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

Paddy Power Betfair fined after stolen cash is bet through its site


16 October 2018


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 consumers revealing indications of issue betting.


The Gambling Commission stated the bookmaker's failings indicated "significant amounts of taken cash flowed through their exchange".


One consumer used money defrauded from his company, Birmingham Dogs Home.


Paddy Power Betfair apologised and said it had actually enhanced its procedures.


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


A Betting Commission investigation, external also found that the bookmaker failed to sufficiently communicate with consumers who were showing signs of problem betting.


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


"If they understand their consumer and ask the right questions then they place themselves in a strong position to meet their anti-money laundering and social obligation 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 study, education and treatment services to lower gambling-related damage in the UK.


Paddy Power Betfair president Peter Jackson said: "We have an obligation to step in when our clients show signs of issue gambling. In these 5 cases our interventions were ineffective and we are very sorry that this occurred.


"In recent years, we have purchased a comprehensive programme of work to strengthen our resources and systems in responsible gaming and consumer defense.