The Competition and Markets Authority (CMA) is investigating online gambling firms over whether they are breaking the law over payouts.
Online gambling is one of the fastest growing industries, but for a while now there have been concerns, even raised by us in the past, that firms bring in wagering requirements and terms that make it almost impossible to collect winnings.
It’s said that 5.5 million people log onto online gambling sites in the UK, whether that be online casinos, online sportsbooks, bingo sites or poker and the one thing all these places have in common is that they have terms and conditions regarding payouts.
Some of these are fair requirements, and this is acceptable, but some online operations are creating conditions that make it impossible to ever get your hands on your winnings.
If a casino offers a big sign up bonus, but then this bonus has to be played through many times before you can withdraw, then winnings can soon be eaten up by the playthrough requirements.
These requirements can be so high that they require you to play your entire win just to be able to withdraw, by which time there is nothing left to withdraw.
While most online gambling sites are fair and above board, we have raised concerns in the past about games and offers with impossible terms, and this is what the Competition and Markets Authority will be investigating.
The commission will be taking special interest in sites with unfair and complex bonus conditions, and could result in enforcement action against individual gaming sites, or even prosecution.
We’ve brought these issues to light several times in various news articles and warnings for players, and now it looks like we’re going to see some official regulation for this part of the industry.