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Paddy Power Betfair fined after taken money is bet through its website
16 October 2018
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Paddy Power Betfair has been fined ₤ 2.2 m for failing to stop taken money being bet through its website and for stopping working to safeguard clients showing indications of problem betting.
The Gambling Commission said the bookie's failings meant "considerable amounts of taken cash streamed through their exchange".
One customer utilized cash defrauded from his employer, Birmingham Dogs Home.
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Paddy Power Betfair apologised and stated it had reinforced its treatments.
The regulator stated Paddy Power Betfair's behaviour was just not acceptable.
A Gambling Commission examination, external likewise discovered that the to effectively interact with customers who were showing indications of issue gaming.
"These failings all come from one easy concept - operators need to know their client," stated Richard Watson, Gambling Commission executive director.
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"If they understand their customer and ask the right questions then they place themselves in a strong position to meet their anti-money laundering and social duty obligations."
'Very sorry'
As part of the settlement, Paddy Power Betfair will make a ₤ 1.7 m payment to GambleAware, the yohaig code independent charity that commissions research, education and treatment services to minimize gambling-related harm in the UK.
Paddy Power Betfair primary executive Peter Jackson stated: "We have a duty to step in when our consumers reveal signs of problem betting. In these five cases our interventions were ineffective and we are really sorry that this promotion code occurred.
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"In recent years, we have actually purchased an extensive program of work to reinforce our resources and systems in responsible gaming and consumer security. We are motivated that the yohaig code Gambling Commission has actually identified considerable enhancement considering that the yohaig code time of these cases in 2016."
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The commission's query centred on five consumers in 2016, including 2 who were allowed to gamble taken money - among whom had actually defrauded his employer, Birmingham Dogs Home.
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Simon Price, who was primary executive of the pet dogs home, and his partner Alayna admitted cheating the charity of ₤ 894,754 to money his gambling dependency.
Mr Price was jailed 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 money will be gone back to the pet dogs 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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