CMA partners with UKGC in improving withdrawal restrictions for players

Published by CasinoTopsOnline on September 7, 2018 in Industry News

UK Ban of Withdrawal restrictionsThe online casino industry has seen a lot of growth and change over the past few years.  

That being said there are many investigations in the industry to see what can be improved.  

Most changes are being made for the benefit of the players such as with the UKGC’s latest assessment.  

UKGC orders removal of withdrawal restrictions  

The UK’s Competition and Markets Authority (CMA) has made it clear that players should be free to walk away with their money whenever they want to.

This statement came after its investigative report into the online gambling industry that was published late August.  

The investigation discovered tons of consumer complaints on restrictions imposed on their withdrawals by certain operators.  

The United Kingdom Gambling Commission (UKGC) echoed these findings by issuing a warning to operators. According to sources operators have been warned that they will face action if they continue to implement unfair withdrawal restrictions.  

The CMA investigation was a thorough two year project where they delved deep. During the investigation they found that some operators even state that they will seize players’ balances if accounts lie dormant for a certain amount of time. Other operators have even gone as far as confiscating player funds if they fail to provide proof of ID within a certain timeframe.  

One of the biggest problems is that most sites restrict the amount of money that could be withdrawn at a time. And according to the CMA this is simply a ploy to keep players gambling at the casinos. The investigation also revealed that some companies impose money laundering controls selectively in order to delay withdrawals from winning accounts.  

All of these restrictions found in the terms and conditions of operators are seen as unreasonable by the CMA and the UKGC.  

In a recent statement the CMA said that they have been working with the Gambling Commission in an attempt to improve the terms and conditions for players online. In doing this they not only aim to help players but also manage to ensure that firms don’t break consumer protection laws.  

UKGC Executive Director, Paul Hope, stated that gambling firms shouldn’t be allowed to place unreasonable restrictions on when and how consumers can withdraw money from their accounts. Hope continued to say that all online operators are expected to review the findings of the CMA and update their own practices accordingly.  

No nonsense approach 

In their report the CMA went as far as naming and shaming firms who are the biggest culprits in unfair terms and conditions.  

Two of the big firms named in the report are Jumpman Gaming and Progress Play. Both these companies have since scrapped the withdrawal conditions and are working in collaboration with the CMA and UKGC to ensure their future policies are up to UK gaming laws standard.  

Many changes have been made over the past few years and the UKGC has made it clear that violations will not be tolerated. Big fines have been imposed on online gambling operators who fail to meet the UKGC requirements since 2017.  

In the recent press release the UKGC has made it clear that penalties will continue to escalate to ensure standards improve.  

This is a significant and big win for players as it will enable them more freedom in terms of withdrawing their money from British online casino operators.