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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."
NBA Odds: Warriors Big Favorites to Beat Cleveland -
The Warriors didn’t take last year’s NBA Finals collapse lying down. They added Kevin Durant to the starting rotation; Durant is +220 to win this year’s Finals MVP award, while Cleveland superstar LeBron James is all by himself – also at +220. Kyrie Irving is the next closest Cavalier at +1000.
$400k Winner at Bodog Casino -
To win, you need to get a pair of Tens or better. Jerry K., however, got a much higher hand than the minimum; he pocketed $397,879 after landing the game’s best possible hand: a royal flush.
NBA : Warriors Win the West; NBA Finals Next -
The Golden State Warriors will play in their third-straight NBA Finals. They completed their sweep of the San Antonio Spurs Monday night, rolling to a 129-115 victory as 12-point road favourites; Golden State opened the season as a –250 chalk to win the Western Conference.
PartyPoker Rakebak -
Partypoker brings back rake back for players. All new ‘partypoker weekly Cashback’ launches.
NHL Odds: Lone Canadian Team Plays on Friday -
“Stingy” is a word that many have used to describe the Ottawa Senators in Round Three. The Sens know that they’re overmatched against a Pens lineup that features the likes of Sidney Crosby, Evengi Malkin and Phil Kessel, but with determined defensive play, Ottawa managed to frustrate the Penguins on their home ice, stealing one of two games.
NBA Odds: Will Cavaliers Be Rusty in Game 1? -
The Boston Celtics needed seven games to get past the Washington Wizards, but they got the job done Monday night, winning 115-105 as 5.5-point home favourites. Next up: the defending champion Cleveland Cavaliers, who visit the Garden Wednesday night at 8:30 PM ET on TNT.
4 New Microgaming Releases in May 2017 -
Candy Dreams is a 720 ways to win, variable reel game. Players spin on a colorful reel area filled with candy treats, as they play towards enticing bonus triggers.
PKR Company Statement Update -
Microgaming can confirm that David R Taylor and Matthew R M Wild of RSM Restructuring Advisory LLP were appointed Joint Administrators of PKR Ltd and PKR Technologies Limited on 11 May 2017 by the High Court, Chancery Division.
Microgaming Wins The Spark Award 2017 -
The Spark Award celebrates organisations that experiment with ways of working differently. Previous winners include GCHQ and Places for People. It’s a part of Spark the Change, a global movement dedicated to empowering people and building happier workplaces.
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