Paddy Power Betfair fined after stolen cash is bet through its site
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16 October 2018
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Paddy Power Betfair has been fined ₤ 2.2 m for failing to stop taken cash being gambled through its website and for failing to safeguard clients revealing signs of problem betting.
The Gambling Commission said the bookmaker's failings meant "substantial quantities of stolen cash streamed through their exchange".
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One customer utilized money defrauded from his employer, Birmingham Dogs Home.
Paddy Power Betfair apologised and said it had actually enhanced its treatments.
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The regulator stated Paddy Power Betfair's behaviour was merely not appropriate.
A Gambling Commission investigation, external also discovered that the yohaig code bookie stopped working to effectively communicate with clients who were displaying indications of issue gaming.
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"These failings all originate from one basic principle - operators must understand their client," said Richard Watson, Gambling Commission executive director.
"If they know their customer and ask the yohaig code right concerns then they put themselves in a strong position to meet 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 lower gambling-related harm in the UK.
Paddy Power Betfair president Peter Jackson said: "We have a duty to step in when our customers reveal indications of problem gambling. In these 5 cases our interventions were not reliable and we are very sorry that this promotion code took place.
"Over the yohaig code last few years, we have an extensive programme of work to reinforce our resources and systems in accountable gambling and consumer protection. We are motivated that the Gambling Commission has actually identified substantial enhancement because the time of these cases in 2016."
the yohaig code commission's inquiry centred on 5 clients in 2016, including two who were allowed to bet stolen cash - one of whom had actually defrauded his employer, Birmingham Dogs Home.
Simon Price, who was chief executive of the pet dogs home, and his partner Alayna confessed cheating the charity of ₤ 894,754 to fund his gambling addiction.
Mr Price was jailed for 5 years at the end of 2017, while Mrs Price was given a two-year suspended term.
As part of Paddy Power's settlement with the Gambling Commission, the cash will be returned to the pet dogs home.
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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
allanpigdon200 edited this page 2025-09-22 12:44:48 +00:00