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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."
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Gambling News :
Tain Fast Bet -
Our readers will recall Tain recently increased the number of live events it covers each month to 23,000, covering both traditional markets such as football, tennis and US sports and the more obscure curling, biathlon and Water Polo.
Olympic Entertainment Group Mobile Gaming -
In its full-year 2016 report, Olympic Entertainment Group (OEG) has informed the establishment of a Malta-based company registered to facilitate its intended expansion into remote gambling.
Circus Evolution HD Slot -
Malta-based content provider World Match has released its first title of 2017, “Circus Evolution HD”, a 5-reel, 3-row, circus-themed adventure offering Free Spins, Wilds and a Bonus Game.
17 Crown people still detained -
Reports from China over the weekend suggest that the 17 Crown people still detained could be looking at another twelve months of imprisonment as investigations into their alleged and still unspecified crimes drag on
SB1400 Virginia Poker Skill Game Bill -
Her bill SB1400 is currently with the Senate General Laws and Technology Committee, whose 15 members will decide whether to progress it or condemn the Senator to another year of failure.
Pennsylvania Video Gaming Association -
With the focus on Pennsylvania as the most likely next US state to legalize online gambling as part of a general gambling expansion measure, reporters noted this week the emergence of a new lobbying group in the state - the Pennsylvania Video Gaming Association.
Stiffer Problem Gambling Penalties in UK -
The Guardian newspaper reports that the UK Gambling Commission plans to unveil new enforcement strategies on problem gambling and money laundering prevention this month, laying down tougher penalties for operators who fail to tackle these issues.
Spartan Poker vs SpartanPoker name War -
Pokerguru, which owns the brand SpartanPoker.com, has threatened to sue the Indian Poker Championship over its use of the title Spartan Poker, and recently published a notification that it is not associated with the IPC version of the brand.
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