Gambling Commission Warn Over Unfair Cash Withdrawal Restrictions
The online gambling industry is now obligated to conform to regulating policies and procedures as a result of an investigation into unfair terms and practices in the online gambling sector. Multiple gambling corporations now have to allow gambling consumers the right to withdraw their money without being hit by hidden or unfair terms and policies that prevent them from withdrawing their money. Great news for the consumer.
This is the result following the Competition and Markets Authority (CMA) announcing the outcome of its latest investigation into unfair terms and practices that were rife throughout the online gambling sector. Paul Hope, Executive Director at the Gambling Commission, said: “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”. It also follows the release of the Gambling Commission's Enforcement Report, which provides guidance on protecting the interests of consumers and the public, and raising standards in the industry.
From July, a new version of the License Conditions and Codes of Practice (LCCP) was released to ultimately enable the Gambling Commission to take immediate action against breaches of consumer law, which is something we at NoWagering.com fully support and have always adhered to. The new rules, which have already become a legal obligation from 31 October 2018, state that operators will have to comply with advertising rules and consumer law else face tougher action. This is reassuring news for the consumer noting the prevelance of hidden and overly restrictive terms and conditions imposed by some online casinos.
The following points are now a legal responsibility of all gambling companies:
- it will be easier to take action against gambling companies who breach the law, including imposing hefty fines and legal actions against gambling businesses that break the advertising rules (such as advertising that appeals particularly to children by enticing them to gamble by designing their advertisements to make it appear desirable).
- firms will face action for advertising failings by third party affiliates
- it will be quicker and easier to take action for breaches of consumer law (such as unfair and misleading practices or unreasonable restrictions on withdrawals)
NoWagering.com supports the principles and standards of these new laws and concurs with what Chief Executive of the Gambling Commission, Neil McArthur said, “Protecting the interests of consumers is a priority for us and needs to be a priority for gambling operators”.