Paddy Power Betfair hit with gbp 2.2 mill penalty by gaming commission
News on 16 Oct 2018
News on 16 Oct 2018
In responsible gambling cases dating back to 2016 Paddy Power Betfair has been ordered by the UK Gambling Commission to pay a GBP 2.2 million penalty over failings which included allowing a punter to gamble away large sums stolen from a charity.
Sky News reported Tuesday that an investigation by the Gambling Commission found that the bookmaker fell short on interacting with customers who showed signs of problem gambling and on carrying out anti-money laundering checks.
The case centred on the behaviour of five customers in 2016, including one using the Betfair online exchange who had stolen “a significant amount of money” from his employer, a charity.
Another punter using Betfair had also been using stolen money while the regulator identified weaknesses in “source of wealth and social responsibility checks” for three online and betting shop customers of Paddy Power Betfair.
The company is to pay out GBP 500,000 it received from the gamblers and GBP 1.7 million towards the Commission’s work on its responsible gambling strategy.
These amounts include money being returned to the charity from which it had been stolen by one of the punters.
News on 16 Oct 2018
In responsible gambling cases dating back to 2016 Paddy Power Betfair has been ordered by the UK Gambling Commission to pay a GBP 2.2 million penalty over failings which included allowing a punter to gamble away large sums stolen from a charity.
Sky News reported Tuesday that an investigation by the Gambling Commission found that the bookmaker fell short on interacting with customers who showed signs of problem gambling and on carrying out anti-money laundering checks.
The case centred on the behaviour of five customers in 2016, including one using the Betfair online exchange who had stolen “a significant amount of money” from his employer, a charity.
Another punter using Betfair had also been using stolen money while the regulator identified weaknesses in “source of wealth and social responsibility checks” for three online and betting shop customers of Paddy Power Betfair.
The company is to pay out GBP 500,000 it received from the gamblers and GBP 1.7 million towards the Commission’s work on its responsible gambling strategy.
These amounts include money being returned to the charity from which it had been stolen by one of the punters.
