Investors "upped their bets on Paddy Power Betfair" after early figures indicated that New Jersey’s newly-liberalized sports betting market "is booming," according to Tom Rees of the London TELEGRAPH. British bookies "are hoping to hit the jackpot in a huge new market emerging across the Atlantic." New figures from New Jersey revealed that $184M was wagered on sports bets last month after "a flurry of online betting" and the start of the new American football season. Revenue more than doubled from $9.2M to $24M in a month, an "early glimpse of the potential of the nascent market." However, Peel Hunt’s Ivor Jones warned investors that "there is a long way to go before market size and the market leaders will be established" (TELEGRAPH, 10/16).
BIG FINE: In London, Harding & Gill reported Paddy Power Betfair was fined £2.2M ($2.9M) for "failing to protect customers and stop stolen money being gambled," a U.K. Gambling Commission investigation revealed. The Irish bookmaker was penalized for "social responsibility and money laundering" after it "failed to adequately interact with customers who were displaying signs of problem gambling and failed to adequately carry out anti-money laundering checks." The watchdog said that two customers "were found using Paddy Power’s betting exchange" and another three were gambling using its online platform and retail premises (TELEGRAPH, 10/16).
