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Paddy Power Betfair cop financial whack from Gambling Commission

Paddy Power Betfair in hot water

Paddy Power Betfair in hot water

PADDY Power Betfair (PPB) has felt the full force of the United Kingdom Gambling Commission for breaching regulations.

The online operator is to pay £2.2m for failing to protect customers and stop stolen moey being gambled.

A Gambling Commission investigation has revealed that Paddy Power Betfair (PPB) failed to adequately interact with customers who were displaying signs of problem gambling and failed to adequately carry out anti-money laundering checks.

Two of the customers were using PPB’s betting exchange and a further three were gambling using the operator’s online presence and retail premises.

“As a result of Paddy Power Betfair’s failings significant amounts of stolen money flowed through their exchange and this is simply not acceptable,”
Gambling Commission executive Richard Watson said.

“Operators have a duty to all of their customers to seek to prevent the proceeds of crime from being used in gambling.

“These failings all stem from one simple principle – operators must know their customer. 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.”

Meanwhile, bookmaker Mark Jarvis is to pay £94,000 and overhaul its social responsibility procedures after failing to protect a customer who was showing signs of problem gambling.

Over a 19-month period the operator failed to follow customer interaction rules when a customer showed problem gambling traits, including spending £34,000 on B2 gaming machines in one betting shop. Of this £11,250 was stolen from the customer’s employer.

Customer interaction codes are in place to ensure operators spot the early signs of problem gambling and then step in to stop harmful gambling.

Richard Watson, Gambling Commission Executive Director, said: “This case is a clear example of why gambling operators must have and implement effective social responsibility policies and procedures. All operators, regardless of size, need to ensure they really know their customers”.

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