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UK Gaming Commission requiring regular operator reportage on player funds

Tuesday September 01,2015 :  COMBATTING ONLINE GAMBLING BANKRUPTCY RIP-OFFS
 
UK Gaming Commission implements regulations requiring regular operator reportage on player funds.
 
Remember the player disasters epitomised by Purple Lounge-Mediacorp, Everleaf and a slew of lesser known cases where online gambling operators failed to properly segregate punter deposits from operational funds....and the punters are left unpaid when they went bust?
 
Whilst a number of online gambling licensing jurisdictions profess to offer regulations guarding against this sort of occurrence, in real life incidents there has been little evidence that these have been successful or even applied properly, and players have remained prejudiced.
 
The UK Gambling Commission is tackling the problem by not only having appropriate regulations on the books, but actually implementing these and monitoring its licensees, according to recent communications from the British regulator.
 
Players at UK-licensed online casinos are likely to be safer as a result; from next year the regulator will insist that operators comply with a set of customer fund monthly reporting requirements in addition to weekly reconciliations.
 
The new regime will require operators to report the size of customer fund deposits and operator liabilities, and the financial institution where these monies are held, along with a breakdown of funds held for UK players, and those held for other punters.
 
To keep operators honest, there is provision for the Commission to request supporting documentation if this is felt necessary.
 
The reported funds cannot merely be an isolated snapshot of funds held, either - the Commission wants to ensure that reportage is on the flow of funds over the reporting period.
 
The pilot scheme on this new level of operator disclosure will run over the course of 2016, after which the results will be reviewed and assessed for efficiency and practicality.



Gambling News :

NHL Odds: Lightning go for Season Sweep Over Red Wings - The Tampa Bay Lightning (37-29-9) have been doing everything possible to make a fourth straight appearance in the Stanley Cup Playoffs. Without star centre Steven Stamkos, Nikita Kucherov (38 goals, 40 assists) and Victor Hedman (15 goals, 47 assists) have stepped up and will look to continue their strong play against the Wings. Game time is 7:30 PM ET on FS-D.

MPN Charity Poker Tournament at ICE 2017 - During what was a busy three-days for Microgaming at ICE Totally Gaming 2017, the MPN team enjoyed a charity poker tournament with Microgaming operators on Tuesday 7 February.

US$30M DUBAI WORLD CUP - Racecourse Media Group and Meydan to showcase world’s richest raceday to more than 150 territories The Dubai World Cup is the first horse race to be broadcast live on airlines and cruise lines

NHL Odds: Forsberg Faces Elliott in Nashville - The last time the Nashville Predators played against the Calgary Flames, Calgary had a 4-1 lead five minutes into the second period. Nashville responded with four back-to-back goals, including a hat trick from centreman Filip Forsberg. Both teams went into overtime with five goals, and Calgary defenseman Mark Giordano (12 goals, 22 assists) scored the winning goal.

Sit & Go 2.0 launched online exclusively at Americas Cardroom - Get ready to cheer like a champion before the first flop is even dealt. The much-anticipated Sit & Go 2.0 is now launched online exclusively at Americas Cardroom and Sit & Go players are reaping the benefits of the next evolution of poker.

NBA Odds: Hawks, Wiz in Southeast Showdown - The Washington Wizards (42-27 SU, 36-32-1 ATS) can pretty much secure the Southeast Division title with a win Wednesday night over the Atlanta Hawks (37-32 SU, 31-38 ATS). Tip-off is at 8 PM ET on ESPN; the Wizards lead Atlanta by five games with less than a month remaining before the playoffs.

Mega Moolah progressive jackpot Hit Again - Microgaming’s Mega Moolah progressive jackpot slot has been hit yet again at just over €6.6 million!

NBA Odds: Clippers Try to Slow Down Bucks in LA - Milwaukee Bucks small forward Giannis Antetokounmpo and Los Angeles Clippers power forward Blake Griffin are two of the most talented and versatile forwards in the NBA. The two lead their teams into battle on Wednesday in Los Angeles.

NCAAB Odds: SMU Hosts Tulsa With AAC Title on the Line - There aren’t too many college basketball teams more profitable than the SMU Mustangs (25-4 SU, 18-5-1 ATS). They host the Tulsa Golden Hurricane (14-14 SU, 15-12 ATS) this Thursday night, tipping off at 8 PM ET on CBSSN.

NHL Odds: Canadiens Welcome Islanders Tonight - The Montreal Canadiens (32-20-8) welcome the New York Islanders (28-21-10) on Thursday (7:30 PM ET on SNE). After getting their first victory under new head coach Claude Julien, the Canadiens will look to build on that momentum against a red-hot Islanders team.

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