Two UK Gambling Companies Remove Withdrawal Restrictions, Others to FollowPublished August 30, 2018 by Ivan P
With the new set of rules imposed by the CMA and the UKGC, operators in the UK will have to do away with withdrawal limits and unreasonable confiscation of players' funds.
Authorities in the UK are continuing their efforts to enforce stricter rules and fairer practices for gambling companies operating in the country under the UKGC license. In the latest development, the UK Competition and Markets Authority (CMA) has launched the action against withdrawal restrictions and unfair practices of certain operators who made it difficult for the players to get hold of their funds. So far, Progress Play and Jumpman Gaming have formally agreed to remove all such restrictions, with more companies likely to follow in their footsteps.
Removing All Unnecessary Obstacles
The joint effort of the UKGC and the CMA aims to have all gambling operators remove restrictions that force players to withdraw larger amounts in installments instead of all at once, which often leads to people playing more and losing while waiting for the next cashout to become available. Additionally, the authorities stand firm that it is impermissible for the operators to seize funds from dormant accounts or accounts of those players who haven't provided ID verification documents within a certain period.
Two companies mentioned in the introduction have agreed to adjust their business policies accordingly. Progress Play will be doing away with their ID verification response times, while both operators will be removing unfair withdrawal restrictions such as daily, weekly, and monthly limits.
Tightening the Grip
Although Jumpman Gaming and Progress Play are the first to formally acknowledge and start implementing these new policies, other gambling companies operating in the UK are more than likely to follow. The CMA and the United Kingdom Gambling Commission are committed to the plan and the operators who refuse to comply could expect to face regulatory actions.
The authorities believe this is a significant development and a step in the right direction for the market, which needs to become fairer, more regulated, and focused on the player. These, alongside other measures introduced over the past few years, are making that goal a reality.