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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."
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.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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