Paddy Power Betfair Fined after Stolen Cash is Gambled through Its Website
Paddy Power Betfair fined after taken cash is bet through its site
16 October 2018
Paddy Power Betfair has actually been fined ₤ 2.2 m for failing to stop stolen money being gambled through its website and for failing to protect clients revealing signs of issue betting.
The Gambling Commission stated the bookie's failings meant "considerable quantities of stolen cash streamed through their exchange".
One consumer utilized cash defrauded from his company, Birmingham Dogs Home.
Paddy Power Betfair apologised and stated it had actually strengthened its treatments.
The regulator said Paddy Power Betfair's behaviour was simply not appropriate.
A Betting Commission investigation, external likewise found that the bookie stopped working to sufficiently communicate with customers who were displaying indications of problem betting.
"These failings all originate from one basic concept - operators must know their consumer," said Richard Watson, Gambling Commission executive director.
"If they understand their customer and ask the ideal questions then they position themselves in a strong position to meet 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, education and treatment services to lower gambling-related harm in the UK.
Paddy Power Betfair primary executive Peter Jackson stated: "We have a responsibility to intervene when our customers show signs of problem betting. In these five cases our interventions were ineffective and we are extremely sorry that this took place.
"In the last few years, we have purchased an extensive program of work to reinforce our resources and systems in responsible betting and client security.
Paddy Power Betfair fined after taken cash is bet through its site
16 October 2018
Paddy Power Betfair has actually been fined ₤ 2.2 m for failing to stop stolen money being gambled through its website and for failing to protect clients revealing signs of issue betting.
The Gambling Commission stated the bookie's failings meant "considerable quantities of stolen cash streamed through their exchange".
One consumer utilized cash defrauded from his company, Birmingham Dogs Home.
Paddy Power Betfair apologised and stated it had actually strengthened its treatments.
The regulator said Paddy Power Betfair's behaviour was simply not appropriate.
A Betting Commission investigation, external likewise found that the bookie stopped working to sufficiently communicate with customers who were displaying indications of problem betting.
"These failings all originate from one basic concept - operators must know their consumer," said Richard Watson, Gambling Commission executive director.
"If they understand their customer and ask the ideal questions then they position themselves in a strong position to meet 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, education and treatment services to lower gambling-related harm in the UK.
Paddy Power Betfair primary executive Peter Jackson stated: "We have a responsibility to intervene when our customers show signs of problem betting. In these five cases our interventions were ineffective and we are extremely sorry that this took place.
"In the last few years, we have purchased an extensive program of work to reinforce our resources and systems in responsible betting and client security.