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Betfair fined after stolen cash is gambled through its website
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16 October 2018
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Paddy Power Betfair has actually been fined ₤ 2.2 m for stopping working to stop stolen cash being bet through its website and for stopping working to safeguard consumers showing indications of issue gaming.
The Gambling Commission stated the bookie's failings meant "considerable amounts of taken cash flowed through their exchange".
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One customer used money defrauded from his company, Birmingham Dogs Home.
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Paddy Power Betfair apologised and stated it had enhanced its treatments.
The regulator stated Paddy Power Betfair's behaviour was merely not acceptable.
A Gaming Commission investigation, external likewise discovered that the yohaig code bookmaker stopped working to sufficiently interact with customers who were displaying signs of problem gambling.
"These failings all stem from one simple principle - operators should know their consumer," stated Richard Watson, Gambling Commission executive director.
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"If they understand their client and ask the yohaig code right concerns then they place themselves in a strong position to fulfill 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, education and treatment services to minimize gambling-related harm in the UK.
Paddy Power Betfair president Peter Jackson stated: "We have an obligation to intervene when our clients reveal signs of problem betting. In these 5 cases our interventions were ineffective and we are really sorry that this happened.
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"Over the last few years, we have actually purchased a comprehensive program of work to enhance our resources and systems in accountable betting and customer defense. We are encouraged that the yohaig code Gambling Commission has actually recognised considerable improvement given that the time of these cases in 2016."
The commission's inquiry centred on five clients in 2016, including 2 who were permitted to bet stolen money - among whom had defrauded his employer, Birmingham Dogs Home.
Simon Price, who was president of the yohaig code pet dogs home, and his better half Alayna admitted cheating the charity of ₤ 894,754 to fund his betting dependency.
Mr Price was jailed for 5 years at the end of 2017, while Mrs Price was provided a two-year suspended term.
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As part of Paddy Power's settlement with the Gambling Commission, the cash will be gone back to the canines home.
Shares in Paddy Power Betfair rose 3.4% in late trading in London.
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William Hill fined for lax criminal controls
20 February 2018
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Paddy Power Betfair Fined after Stolen Cash is Gambled through Its Website
lavonneq058514 edited this page 2025-10-27 10:35:07 +08:00