Following the demise of Full Tilt Poker, a growing number of UK internet gamers have begun to voice concerns over accounting practices at various poker rooms, casinos an online bingo games in United Kingdom.
Players want to have the peace of mind knowing that there is some form of British gambling laws in place which require minimum balances as well as third party independent audits.
Online gamblers are concerned how their deposits (and naturally winnings) are protected by some government agency. Overall the industry has been in a state of flux since the unexpected events of Black Friday in April of 2011, which resulted in multiple federal indictments of leading online poker room operators and their bankers.
So far, the Isle of Man seems to be one of the few jurisdictions where the question of protecting the player’s funds has been clearly addressed. The regulators there insist on the segregating of all funds in player accounts by its licensees.
British online casinos Rank High on Surveys
The overwhelming media coverage surrounding the demise of well-known online poker sites in United Kingdom – Full Tilt Poker and Absolute Poker, naturally caught the wondering eye of the UK Gambling Commission.
The events of Black Friday are still being discussed and everyone is still wondering how their players were left unpaid in contrast to those of Poker Stars. In order to clarify their standpoint, UK Gambling Commission has added a special note on the subject to its FAQs.
United Kingdom gambling news was one of the first to get acquainted with “Does the Gambling Commission guarantee my gambling winnings?” note on the Gambling Commission website.
UK Gambling Commission
The excerpt of the note goes as follows: “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.”
It continues to state: “License 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 license to explain to customers whether, and if so how, they protect customers’ funds in the event of insolvency.”
And the bitter ending reads: “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.”
It’s not very reassuring for humble online gamblers when even big brother refuses to defend the ones most in need.