
Paddy Power Betfair fined after taken money is bet through its website
16 October 2018
Paddy Power Betfair has been fined ₤ 2.2 m for failing to stop stolen cash being bet through its website and for stopping working to secure customers revealing indications of issue betting.

The Gambling Commission stated the bookmaker's failings indicated "substantial quantities of stolen cash streamed through their exchange".
One client utilized cash defrauded from his company, Birmingham Dogs Home.
Paddy Power Betfair apologised and stated it had actually strengthened its treatments.

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

A Betting Commission examination, external also found that the bookie stopped working to adequately connect with clients who were displaying signs of issue gambling.
"These failings all stem from one basic principle - operators need to know their customer," said Richard Watson, Gambling Commission executive director.
"If they understand their consumer and ask the best questions 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, education and treatment services to reduce gambling-related harm in the yohaig code UK.

Paddy Power Betfair chief executive Peter Jackson said: "We have a duty to step in when our clients reveal indications of issue gaming. In these 5 cases our interventions were not effective and we are extremely sorry that this promotion code took place.
"Recently, we have bought a substantial programme of work to enhance our resources and systems in accountable betting and consumer security. We are encouraged that the yohaig code Gambling Commission has actually acknowledged substantial enhancement since the time of these cases in 2016."
The commission's inquiry centred on 5 clients in 2016, including two who were allowed to gamble stolen money - one of whom had actually defrauded his company, Birmingham Dogs Home.
Simon Price, who was chief executive of the yohaig code dogs home, and his spouse Alayna confessed cheating the charity of ₤ 894,754 to money his betting dependency.
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 returned to the pets home.
Shares in Paddy Power Betfair increased 3.4% in late trading in London.
William Hill fined for lax criminal controls
20 February 2018
