UKGC To Introduce Cash Withdrawal Restrictions
September 3, 2018
The UK Gambling Commission have announced that online gambling businesses will be forced to remove restrictive withdrawal policies under new standards applicable from today.
The new regulations will prevent firms from charging a fee for withdrawing and allow users the ability to withdrawal all their money after securing a substantial win.
The move from the UKGC comes after an investigation undertaken by the Competition and Markets Authority (CMA) specifying unfair terms and practices in the online gambling sector.
“We are committed to raising standards for consumers in the gambling sector to ensure they are getting a fair deal,” said the Executive Director at the Gambling Commission, Paul Hope. “We’ve already been working with the CMA to tackle unfair online gambling promotions, and today’s announcement will improve how customers are treated.
“In July, we announced new rules which will make it quicker and easier for the Commission to take action for breaches of consumer law. That includes taking action where firms breach the principles laid out by the CMA. We support the action taken by the CMA and expect all online gambling businesses to take immediate action to update their practices in line with these, or face action by the Commission in the future.”
Jumpman Gaming and Progress Play have already formally agreed to remove restrictions on their withdrawal policy allowing customers to get hold of their money all in one go.
Before the regulations players could only withdraw their money over an extended period of time which meant the player’s money remained dormant within their account for weeks or even months.
“People choosing to gamble online should be able to walk away with their own money whenever they want to,” said George Lusty, Senior Director for Consumer Protection at the CMA
“Jumpman Gaming and Progress Play are the first to commit to scrap their unfair withdrawal rules, but we expect companies across the sector to follow suit so no-one gets caught out with unfair terms and conditions when gambling online.”
Many casinos across the sector have tight regulations on withdrawals including Bronze Casino who have a minimum withdrawal policy of £100 per transaction, though this is now likely to change under the new UKGC standards.
Author: Tom M.
Tom has been creating online content for over 10 years now starting way back as a small, impressionable 16-year-old. Tom mainly writes about sport and gambling, but every now and then also delves into fleshier subjects like politics and psychology. When he was 18 he created HungarianFootball.com and over the last few years he's written on a freelance basis for ESPN, WorldSoccer, Goal.com, among many others.