UK cracks down on unfair online casino withdraw account confiscation policies.
In today’s modern society, we’re used to having access to our money at all times. Cash, credit, debit, banks, eChecks, ATMs, online payment processors… There are so many ways to send and receive money, we never anticipate that we’ll have to wait for it.
For online casino players, instant cashouts are a rarity, thanks to the obligatory pending and processing times. We’ve become accustomed to these extended time frames. But when an online casino makes it even more difficult receive a withdraw, somethings not right. That’s exactly what the UK’s Competitions and Markets Authority (CMA) thought when it received complaints about two UK licensed operators.
CMA Abolishes Unfair Online Casino Withdraw Policies
The UK government announced on Wednesday that the CMA has instructed a pair of UK online gambling operations to rectify their cashout policies. The online casino banking policies of Progress Play and Jumpman Gaming were both found to be unfairly withholding portions of player withdraws.
The report indicates that both operators were delivering member payouts in increments, or installments, rather than a single lump sum. The CMA found this practice to be unfair and unwarranted. Both operators were ordered to discontinue installment payments and present withdraws in single payments.
According to the CMA’s report, Progress Play and Jumpman Gaming have each complied with the request. Both now offer simple lump sum payments, and no longer charge inactive account fees.
The UK Gambling Commission (UKGC) was pleased with the CMA’s action, stating its support for the new policies promoting fair online casino banking, and encouraging all internet gamblers to settle for nothing less.
“Gambling firms should not be placing unreasonable restrictions on when and how consumers can take money out of their accounts,” said Paul Hope, Executive Director of the UKGC.
No More Confiscating Funds for Failure to Verify ID
Progress Play was also admonished for enforcing an unfair identity verification policy. According to their terms, failure to complete ID verification within an allotted time frame would result in the confiscation of a player’s funds. The CMA admonished this procedure, demanding its immediate removal.
“Whilst companies need to be able to make appropriate and proportionate identity checks to help prevent money laundering and fraud, they cannot justify confiscating someone’s money simply because they do not provide information within a specific time frame,” reads the CMA’s statement.
Regulators applauded the hasty response by Progress Play and Jumpman Gaming, both of which are now in compliance with the new guidelines. However, regulators have no doubt that more operators are in violation of the new fair online casino withdraw policies.
“We support the outcome of the CMA’s investigation, and we’re pleased that both of the operators involved have committed to making changes that will make it fairer and simpler for customers to withdraw funds from their online gambling accounts,” said Hope.
“We now expect all online operators to review the findings published by the CMA today and ensure they update their own practices.”
The UKGC is renowned as the world’s strictest regulator of online gambling. In the last year alone, they’ve proven their heavy-handed and wholly unbiased stance, doling out warnings and hefty fines to any and all operators that violate the guidelines. Now that the new provisions are in place, any operator found to be in violation could face a stiff penalty, if not loss of license.