Paddy Power Betfair Fined $2.9 Million For Allowing Stolen Money, Problem Gamblers

The United Kingdom Gambling Commission has fined Paddy Power Betfair £2.2 million ($2.9 million US) for allowing stolen money to be wagered through its betting exchanged and for failing to protect problem gamblers.

An investigation found that the company did not have proper oversight in place to stop addicts from betting and that Paddy Power Betfair did not adequately check for money laundering while “significant amounts of stolen money” were wagered.

“Operators have a duty to all of their customers to seek to prevent the proceeds of crime from being used in gambling,” said gambling commission executive director Richard Watson. “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.”

Much of the fine money will go toward a problem gambling charity, with the remainder going to those impacted.

Read more at the Racing Post

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