines home, and his better half Alayna admitted cheating the charity of ₤ 894,754 to money his gambling addiction.
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Mr Price was imprisoned for 5 years at the end of 2017, while Mrs Price was offered a two-year suspended term.
As part of Paddy Power's settlement with the Gambling Commission, the money will be gone back to the pet dogs home.
Shares in Paddy Power Betfair rose 3.4% in late trading in London.
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20 February 2018
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Paddy Power Betfair Fined after Stolen Cash is Gambled through Its Website
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