The UK’s competition watchdog has launched a probe into whether online gambling operators are making it too difficult for customers to withdraw their funds.
On Thursday, the Competition and Markets Authority (CMA) announced that it had “launched enforcement action” against an unspecified number of UK-licensed online gambling operators “in respect of practices that may place unfair obstacles in the way of people withdrawing their money (whether as part of a promotion or not).”
The CMA expressed particular concern with “unreasonably low” daily, weekly or monthly limits on withdrawing funds, “potentially arbitrary short deadlines” for customers to verify their identity when withdrawing funds and potential forfeiture of said funds if customers fail to respond quickly enough, as well as dormancy terms that allow operators to confiscate funds or impose “apparently excessive charges” due to account inactivity.
The CMA says it will provide consumers with regular updates on the progress of its investigation.