paddy-power-betfair-fined-after-stolen-cash-is-gambled-through-its-website

bet9ja.com
Paddy Power Betfair fined after taken money is bet through its site
bet9ja.com
16 October 2018

Paddy Power Betfair has actually been fined ₤ 2.2 m for failing to stop taken money being gambled through its site and for stopping working to protect consumers showing signs of issue betting.

The Gambling Commission said the bookmaker's failings implied "substantial quantities of stolen money flowed through their exchange".
bit.ly
One customer utilized cash defrauded from his company, Birmingham Dogs Home.

Paddy Power Betfair apologised and stated it had enhanced its procedures.
bet9ja.com
The regulator stated Paddy Power Betfair's behaviour was just not appropriate.

A Betting Commission examination, external likewise discovered that the bookie stopped working to adequately communicate with consumers who were displaying signs of problem betting.

"These failings all come from one basic principle - operators should know their customer," stated Richard Watson, Gambling Commission executive director.

"If they understand their consumer and ask the right concerns then they position 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 charity that commissions research, education and treatment services to reduce gambling-related damage in the UK.

Paddy Power Betfair president Peter Jackson stated: "We have a duty to intervene when our consumers show signs of issue betting. In these 5 cases our interventions were not effective and we are really sorry that this promotion code took place.
bit.ly
"In the last few years, we have actually bought an extensive programme of work to reinforce our resources and systems in responsible betting and customer protection. We are encouraged that the Gambling Commission has actually acknowledged considerable enhancement because the time of these cases in 2016."

The commission's query centred on 5 customers in 2016, consisting of two who were permitted to gamble stolen money - one of whom had defrauded his company, Birmingham Dogs Home.
bet9ja.com
Simon Price, who was primary executive of the pet dogs home, and his better half Alayna admitted cheating the charity of ₤ 894,754 to money his gambling addiction.
bet9ja.com
Mr Price was jailed for five 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 gone back to the dogs home.

Shares in Paddy Power Betfair increased 3.4% in late trading in London.
bet9ja.com
William Hill fined for lax criminal controls

20 February 2018