Paddy Power Betfair Fined after Stolen Cash is Gambled through Its Website
Paddy Power Betfair fined after taken cash is bet through its website
16 October 2018
Paddy Power Betfair has been fined ₤ 2.2 m for failing to stop stolen cash being bet through its website and for failing to safeguard clients revealing signs of issue gambling.
The Gambling Commission stated the bookie's failings meant "significant amounts of taken cash flowed through their exchange".
One client utilized cash defrauded from his company, Birmingham Dogs Home.
Paddy Power Betfair apologised and said it had strengthened its treatments.
The regulator said Paddy Power Betfair's behaviour was merely not appropriate.
A Gambling Commission investigation, external also found that the bookie stopped working to effectively interact with consumers who were showing indications of problem gambling.
"These failings all stem from one basic concept - operators must know their customer," said Richard Watson, Gambling Commission executive director.
"If they understand their client 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 independent charity that commissions research, education and treatment services to decrease gambling-related harm in the UK.
Paddy Power Betfair president Peter Jackson said: "We have a duty to intervene when our customers show signs of problem gambling. In these five cases our interventions were ineffective and we are extremely sorry that this happened.
"Over the last few years, we have purchased a comprehensive program of work to enhance our resources and systems in responsible gaming and consumer defense.
Paddy Power Betfair fined after taken cash is bet through its website
16 October 2018
Paddy Power Betfair has been fined ₤ 2.2 m for failing to stop stolen cash being bet through its website and for failing to safeguard clients revealing signs of issue gambling.
The Gambling Commission stated the bookie's failings meant "significant amounts of taken cash flowed through their exchange".
One client utilized cash defrauded from his company, Birmingham Dogs Home.
Paddy Power Betfair apologised and said it had strengthened its treatments.
The regulator said Paddy Power Betfair's behaviour was merely not appropriate.
A Gambling Commission investigation, external also found that the bookie stopped working to effectively interact with consumers who were showing indications of problem gambling.
"These failings all stem from one basic concept - operators must know their customer," said Richard Watson, Gambling Commission executive director.
"If they understand their client 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 independent charity that commissions research, education and treatment services to decrease gambling-related harm in the UK.
Paddy Power Betfair president Peter Jackson said: "We have a duty to intervene when our customers show signs of problem gambling. In these five cases our interventions were ineffective and we are extremely sorry that this happened.
"Over the last few years, we have purchased a comprehensive program of work to enhance our resources and systems in responsible gaming and consumer defense.