Paddy Power Betfair Fined After Stolen Cash Is Gambled Through Its Website

16 October 2018
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Paddy Power Betfair has been fined ₤ 2.2 m for stopping working to stop stolen money being gambled through its site and for failing to safeguard customers showing signs of problem betting.


The Gambling Commission stated the bookie's failings indicated "significant quantities of taken money flowed through their exchange".


One client used money defrauded from his employer, Birmingham Dogs Home.


Paddy Power Betfair apologised and stated it had actually enhanced its treatments.


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


A Gambling Commission investigation also found that the bookie stopped working to properly engage with clients who were showing signs of issue gaming.


"These failings all come from one simple principle - operators should understand their client," said Richard Watson, Gambling Commission executive director.


"If they know their customer and ask the ideal concerns then they put themselves in a strong position to meet their anti-money laundering and social duty commitments."


'Very sorry'


As part of the settlement, Paddy Power Betfair will make a ₤ 1.7 m payment to GambleAware, the independent that commissions research, education and treatment services to reduce gambling-related harm in the UK.


Paddy Power Betfair president Peter Jackson said: "We have an obligation to step in when our consumers show indications of problem betting. In these 5 cases our interventions were not efficient and we are really sorry that this took place.


"Recently, we have purchased an extensive program of work to reinforce our resources and systems in responsible gaming and client security. We are encouraged that the Gambling Commission has actually recognised substantial enhancement given that the time of these cases in 2016."


The commission's query centred on five customers in 2016, consisting of two who were enabled to bet stolen cash - among whom had actually defrauded his employer, Birmingham Dogs Home.


Simon Price, who was president of the pets home, and his other half Alayna confessed cheating the charity of ₤ 894,754 to fund 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 pet dogs home.


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