The UK Gambling Commission (UKGC) has welcomed a new investigation into the restrictions imposed on UK players withdrawing money from their online gambling accounts. An enforcement action has been announced by the Competition and Market Authority (CMA). The regulatory body has contacted a number of online gambling companies on issues regarding their terms and conditions and some practices that may pose unfair setbacks to people who are trying to withdraw money from their accounts.
The UK gambling regulatory body’s Programme Director Ian Angus said that the UKGC backs the investigation which has been initiated and conducted by the CMA. Mr. Angus further shared the Commission’s position that gambling operators should not be allowed to make their customers comply with unreasonable restrictions related to money withdrawals from their gambling accounts.
The UK Gambling Commission also said that it expected all online gambling operators to closely review their existing terms and practices and take into consideration the CMA requirements while considering if these terms are fair to their customers.
Withdrawal Terms and Practices Suffer CMA Backlash
Yesterday, the Competition and Markets Authority revealed that it had launched enforcement action against several online gambling companies over the above-mentioned practices.
The regulatory body of local business competition revealed a number of issues that it has been particularly concerned about. The CMA shared that it has some concerns about the withdrawing limits on a daily, weekly or monthly basis which seem to be unreasonably low. The regulator further explained that the so-called “dormancy” terms which give companies the right to confiscate funds from users’ accounts after the latter have not been active for some time. According to the Competition and Markets Authority, another issue which has been causing some trouble is associated with the potentially arbitrary short deadlines, especially when customers are required to verify their identity in order to be allowed to make a withdrawal.
In February, the CMA revealed its intentions to make further examination of the area after it took actions against a number of operators, including William Hill, Ladbrokes and Playtech’s subsidiary PT Entertainment.
A commentary has also been made by Clive Hawkswood, the Chief Executive Officer of the Remote Gambling Association, with him saying that a warning had been made by the Competition and Markets Authority that the withdrawal process had taken too long to be processed. According to Mr. Hawkswood, the correct and proper application of anti-money laundering and anti-fraud rules is what often emerges as the main reason for the delays.
Reportedly, the Horseracing Bettors Forum had also contacted the Competition and Markets Authorities over concerns related to the starting prices, which have been raised by claims of secret and illegal collusion between some bookmakers. These claims emerged after a report filed by the HBF, according to which players who last year placed wagers at Ffos were being cheated on.
- Author
Olivia Cole
