{"id":90622,"date":"2018-10-16T17:00:47","date_gmt":"2018-10-17T00:00:47","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=90622"},"modified":"2018-10-16T15:26:29","modified_gmt":"2018-10-16T22:26:29","slug":"paddy-power-betfair-fined-2-2m-for-missingcriminal-gambling-sprees","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/paddy-power-betfair-fined-2-2m-for-missingcriminal-gambling-sprees\/","title":{"rendered":"Paddy Power Betfair Fined \u00a32.2 Million for Failing to Detect Criminal Gambling Sprees"},"content":{"rendered":"

UK regulators have fined Paddy Power Betfair (PPB) \u00a32.2 million ($2.9 million), after the operator failed to stop two customers from gambling \u201csignificant sums\u201d of stolen money on the Betfair betting exchange.<\/p>\n

\"Paddy
Former chief executive of Birmingham Dogs Home Simon Price was sentenced to five years imprisonment in December for embezzling \u00a3900,000 from the charity, most of which he blew on the Betfair betting exchange. (Image: SWNS)<\/figcaption><\/figure>\n

According to The Guardian<\/em>, one of these customers was Simon Price, the former chief executive of Birmingham Dogs Home, in the UK\u2019s Midlands region. He was sentenced to five years imprisonment in December for embezzling \u00a3900,000 ($1.2 million) in legacy payments to the charity over a four-year period, $650,000\u00a0 ($857,000) of which he blew on Betfair.<\/p>\n

The sentencing judge told Price that his actions had \u201cweakened public confidence\u201d in the work of the dogs\u2019 home and impaired its ability to raise the \u00a31.85 million ($2.44 million) per year needed to stay open. Media reports at the time noted that none of the stolen money had been repaid and reported it was likely to ever be recovered.<\/p>\n

But the UK Gambling Commission (UKGC) confirmed Tuesday that the charity\u2019s funds will be reimbursed from the PPB fine. The rest will be directed to problem gambling charity Gamble Aware.<\/p>\n

Red Flags Unheeded<\/strong><\/h2>\n

The UKGC said PPB failed to intervene when customer behavior should have raised clear red flags. It also said the operator had failed to carry out adequate anti-money laundering checks. In handing out the fine, it cited five specific cases where PPB had failed in its duties of compliance.<\/p>\n

\u201cAs a result of Paddy Power Betfair\u2019s failings, significant amounts of stolen money flowed through their exchange and this is simply not acceptable. Operators have a duty to all of their customers to seek to prevent the proceeds of crime from being used in gambling,\u201d said the UKGC.<\/p><\/blockquote>\n

\u201cThese 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,\u201d it added.<\/p>\n

Escalating Fines<\/strong><\/h2>\n

The regulator has cracked down on compliance failings over the last year, a sign that the political mood has turned against the country\u2019s liberal gambling industry. Fines against UK gambling companies<\/a> rose more than tenfold in 2017, from \u00a31.6 million ($2.1 million) in the previous year to \u00a318 million ($24 million).<\/p>\n

These included a record \u00a37.8 million ($10 million) fine<\/a> doled out to 888 Holdings for allowing 7,000 people who had voluntarily banned themselves to access their accounts.<\/p>\n

\u201cWe have a responsibility to intervene when our customers show signs of problem gambling,\u201d said PPB CEO Peter Jackson. \u201cIn these five cases our interventions were not effective and we are very sorry that this occurred.<\/p>\n

\u201cIn recent years, we have invested in an extensive program of work to strengthen our resources and systems in responsible gambling and customer protection,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"

UK regulators have fined Paddy Power Betfair (PPB) \u00a32.2 million ($2.9 million), after the operator failed to stop two customers from gambling \u201csignificant sums\u201d of stolen money on the Betfair betting exchange. According to The Guardian, one of these customers was Simon Price, the former chief executive of Birmingham Dogs Home, in the UK\u2019s Midlands […]<\/p>\n","protected":false},"author":36,"featured_media":90624,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,21,1074],"tags":[],"acf":[],"yoast_head":"\nPaddy Power Betfair Fined \u00a32.2M for MissingCriminal Gambling Sprees<\/title>\n<meta name=\"description\" content=\"Paddy Power Betfair has been fined \u00a32.2 million by the UKGC for five compliance failures, which include allowing criminals to gamble with stolen money.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/paddy-power-betfair-fined-2-2m-for-missingcriminal-gambling-sprees\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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