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Paddy Power Betfair fined after stolen cash is gambled through its website

“Paddy Power Betfair has been fined £2.2m for failing to stop stolen money being gambled through its website and for failing to protect customers showing signs of problem gambling.

The Gambling Commission said the bookmaker’s failings meant “significant amounts of stolen money flowed through their exchange”.

The regulator added that this was “simply not acceptable”.

Paddy Power Betfair apologised and said it had strengthened its procedures.

A Gambling Commission investigation also found that the bookmaker failed to adequately interact with customers who were displaying signs of problem gambling

“These failings all stem from one simple principle – operators must know their customer,” said Richard Watson, Gambling Commission executive director.

“If they know their customer and ask the right questions then they place themselves in a strong position to meet their anti-money laundering and social responsibility obligations.”

‘Very sorry’

As part of the settlement, Paddy Power Betfair will make a £1.7m payment to GambleAware, the independent charity which commissions research, education and treatment services to reduce gambling-related harm in Great Britain.

Paddy Power Betfair chief executive Peter Jackson said: “We have a responsibility to intervene when our customers show signs of problem gambling. In these five cases our interventions were not effective and we are very sorry that this occurred.

“In recent years, we have invested in an extensive programme of work to strengthen our resources and systems in responsible gambling and customer protection. We are encouraged that the Gambling Commission has recognised significant improvement since the time of these cases in 2016.””

Source – BBC News