Punter’s €1,999.99 bet triggers debate over betting rules - 'Sadly, this is where the game has gone'

A punter’s story has hit the headlines this week and created extensive debate and conversations on social media channels. Journalist Johnny Ward, presenter Emma Nagle and former jockey and coach, Paddy Flood, discussed the incident on the latest episode of the Irish Angle.

What happened?

A Paddy Power customer was refused payment on course at Leopardstown on Sunday due to not having proof of address. The punter had placed €1,999.99 on 2/9 favourite, Doctor Du Mesnil, in the 4.25 at Cork.

After the favourite won, the customer was asked to produce proof of address and ID. He had ID, but no proof of address and consequently, he wasn’t paid out on the day.

The bet had reportedly been put through at €1,999.99 to avoid triggering the €2,000 threshold of providing documentation. However, the customer will subsequently be paid out by Paddy Power.

This is the direction the industry has gone

Journalist Johnny Ward said: “It’s the way the game has gone because of anti-money laundering regulations.

“If you read Aaron Rogan’s book Punters, you’ll see how readily figures like John Gilligan used to go into betting shops and place huge volumes of bets. Betting has long been a very handy way to wash and launder money."

He continued: “The reasoning behind an incident like this is sound. To a lot of people, €2,000 seems like a laughably small amount to trigger checks, but that’s the direction the industry has gone in.

“Technically, this is the law and it’s what Paddy Power should have done.”

Betting environments changing

Johnny added that bookmakers themselves are often frustrated by the rules. “I’ve been at tracks where the anti-money laundering people are present and I know bookmakers find it difficult.

“There’s a lot of betting happening through WhatsApp as well, so it raises the question of how strictly bookmakers can realistically interpret these rules on course.

“It’s a far cry from what the betting ring used to be.”

He said the story attracted attention because it reflected the reality of modern betting regulation:

“Over €2,000 needs to be checked, as far as I know. Sadly, this is where the game has gone.

“At a high level, I still suspect there’s a lot of washing money going on in racing, so the reasoning behind these rules is actually sound, even if people roll their eyes at it. In this case, Paddy Power was just doing its job.”

Emma Nagle pointed out that the bet had reportedly been put through at €1,999.99 to avoid triggering the €2,000 threshold.

“Part of the grievance from the punter was that the stake was deliberately kept just under the limit where the documents would normally be required,”

Concerns over racing’s financial future

Johnny then expanded on the wider impact regulation is having on horse racing.

“One of the problems is that people in racing don’t fully understand the decline in turnover and how hard it has become to get proper bets on.

“I did a piece on FitzBet before Cheltenham and most of their staff were compliance people.

“On one level, that’s good because it’s trying to stop problem gambling, but the days of people putting serious money on horses and that money feeding back into racing, are pretty much gone.”

He continued: “There has been a shocking loss of liquidity on the betting exchanges. A shocking loss.

“That’s a huge issue for the future funding of racing, whether we like it or not. Maybe the sport was the Wild West for too long, but the days of people placing massive bets are basically dead.”

Watch the Irish Angle in full