Bookmaker Paddy Power took less than three hours last year to bring in enough money to cover its recent £280,000 donation to good causes after encouraging problem gambling and failure to prevent money laundering.
The Irish firm’s 2015 results, its last before a £5bn merger with Betfair, reveal that it pulled in revenues of €1.09bn (£850m) in 2015.
The figure, up 24% on the previous year, equates to £97,000 every hour.
That means that less than three hours’ worth of takings were sufficient to cover the cost of the £280,000 “voluntary payment” it made at the behest of the Gambling Commission.
Gambling campaigners said Paddy Power’s surging revenues showed that the regulator was not doing enough to keep the industry’s biggest companies in line.
Matt Zarb-Cousin, of the Campaign for Fairer Gambling, said: “If the Gambling Commission were serious, they’d sanction operators properly instead of just asking them nicely to improve their behaviour.”
Paddy Power paid the sum after the Gambling Commission ruled it had encouraged a problem gambler to keep betting until he lost five jobs, his home and access to his children.
The man in question was a frequent user of fixed odds betting terminals (FOBTs), which have been described as the “crack cocaine” of gambling, allowing players to stake £100 every 20 seconds.
FOBTs are part of Paddy Power’s “machine gaming” division, whose revenues soared by 17% to £94m last year.
The £280,000 payment was also based on the firm’s failure to perform sufficient checks to ensure customers were not using its machines to launder the proceeds of crime.
The Gambling Commission can take action against companies that breach the Gambling Act 2005. The legislation states that companies should ensure that gambling is not associated with crime and protecting vulnerable people from being harmed.
The commission’s powers include imposing a financial penalty on a company and revoking its licence to operate if it breaches the act.
Its verdict on Paddy Power, however, resulted only in the “voluntary” £280,000 payment to a socially responsible cause and a promise to commission a review and “share learning” from the case with other firms.
Paddy Power also paid £27,250 to cover the commission’s investigation costs.
The company said it had enjoyed a “truly transformational” year in 2015, with pre-tax profit up 8% to £139m. Shareholders were rewarded with an 18% increase in the full-year dividend to £1.39 per share.
Since the period covered by the results, Paddy Power has completed a merger with online specialist Betfair, creating the world’s largest public online betting company.
“The new financial year has started well for Paddy Power Betfair,” said its chief executive Breon Corcoran. “The revenue growth momentum has continued and trading across the group is in line with our expectations.”
The figure, up 24% on the previous year, equates to £97,000 every hour.
That means that less than three hours’ worth of takings were sufficient to cover the cost of the £280,000 “voluntary payment” it made at the behest of the Gambling Commission.
Gambling campaigners said Paddy Power’s surging revenues showed that the regulator was not doing enough to keep the industry’s biggest companies in line.
Matt Zarb-Cousin, of the Campaign for Fairer Gambling, said: “If the Gambling Commission were serious, they’d sanction operators properly instead of just asking them nicely to improve their behaviour.”
Paddy Power paid the sum after the Gambling Commission ruled it had encouraged a problem gambler to keep betting until he lost five jobs, his home and access to his children.
The man in question was a frequent user of fixed odds betting terminals (FOBTs), which have been described as the “crack cocaine” of gambling, allowing players to stake £100 every 20 seconds.
FOBTs are part of Paddy Power’s “machine gaming” division, whose revenues soared by 17% to £94m last year.
The £280,000 payment was also based on the firm’s failure to perform sufficient checks to ensure customers were not using its machines to launder the proceeds of crime.
The Gambling Commission can take action against companies that breach the Gambling Act 2005. The legislation states that companies should ensure that gambling is not associated with crime and protecting vulnerable people from being harmed.
The commission’s powers include imposing a financial penalty on a company and revoking its licence to operate if it breaches the act.
Its verdict on Paddy Power, however, resulted only in the “voluntary” £280,000 payment to a socially responsible cause and a promise to commission a review and “share learning” from the case with other firms.
Paddy Power also paid £27,250 to cover the commission’s investigation costs.
The company said it had enjoyed a “truly transformational” year in 2015, with pre-tax profit up 8% to £139m. Shareholders were rewarded with an 18% increase in the full-year dividend to £1.39 per share.
Since the period covered by the results, Paddy Power has completed a merger with online specialist Betfair, creating the world’s largest public online betting company.
“The new financial year has started well for Paddy Power Betfair,” said its chief executive Breon Corcoran. “The revenue growth momentum has continued and trading across the group is in line with our expectations.”
read more : theguardian.com
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