Paddy Power Betfair Fined After Stolen Cash Is Gambled Through Its Website
Paddy Power Betfair fined after stolen money is gambled through its site
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16 October 2018
Paddy Power Betfair has been fined ₤ 2.2 m for failing to stop taken money being gambled through its website and for stopping working to secure customers revealing indications of problem betting.
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The Gambling Commission stated the bookmaker's failings indicated "significant amounts of taken cash flowed through their exchange".
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One customer utilized cash defrauded from his company, Birmingham Dogs Home.
Paddy Power Betfair apologised and stated it had reinforced its treatments.
The regulator stated Paddy Power Betfair's behaviour was just not acceptable.
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A Gaming Commission investigation, external also discovered that the bookmaker stopped working to connect with clients who were displaying signs of problem gambling.
"These failings all stem from one basic principle - operators must know their customer," stated Richard Watson, Gambling Commission executive director.
"If they understand their client and ask the ideal questions then they place themselves in a strong position to satisfy their anti-money laundering and social obligation 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 reduce gambling-related harm in the UK.
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Paddy Power Betfair chief executive Peter Jackson stated: "We have a responsibility to intervene when our clients show indications of problem betting. In these 5 cases our interventions were not efficient and we are extremely sorry that this promotion code took place.
"Recently, we have actually bought an extensive programme of work to strengthen our resources and systems in accountable betting and client security. We are encouraged that the Gambling Commission has actually recognised significant enhancement given that the time of these cases in 2016."
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The commission's questions centred on five customers in 2016, consisting of two who were enabled to gamble stolen money - among whom had actually defrauded his company, Birmingham Dogs Home.
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Simon Price, who was president of the yohaig code pet dogs home, and his partner Alayna confessed cheating the charity of ₤ 894,754 to money his gambling addiction.
Mr Price was jailed 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 cash will be gone back to the dogs home.
Shares in Paddy Power Betfair rose 3.4% in late trading in London.
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