Paddy Power Betfair Fined after Stolen Cash is Gambled through Its Website
Paddy Power Betfair fined after stolen cash is gambled through its website
16 October 2018
Paddy Power Betfair has been fined ₤ 2.2 m for stopping working to stop stolen money being bet through its website and for failing to secure customers revealing indications of problem gaming.
The Gambling Commission said the bookmaker's failings suggested "considerable amounts of taken money streamed through their exchange".
One customer used money defrauded from his company, Birmingham Dogs Home.
Paddy Power Betfair apologised and stated it had strengthened its treatments.
The regulator said Paddy Power Betfair's behaviour was simply not appropriate.
A Gambling Commission investigation, external likewise discovered that the bookie failed to sufficiently connect with clients who were showing indications of issue betting.
"These failings all come from one simple concept - operators need to understand their client," stated Richard Watson, Gambling Commission executive director.
"If they know their customer and ask the ideal concerns then they put themselves in a strong position to satisfy their anti-money laundering and social obligation 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, education and treatment services to minimize gambling-related harm in the UK.
Paddy Power Betfair primary executive Peter Jackson said: "We have a responsibility to step in when our customers show indications of problem gambling. In these 5 cases our interventions were not effective and we are extremely sorry that this happened.
"In recent years, we have purchased a comprehensive program of work to reinforce our resources and systems in responsible gaming and consumer security.
Paddy Power Betfair fined after stolen cash is gambled through its website
16 October 2018
Paddy Power Betfair has been fined ₤ 2.2 m for stopping working to stop stolen money being bet through its website and for failing to secure customers revealing indications of problem gaming.
The Gambling Commission said the bookmaker's failings suggested "considerable amounts of taken money streamed through their exchange".
One customer used money defrauded from his company, Birmingham Dogs Home.
Paddy Power Betfair apologised and stated it had strengthened its treatments.
The regulator said Paddy Power Betfair's behaviour was simply not appropriate.
A Gambling Commission investigation, external likewise discovered that the bookie failed to sufficiently connect with clients who were showing indications of issue betting.
"These failings all come from one simple concept - operators need to understand their client," stated Richard Watson, Gambling Commission executive director.
"If they know their customer and ask the ideal concerns then they put themselves in a strong position to satisfy their anti-money laundering and social obligation 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, education and treatment services to minimize gambling-related harm in the UK.
Paddy Power Betfair primary executive Peter Jackson said: "We have a responsibility to step in when our customers show indications of problem gambling. In these 5 cases our interventions were not effective and we are extremely sorry that this happened.
"In recent years, we have purchased a comprehensive program of work to reinforce our resources and systems in responsible gaming and consumer security.