Online Gambling Firms Remove Restrictions on Cash Withdrawals
Two online gambling firms have agreed to remove terms and conditions which stop players from withdrawing their money in one go.
Until now, players using Jumpman Gaming and Progress Play have sometimes been made to withdraw their money in instalments over an extended period of time. This sometimes leads players to gamble again during a time in which they’d otherwise made a withdrawal.
The firms have also agreed to stop using terms in which they could confiscate money from players’ accounts if they had not logged in for a certain amount of time, Gov.uk press release reports.
On top of this, Progress Play agreed they wouldn’t confiscate players’ money if they didn’t meet the firm’s identity check rules within a specified timeframe.
The Competition & Markets Authority
The news comes after the Competition & Markets Authority (CMA) investigated the online gambling sector and discovered that several firms were using unfair practices and terms and conditions.
The CMA and UK Gambling Commission are working together to improve terms and conditions for online gamblers to ensure casino firms do not break consumer protection law. The new changes are supported by the Gambling Commission and firms that do not make necessary changes could face regulatory action.
George Lusty, the Senior Director for Consumer Protection at the CMA, said: “People choosing to gamble online should be able to walk away with their own money whenever they want to. Jumpman Gaming and Progress Play are the first to commit to scrap their unfair withdrawal rules, but we expect companies across the sector to follow suit so no-one gets caught out with unfair terms and conditions when gambling online.”
Paul Hope, the Executive Director of the Gambling Commission, said: “We support the outcome of the CMA’s investigation, and we’re pleased that both of the operators involved have committed to making changes that will make it fairer and simpler for customers to withdraw funds from their online gambling accounts.
“Gambling firms should not be placing unreasonable restrictions on when and how consumers can take money out of their accounts. We now expect all online operators to review the findings published by the CMA today and ensure they update their own practices.”