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Gambling : Putting Dormant Betting Accounts to Use

New British minister introduces a novel idea
 
Punters who have left money lying untended in betting accounts for protracted periods may need to rediscover their funds before a new UK government initiative is implemented.
 
The recently elected Coalition government in the UK – and specifically the minister for Tourism and Heritage, John Penrose – is studying ways in which dormant betting accounts can be better used.
 
The minister has asked MP Don Foster, the Liberal Democrat MP for Bath, to compile a report into abandoned betting accounts and other unclaimed winnings. The report will look at how much money is left abandoned in betting accounts and uncover the value of unclaimed winning tickets.
 
A statement from the government’s Department of Culture, Media and Sport at http://www.culture.gov.uk/news/media_releases/7265.aspx notes that millions lying dormant in betting accounts could be used to improve public sports facilities and clubs
 
“There is potential for some really good causes to benefit from this money - but we have to look at all the options first. That’s why I’ve asked Don Foster to lead this review and leave no stone unturned,” said Penrose.
 
“Every day thousands of people bet on the outcome of sporting events. Therefore it seems a natural fit that funds from abandoned betting accounts should be used to benefit grassroots sports projects.”
 
Foster said: “I’m delighted to be leading this project and look forward to completing it before the year is out. I’ll be meeting representatives from all parts of the industry to gain views and suggestions on how this can work.
 
“It would be great to see some local sporting facilities and initiatives getting some extra funding in these difficult financial times.”
 
If the rightful owners of these winnings cannot be located the cash could be put to good use, benefitting local communities through investing in sport.
 
Work will be done to determine how a betting account can be classed as “dormant” and clarify any legal ramifications surrounding the use of the money. The potential legal rights of any claimants will need to be an important consideration when looking at the scope of a proposal. 
 
Customers will still be able to reclaim their money at any time if they are able to prove their right to it.
 
The review stems from a pledge in the Coalition Agreement to look into the best use of abandoned betting accounts. Foster will present his findings, along with a possible proposal of new legislation, to John Penrose by the end of the year.
 
Foster will be meeting interested parties throughout the autumn to gather views and information. Once the report has been considered a formal consultation process will follow.

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Gambling News :

Amaya FY2016 Trading Update - The Montreal-based Amaya online gambling group has issued a trading update covering FY 2016 and improving its forecast revenue and earnings numbers.

Another Mega Fortune Dreams jackpot for Euro 3.5 million - In a statement Friday NetEnt advised that the lucky player is a 62-year-old woman from central Finland who won the seven-figure sum from a Euro 1 stake.

Stanleybet has filed a legal action against the government of Cyprus - Bookmaking firm Stanleybet has filed a legal action against the government of Cyprus, claiming Euro 12.5 million as compensation for what it claims is loss of profits and opportunities, prejudice to image and business reputation and legal costs.

LeoVegas To Sponsor Leicester Tigers - The agreement includes official partner accreditation, media space at Welford Road stadium and matchday tickets and VIP hospitality as well as two pitchside perimeter boards from the 2017/18 season and one for duration of the 2016/17 season.

Optima Information Services iShop - Industry visitors to the recent TVC Bookmakers Trade Fair in Solihull, UK were much taken by Spanish betting technology firm Optima Information Services' iShop product, and the company went on to win the SBC Best Retail Betting Product award with it last month.

Golden Nugget Las Vegas Launches New Betting App - Golden Nugget Las Vegas has unveiled a sports wagering app offering Nevada punters the comfort and convenience of being able to wager from anywhere in the state.

CAGAYAN CHIEF MOVES TO REASSURE LICENSEES - Apparently $4 million is going into improvements of the Authority’s data centre in the Freeport at Cagayan, whilst another $3 million has been earmarked for an upgrade to data infrastructure located outside the Freeport.

New Massachusetts Online Gambling Bill - It seems that every two years (give or take a few months) Massachusetts state Senator Bruce Tarr flights an online gambling legalization bill in the state Senate.

Las Vegas Sands Fined for foreign bribery allegations - #lasvegassands Las Vegas Sands, the land casino company owned by multi-billionaire US mogul Sheldon Adelson, has again had to cough up a stiff penalty for non-compliance with the law.

Libratus AI Program Destroying Human Poker Opponents - #Libratus With 40,340 hands played (about a third of the 120,000 planned) Dong Kim is down $29,506, whilst Jimmy Chou ($113,7728), Daniel McAuley ($141,877) and Jason Les ($186,489) are all carrying losses.

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