Gambling Kingz – It has taken 12 weeks for the UK Gambling Commission player funds protection decisions to be made. For players, the three month consultation period was worth the wait in order to be ensured of better guidelines to keep their funds safe. While not all operators have failed to protect player funds, there have been some that have, and because of that, the need to regulate this issue came about.
The UK Gambling Commission has made the decision that player deposits must be kept segregated from other funds. This means that when players make deposits, these deposits should be placed in a separate bank account to those funds that are used for general operations.
Gambling operators will be obligated to provide reports on the funds that are held in the segregated accounts that will be used for player funds. Any movement of funds will need to be explained and reported as a special account event or a “key event.” At the beginning, this report will be monthly, but may be changed to a quarterly basis in the near future.
There is already some criticism being leveled at the new player fund regulations that are being introduced. To begin with, while the player’s funds are placed in a separate bank account, and this does give players a basic level of protection, it does not fully protect players. In fact, should the situation arise that an operator goes into liquidation, while the players’ funds are somewhat protected, the players are not given any special status that would put them ahead of other creditors.
