Paddy Power Betfair fined after taken cash is gambled 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 protect clients revealing signs of issue betting.

The Gambling Commission stated the bookmaker's failings meant "considerable amounts of taken cash streamed through their exchange".

One consumer utilized cash defrauded from his employer, Birmingham Dogs Home.

Paddy Power Betfair apologised and said it had strengthened its procedures.

The regulator stated Paddy Power Betfair's behaviour was simply not acceptable.

A Gambling Commission investigation, external also found that the bookie stopped working to properly connect with consumers who were displaying signs of issue betting.

"These failings all originate from one simple concept - operators must understand their customer," said Richard Watson, Gambling Commission executive director.

"If they understand their customer and ask the yohaig code right questions then they position 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 reduce gambling-related harm in the UK.

Paddy Power Betfair president Peter Jackson said: "We have a responsibility to intervene when our consumers show signs of problem gaming. In these five cases our interventions were ineffective and we are very sorry that this promotion code happened.

"Over the last few years, we have actually bought an extensive program of work to enhance our resources and systems in responsible betting and consumer defense. We are encouraged that the Gambling Commission has actually acknowledged considerable enhancement given that the time of these cases in 2016."

the yohaig code commission's questions centred on five clients in 2016, including 2 who were allowed to gamble taken cash - one of whom had actually defrauded his company, Birmingham Dogs Home.

Simon Price, who was primary executive of the pet dogs home, and his other half Alayna confessed cheating the charity of ₤ 894,754 to money his betting addiction.

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 gone back to the pets home.

Shares in Paddy Power Betfair increased 3.4% in late trading in London.

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20 February 2018