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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.
“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.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
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