Is it now Easier for gamblers to Withdraw their Cash Online?

This year has seen the UKGC (UK Gambling Commission) outline a number of core strategic objectives, the majority of which are focused on the safeguarding of vulnerable players online.

This focus has led to a number of regulatory changes, the majority of which are focused on creating greater transparency for players and ensuring that operators take more proactive steps to identify and protect potential problem gamblers.

In terms of transparency, the UKGC has outlined proposals that will make it easier for players to withdraw cash and winnings from their online accounts. Two of the UK’s leading brands finally implemented these measures for real recently, and the question that remains is how exactly will this impact on players?

How will it Become Easier for Players to Make Withdrawals?

Jumpman Gaming and Progress Play are the two online gambling firms that have formally revised their withdrawals’ process, following pressure from the UKGC and a collaborative investigation that has been conducted by the Commission and the Competition and Markets Authority (CMA).

At the heart of this is the decision to remove numerous terms and conditions from the process, each of which prevented players from withdrawing their winnings in lump sums. The majority of these punitive conditions were associated with new and existing player promotions, which often required participants to withdraw their cash in instalments and over an extended period of time.

These unfair restrictions created two major issues for players, particularly those who struggle to gamble responsibly. The first of these is that gamblers may be tempted to place additional wagers while waiting to complete a withdrawal, as most of their winnings remain accessible through their account during this time.

Secondly, additional terms and small-print afforded operators the right to confiscate money from players’ accounts that have been idle for a specified period of time. This created a scenario in which players were being simultaneously forced to keep money in their accounts while also being penalised for extended periods of inactivity, causing them to lose money that had been previously won fair and square.

How will this Impact on Players?

The UKGC has welcomed these changes, and a number of firms are expected to follow this course of action over the course of the next few months.

From the perspective of players, these changes will have a positive impact on the typical gambling experience. To begin with, they’ll be able to play according to a simpler and more concise set of rules, which are easy to understand and underpin a completely transparent series of transactions.

At the same time, they’ll be afforded far greater control over their bankroll and winnings, as they’ll be able to complete withdrawals in real-time without having to adhere to restrictive terms and conditions.

It’s also easy to understand why firms should want to lead the way in implementing these changes and complying with the UKGC’s guidelines. Not only will this help brands to avoid financial sanctions, for example, but it will also establish them as forward-thinking ambassadors for fairness and responsible gambling in the digital age.

This type of approach also recognises the direction that the industry is heading in, with transparency crucial to success of the marketplace in the future. Without it, operators may quickly lose traction in the market and find themselves overshadowed by their rivals and the emergence of blockchain powered, zero house edge casinos.
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