Paddy Power Betfair fined after taken cash is gambled through its website
16 October 2018
Paddy Power Betfair has actually been fined ₤ 2.2 m for failing to stop stolen cash being through its site and for stopping working to safeguard clients revealing signs of problem gaming.
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The Gambling Commission stated the bookie's failings implied "considerable amounts of stolen money flowed through their exchange".
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One customer utilized money defrauded from his employer, Birmingham Dogs Home.
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Paddy Power Betfair apologised and stated it had strengthened its treatments.
The regulator stated Paddy Power Betfair's behaviour was simply not acceptable.
A Gambling Commission investigation, external likewise discovered that the bookie failed to properly engage with customers who were showing signs of problem gambling.
"These failings all stem from one easy principle - operators should understand their customer," stated Richard Watson, Gambling Commission executive director.
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"If they know their consumer and ask the best concerns then they place themselves in a strong position to satisfy their anti-money laundering and social obligation 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 damage in the UK.
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Paddy Power Betfair chief executive Peter Jackson said: "We have a duty to step in when our clients reveal signs of issue gaming. In these five cases our interventions were not reliable and we are extremely sorry that this promotion code took place.
"In recent years, we have purchased an extensive programme of work to enhance our resources and systems in responsible betting and customer protection. We are encouraged that the Gambling Commission has actually acknowledged significant enhancement because the time of these cases in 2016."
The commission's inquiry centred on 5 clients in 2016, consisting of 2 who were permitted 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 confessed cheating the yohaig code charity of ₤ 894,754 to fund his gambling addiction.
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Mr Price was imprisoned for five 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 cash will be returned to the canines home.
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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
praalex1539308 edited this page 2025-10-20 22:58:49 +08:00