Paddy Power Betfair Fined after Stolen Cash is Gambled through Its Website

16 October 2018
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Paddy Power Betfair has actually been fined ₤ 2.2 m for failing to stop taken money being bet through its site and for stopping working to safeguard clients showing signs of problem gambling.


The Gambling Commission stated the bookie's failings implied "substantial quantities of taken money streamed through their exchange".


One customer utilized cash defrauded from his company, Birmingham Dogs Home.


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


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


A Betting Commission investigation likewise discovered that the bookmaker stopped working to sufficiently engage with consumers who were showing signs of problem gaming.


"These failings all stem from one easy principle - operators must understand their customer," stated Richard Watson, Gambling Commission executive director.


"If they know their client and ask the right questions then they put themselves in a strong position to fulfill their anti-money laundering and social responsibility obligations."


'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 damage in the UK.


Paddy Power Betfair president Peter Jackson said: "We have a duty to intervene when our consumers show signs of problem gambling. In these five cases our interventions were not reliable and we are very sorry that this happened.


"In current years, we have invested in an extensive program of work to enhance our resources and systems in responsible gambling and client protection. We are encouraged that the Gambling Commission has recognised considerable enhancement because the time of these cases in 2016.