UK Gambling Firms to Eliminate Withdrawal Restrictions
It was on in March this year that the watchdog of competition in UK’s gambling market, Competition and Markets Authority (CMA), launched an inspection into the country’s gambling scenario to know about fund withdrawal facilities offers by gaming operators. It launched an enforcement action against a couple of UK-based gambling operators to check if they have placed unnecessary withdrawal restrictions on people.
The organization showed its concern over low money withdrawal limits and “short deadlines” for people to authenticate their identity while taking out funds. Not only this, the CMA expressed its concern over the practice of fund forfeiture if people delayed their responses. The probe brought three major operators—Ladbrokes, Playtech Entertainment’s TitanBet and Winner sites, and William Hill—to the eye of the CMA, whose efforts to eliminate withdrawal restrictions continue.
Jumpman Gaming and Progress Play
Out of all gaming operators probed by the CMA, two operators, namely Jumpman Gaming and Progress Play, have given their consent to remove withdrawal restrictions. They have agreed to rule out practices that needed customers to withdraw funds in stages or forfeit any amount from “dormant” accounts.
The CMA picked out Progress Play as a gaming operator to let go its response times for customer identification checks. The organization clearly underlined that the country’s gaming operators could not provide any justification for forfeiting a customer’s money just because they failed to provide necessary information within a stipulated time frame.
At the same, gambling companies have to provide reasonable checks to prevent cases of fraud and money laundering from taking place. No matter what, the commission is steadfast in raising the standards of the sector and ensure that customers are treated fairly by gaming operators.
The new regulations pertain to the sector’s different aspects, such as advertising come-ons, promotional offers, anti-money laundering obligations, and kid-friendly marketing.
George Lusty, senior director for consumer protection at CMA, said that these two operators where the first ones to concede to the new rules, but other companies in the domain could follow suit. The UK Gambling Commission (UKGC), on the other hand, issued a statement emphasizing that online operators have to abide by the rules or face unappreciable consequences.
The UKGC and CMA have been working in close association with each other to lay down fairer terms and conditions for customers and ensure operators don’t breach consumer protection law. The commission is likely to impose considerably higher penalties on gaming operators who don’t toe the line with the new regulations.