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

Paddy Power Betfair fined after taken cash is bet through its website
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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 secure consumers showing indications of issue gaming.
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The Gambling Commission stated the bookmaker's failings indicated "considerable amounts of taken money streamed through their exchange".
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One client utilized money defrauded from his company, Birmingham Dogs Home.
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Paddy Power Betfair apologised and said it had actually its procedures.
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The regulator said Paddy Power Betfair's behaviour was merely not acceptable.
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A Betting Commission investigation, external also found that the bookie failed to sufficiently interact with consumers who were showing indications of issue gambling.

"These failings all stem from one simple principle - operators should know their customer," stated Richard Watson, Gambling Commission executive director.
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"If they understand their customer and ask the right concerns then they place themselves in a strong position to fulfill 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 study, education and treatment services to reduce gambling-related harm in the UK.

Paddy Power Betfair chief executive Peter Jackson said: "We have a duty to step in when our customers show signs of issue gambling. In these 5 cases our interventions were not reliable and we are really sorry that this promotion code occurred.

"Recently, we have actually purchased an extensive program of work to strengthen our resources and systems in accountable gaming and client defense. We are encouraged that the Gambling Commission has actually identified considerable enhancement considering that the time of these cases in 2016."
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The commission's inquiry centred on five customers in 2016, consisting of two who were permitted to gamble stolen cash - one of whom had defrauded his employer, Birmingham Dogs Home.

Simon Price, who was president of the pets home, and his other half Alayna confessed cheating the charity of ₤ 894,754 to fund his betting dependency.
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Mr Price was imprisoned 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 gone back to the canines home.

Shares in Paddy Power Betfair rose 3.4% in late trading in London.

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