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Paddy Power Betfair fined after taken cash is bet through its site

16 October 2018

Paddy Power Betfair has been fined ₤ 2.2 m for failing to stop stolen cash being gambled through its site and for stopping working to secure customers revealing signs of issue betting.

The Gambling Commission stated the bookie's failings meant "considerable quantities of stolen money streamed through their exchange".

One consumer used cash defrauded from his company, Birmingham Dogs Home.

Paddy Power Betfair apologised and stated it had reinforced its procedures.

The regulator said Paddy Power Betfair's behaviour was merely not appropriate.

A Gambling Commission examination, external also found that the bookie stopped working to sufficiently interact with clients who were showing signs of problem gambling.

"These failings all come from one easy principle - operators should know their consumer," stated Richard Watson, Gambling Commission executive director.

"If they understand their consumer and ask the ideal concerns then they put themselves in a strong position to meet 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 reduce gambling-related harm in the UK.

Paddy Power Betfair president Peter Jackson said: "We have an obligation to step in when our clients show indications of problem gambling. In these 5 cases our interventions were ineffective and we are extremely sorry that this promotion code took place.

"In recent years, we have invested in an extensive programme of work to strengthen our resources and systems in accountable betting and consumer security. We are encouraged that the Gambling Commission has acknowledged substantial improvement given that the yohaig code time of these cases in 2016."

The commission's inquiry centred on five consumers in 2016, consisting of 2 who were permitted to gamble taken cash - among whom had actually defrauded his employer, Birmingham Dogs Home.

Simon Price, who was chief executive of the pet dogs home, and his spouse 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 yohaig code Gambling Commission, the cash will be gone back to the 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