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UKGC asks gambling websites to remove unfair withdrawal practices

Niji Narayan

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UKGC asks gambling websites to remove unfair withdrawal practices
Photo Credit: EPA/ANDY RAIN
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The United Kingdom Gambling Commission (UKGC) has issued an order that the British websites must remove unfair restrictions of money withdrawal or face action. The commission was reiterating the findings of a two-year study by UK’s UK’s Competition and Markets Authority (CMA).

CMA undertook the study following customer complaints about various types of withdrawal restrictions imposed by gambling operators.

“The CMA has been working in collaboration with the sector regulator, the Gambling Commission, to improve terms and conditions for players online and to help ensure firms do not break consumer protection law,” CMA said in a statement.

A key finding of the study is the practice of seising the players’ balances if their accounts lie dormant for a certain period of time. There were also cases where the balances were debited if players fail to provide proof of ID within a certain timeframe.

Some sites were also restricting the amount that could be withdrawn at a time, which the CMA concluded was simply an attempt to keep the customer gambling. Other companies were found to be imposing money laundering controls selectively, in order to delay withdrawals from winning accounts.

 “Gambling firms should not be placing unreasonable restrictions on when and how consumers can take money out of their accounts,” said UKGC Executive Director Paul Hope. “We now expect all online operators to review the findings published by the CMA today and ensure they update their own practices.”

 

Source: casino.org

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

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bwin to Quit from Russian Sports Betting Market

Niji Narayan

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bwin to Quit from Russian Sports Betting Market
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Sports betting brand Bwin is going to quit from Russia’s online gambling market, as its parent company, A&NN Investments, is looking to unload its license in the country.

The license is held by Digital Betting LLC, which operates online in Russia using the Bwin.ru domain through a joint venture with UK-listed GVC Holdings. Bwin.ru is a joint venture of GVC and A&NN, which is owned by Russian billionaire Alexander Mamut, who also controls digital media firm Rambler.

A source for the website claimed that Digital Betting’s license may be transferred to a division of payment processing outfit Qiwi, which handles transactions for multiple Russian-licensed bookmakers. Qiwi has denied this report. Other sources claimed that The Stars Group (TSG) is in the running to acquire Digital Betting’s license.

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Playtech Partners with GVC to Launch Elevation

Niji Narayan

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Playtech Partners with GVC to Launch Elevation
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Playtech has partnered with GVC Holdings to launch a brand new dedicated live casino studio, Elevation. The live casino studio will launch in stages over the next two months, backed by a major marketing campaign and will initially feature five Blackjack tables and a Roulette wheel studio.

“As the parent company behind some of the most iconic brands in online gambling, GVC has been a key partner for us for many years, and we’re delighted to be extending that partnership with the development of Elevation. We’ve significantly invested in our Live Casino technology and facilities in recent years, in addition to continually diversifying our content – so in a year when we’ve done more than ever to enhance our product, it seems only fitting to be working with an industry leader to deliver an ever-more innovative live experience,” Shimon Akad, COO of Playtech.

“Live Casino is one of the major growth areas in the online gambling market, with players looking for a more immersive, entertainment-driven experience. Significant investment has gone into delivering the first stage of the Elevation studio and we’re delighted with the results. Playtech’s track record and experience in delivering innovative Live Casino technology and content is unsurpassed. We’re looking forward to continuing our successful partnership and delivering a world-class player experience,” Shay Segev, COO of GVC said.

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Sweden’s BOS Hits Out at Government’s Approach to Illegal Gambling

Niji Narayan

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Sweden’s BOS Hits Out at Government’s Approach to Illegal Gambling
Photo Source: thelocal.se
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Branschföreningen för Onlinespel (BOS), the prominent online gambling trade association in Sweden, has hit out at the Swedish government’s policies to tackle illegal gambling in the country.

BOS alleges that the stringent restrictions on licensed gambling operators in the country will be counterproductive and trigger an increase in illegal gambling activities and sites eating into licensed operators’ market share.

“No one that has been paying attention to the political outbursts and the astronomical fines on licensed gambling companies can be surprised over this development. My assessment is that the reduction is part of a trend. Unless the Government takes forceful action to protect its own reregulation the channelization is likely to decrease further,” Gustaf Hoffstedt, secretary general of BOS said.

“To discuss marketing restrictions for licensed online casino operators in these circumstances, as well as prohibiting certain popular gambling objects shows that the government does not understand the gravity of the situation. Such restrictions would virtually mean giving away the Swedish gambling market to unlicensed operators. The government is currently acting as the best friend of the black and grey market and this needs to end,” Hoffstedt added.

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