Betfair fined after stolen money is gambled through its site
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16 October 2018
Paddy Power Betfair has actually been fined ₤ 2.2 m for failing to stop stolen cash being bet through its site and for failing to protect clients showing signs of issue gambling.
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The Gambling Commission stated the bookie's failings meant "significant amounts of taken cash flowed through their exchange".
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One consumer utilized money defrauded from his employer, Birmingham Dogs Home.
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Paddy Power Betfair apologised and said it had enhanced its treatments.
The regulator said Paddy Power Betfair's behaviour was simply not appropriate.
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A Gambling Commission examination, external likewise found that the bookie stopped working to sufficiently communicate with customers who were showing signs of issue gaming.
"These failings all originate from one basic concept - operators should understand their client," said Richard Watson, Gambling Commission executive director.
"If they understand their client and ask the right concerns then they put themselves in a strong position to fulfill their anti-money laundering and social responsibility obligations."
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'Very sorry'
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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 decrease gambling-related damage in the UK.
Paddy Power Betfair primary executive Peter Jackson said: "We have an obligation to step in when our customers show indications of issue gaming. In these five cases our interventions were not reliable and we are really sorry that this promotion code happened.
"In current years, we have actually invested in an extensive program of work to strengthen our resources and systems in accountable gambling and consumer defense. We are encouraged that the yohaig code Gambling Commission has acknowledged significant enhancement because the time of these cases in 2016."
The commission's inquiry centred on five customers in 2016, including 2 who were allowed to bet taken money - among whom had defrauded his company, Birmingham Dogs Home.
Simon Price, who was president of the pet dogs home, and his other half Alayna confessed cheating the charity of ₤ 894,754 to fund his gambling dependency.
Mr Price was imprisoned for five years at the end of 2017, while Mrs Price was offered a two-year suspended term.
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As part of Paddy Power's settlement with the yohaig code Gambling Commission, the cash will be gone back 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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Paddy Power Betfair Fined after Stolen Cash is Gambled through Its Website
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