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Paddy Power Betfair fined after taken cash is gambled through its site
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16 October 2018
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Paddy Power Betfair has been fined ₤ 2.2 m for failing to stop stolen cash being bet through its website and for failing to revealing indications of problem betting.
The Gambling Commission said the bookmaker's failings implied "substantial 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 stated it had actually reinforced its procedures.
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The regulator said Paddy Power Betfair's behaviour was merely not acceptable.
A Gaming Commission examination, external likewise discovered that the bookie failed to properly communicate with customers who were displaying signs of issue betting.
"These failings all stem from one simple principle - operators should know their client," stated Richard Watson, Gambling Commission executive director.
"If they know their client and ask the right concerns then they place themselves in a strong position to fulfill their anti-money laundering and social obligation commitments."
'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, education and treatment services to decrease gambling-related damage in the UK.
Paddy Power Betfair primary executive Peter Jackson said: "We have a responsibility to intervene when our clients show signs of problem betting. In these 5 cases our interventions were ineffective and we are very sorry that this promotion code occurred.
"Recently, we have purchased a comprehensive programme of work to reinforce our resources and systems in accountable gambling and consumer security. We are motivated that the yohaig code Gambling Commission has actually acknowledged considerable improvement since the time of these cases in 2016."
The commission's query centred on 5 consumers in 2016, consisting of two who were permitted to bet stolen cash - one of whom had actually defrauded his company, Birmingham Dogs Home.
Simon Price, who was president of the yohaig code dogs home, and his better half Alayna admitted cheating the charity of ₤ 894,754 to money his betting dependency.
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Mr Price was imprisoned for 5 years at the end of 2017, while Mrs Price was provided a two-year suspended term.
As part of Paddy Power's settlement with the Gambling Commission, the cash will be returned to the pets home.
Shares in Paddy Power Betfair increased 3.4% in late trading in London.
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William Hill fined for lax criminal controls
20 February 2018
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Paddy Power Betfair Fined after Stolen Cash is Gambled through Its Website
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