Paddy Power Betfair fined after taken money is gambled through its website
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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 site and for stopping working to secure customers showing signs of issue gaming.
The stated the bookie's failings suggested "substantial quantities of stolen money streamed through their exchange".
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One customer utilized cash defrauded from his employer, Birmingham Dogs Home.
Paddy Power Betfair apologised and stated it had reinforced its treatments.
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The regulator said Paddy Power Betfair's behaviour was just not acceptable.
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A Betting Commission examination, external likewise discovered that the bookie failed to adequately engage with customers who were showing indications of issue betting.
"These failings all originate from one simple principle - operators must know their client," said Richard Watson, Gambling Commission executive director.
"If they understand their client and ask the right concerns then they put themselves in a strong position to satisfy their anti-money laundering and social responsibility 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 study, education and treatment services to reduce gambling-related damage in the UK.
Paddy Power Betfair primary executive Peter Jackson stated: "We have an obligation to step in when our clients reveal signs of problem gambling. In these 5 cases our interventions were ineffective and we are really sorry that this promotion code took place.
"In the last few years, we have actually purchased a comprehensive programme of work to enhance our resources and systems in responsible gaming and customer defense. We are motivated that the Gambling Commission has actually acknowledged substantial improvement considering that the time of these cases in 2016."
The commission's query centred on 5 clients in 2016, including two who were enabled to bet stolen cash - among whom had defrauded his company, Birmingham Dogs Home.
Simon Price, who was chief executive of the yohaig code dogs home, and his spouse Alayna admitted cheating the charity of ₤ 894,754 to money his gambling addiction.
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Mr Price was jailed for 5 years at the end of 2017, while Mrs Price was given a two-year suspended term.
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As part of Paddy Power's settlement with the Gambling Commission, the cash will be returned to the pet dogs home.
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Shares in Paddy Power Betfair rose 3.4% in late trading in London.
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Paddy Power Betfair Fined after Stolen Cash is Gambled through Its Website
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