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DOES THE UK GAMBLING COMMISSION GUARANTEE ONLINE PLAYER FUNDS?
Sunday December 4,2011 : New addition to FAQ says caveat emptor
In the wake of the Full Tilt Poker debacle, players have been showing more concern about the safety of their deposits and winnings on internet gambling sites, asking what the role of regulators is in such circumstances.
Thus far, the Isle of Man jurisdiction is one of the few to come out with a clear answer, noting that it insists on the segregation of player accounts by its licensees.
The publicity surrounding the demise of Full Tilt and Absolute Poker, leaving players unpaid in contrast to Pokerstars, which met its obligations, has perhaps caught the attention of the UK Gambling Commission, which this week added an information note on the subject to its FAQs.
Under the heading "Does the Gambling Commission guarantee my gambling winnings?" the Commission advises:
"The Gambling Commission does not in any way guarantee funds deposited by consumers or prizes due. Our licensing process tests the general suitability of an operator to run a gambling business, but it does not provide a guarantee of future financial circumstances.
"Licence holders have legal obligations to their customers, and gambling debts became legally enforceable under the Gambling Act 2005. There is also a requirement on each operator’s licence to explain to customers whether, and if so how, they protect customers’ funds in the event of insolvency.
"As with other commercial transactions such as buying consumer goods or entertainment, it is for consumers to assure themselves of the security of prizes offered or of funds deposited."
Bitcasino.io Relaunch -
Bitcasino rebrands with focus on ‘fun, fast & fair’ gaming. The new site introduces a striking modern design for a whole new gaming experience, including easier access to Bitcasino’s market-leading range of over 1,300 slots, table games and live dealer casinos from the industry’s leading suppliers.
League of Legends Live Odds -
This week, Betradar, the premium partner for the betting industry worldwide, has officially launched live odds for League of Legends, developed in conjunction with esports big data specialists DOJO Madness.
Comunio in deal with -
One of the leading providers of fantasy sport across Europe, Comunio, has kicked off its pre-season build up by signing a transfer deal that will see Sportradar
McGregor’s Odds vs. Mayweather Get Even Shorter -
Conor McGregor is still the underdog for his August 26 superfight in Las Vegas with Floyd Mayweather Jr., but his odds are improving. McGregor has shortened from +375 last week to +350 at press time, with Mayweather moving from –550 to –500.
Gemtopia Slot Launches -
This spectacular new slot from Real Time Gaming includes 2 glittering features, a Wild Re-Spin Feature and a Free Games with Bonus Picks Feature!
MLB Odds: Yankees vs. Jays at Rogers Centre -
The Toronto Blue Jays (56-61, –14.26 betting units) are moving slowly up the AL Wild Card standings, and they can get closer to the Promised Land by beating up on the injury-plagued Tampa Bay Rays (59-60, –2.79 units). Game 2 of their four-game series is Tuesday at 7:07 PM ET on Sportsnet.
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