A change has gripped the United Kingdom. Regulators in the country have been pushing for fairer overall gaming and betting practices. This may now be coming underway with the Competition and Markets Authority (CMA) stepping up its game and targeting a new perceived enemy – withdrawal policies. What does this mean for business and gamer?
CMA in the Limelight – Changes in Withdrawals
UK gamers may be on the receiving end of some much-desired largesse. The Competition and Markets Authority (CMA) has been going through the withdrawal policies of iGaming operators on the Island and it has concluded that changes need to be made. And CMA has definitely not been going it alone, as the UK Gambling Commission (UKGC), the authorized body handing out licenses on the island, has made a point that immediate changes would be needed.
The Commission posted a full account on its website, arguing that,
“We are committed to raising standards for consumers in the gambling sector to ensure they are getting a fair deal. We’ve already been working with the CMA to tackle unfair online gambling promotions, and today’s announcement will improve how customers are treated.
The UKGC has been quite adamant in forging ahead with new and varied changes. Under the new regulations Jumpman Gaming and Progress Play will do away with the terms and conditions that are stopping players from cashing out all their winnings in a single transaction.
These particular operators have been forcing their customers to cash out their winnings in increments over a period of time that had barred them, i.e. the customers, to get hold of their money whenever they wanted to.
— Competition & Markets Authority (@CMAgovUK) August 29, 2018
Those weren’t harsh demands to ask, to be honest, and both operators agreed on the spot. The change was two-fold. First, the pair won’t intervene with how customers claim their winnings.
Secondly, both operators agreed that they will remove practices whereby a customer’s funds are confiscated due to inactivity, a move that had caused them a lot of problems and animosity from the community.
A Change for the Better
The UK Gambling Commission has long been signaling its readiness to profoundly transform the entire sector. An in-depth investigation in the practices upheld by certain bookmakers have prompted a quick response and a thorough examination of the terms and conditions.
The UKGC has been adamant in ordering operators to comply with the law and immediately strip their restrictive policies. But the plans for a safer UK gaming future are even more ambitious. In a previous move, the fixed-odds betting terminals (FOBTs) were affected by a blanket ban that saw the maximum wager crumble down to £2.
While the decision to ban FOBTs almost outright has been slightly controversial and threatening thousands of jobs, the decision to attack restrictive policies has made much sense insofar it targeted truly damaging practices that needed sorting out.
As the regulatory efforts intensifies, so will operators increasingly comply with the law and avoid employing businesses strategies that may cost them dearly later on. The total mood is one towards integrity. Some regulatory weight will need to be thrown around first.