By Nikki Greener
Online greedy gambling firms exploiting players have been forced by the Competition Markets Authority to stop their fraudulent and manipulative practices.
Two firms Jumpman Gaming and Progress Play have been forced to remove terms and conditions which stopped players getting hold of their own money in one lump sum.The online firms led a greedy and deceptive practise that allowed them to serially cheat consumers.
AD: Capeesh Restaurant
The Competition and Markets Authority (CMA) had been investigating the £4.9billion sector after finding that a number of firms use unfair practices and terms and conditions.
Players using Jumpman Gaming and Progress Play were previously forced to withdraw their money in instalments over an extended period, leading some to gamble again in circumstances where they may have otherwise made a withdrawal.
The companies who previously operated unfair terms of operation frequently confiscated money from players’ accounts because they had not logged in for a certain amount of time. This was a shameful and dishonourable practise which the greedy companies got away wit for a long time until the Competition Markets Authority stepped in.
AD: Oysterian Sea Food Restaurant And Bar
Progress Play has agreed to refrain from confiscating players’ money if they do not meet their identity checks, and to check rules within a specific time frame. Whilst companies need to be able to make appropriate and proportionate identity checks to help prevent money laundering and fraud, they cannot justify confiscating someone’s money simply because they do not provide information within a specific time frame.
The CMA has been working in collaboration with the sector regulator, the Gambling Commission, to improve terms and conditions for players online and to help ensure firms do not break consumer protection law.
The changes implemented by these companies have been supported by the Gambling Commission, which expects firms across the sector to apply the same standards to make online gambling fairer for players. Firms that do not make any necessary changes to their terms may face regulatory action.Online Greedy Gambling Firms
George Lusty, 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, Executive Director, 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.
AD: Heritage And Restaurant Lounge Bar