Waiting around for a withdrawal to clear can be the bane of a casino player’s life. They get tired of delays and the time it takes to send money through the bank, with many opting for eWallets to cut down this time further. This could all be changing though, as the UK Gambling Commission calls for speedier payments.
The Big News
Recently, the UK Gambling Commission have been weighing in on making things fairer for players going forward, with a lot of changes being made. This has a big impact on the way that these sites are running, as they’re unable to keep treat players in the same.
This is all about the way that sites cater to their players and if their processes are really fair on both sides. With sites being able to take your cash instantly, they want to see more sites speeding up the withdrawals process too.
The main issues that these regulators have is the fact that they see gambling sites taking up to 48 hours to approve the transaction, before the rest of the process was put into motion. They want to see this time being reduced, potentially by automation, but without compromising the player security.
Some of these due diligence checks have to be done to protect against identity theft and money laundering, but we may see this expedited in the future. These kinds of checks could be carried out prior to withdrawals being requested, with the change in order able to speed up the final moments of the transaction itself.
There will still be banking to wait around for, which has an impact on the process, but this could potentially be reduced by some days too. With shorter time frames and greater diligence, this is something that could potentially prove tricky for the gambling industry to tackle.
Fairer for Players?
While we like the idea of being able to cash out faster, this might not necessarily be the best way to move forward. This could potentially lead to a breech in customer data or allow transactions to go through that are fraudulent. Aspects like changing a bank account or name are things that should take a little longer to process, to check that it’s all above board.
As long as these sites are able to keep up these checks while reducing this time, that’s a big win in our book.
Tackling Wagering Requirements
Published in the same guidelines, we’re also seeing the Commission tackling the wagering requirements that exist around these online casino bonuses. With so many sites struggling to continue to reward their players in the current climate, it’s clear to see that wagering requirements need to change.
More and more, we see sites that are just getting rid of their wagering requirements, as it makes things fairer for players and keeps them compliant. We may see more of this as time goes on, which would be good for bonus hunting casino players.
This may be an indication that the Gambling Commission will begin to crack down further on the terms surrounding wagering requirements. They’ve made recommendations on the new regulations that they would see fit to bring in for the sake of players. These will need to go through the legal process before they come into play fully however.
All in all, these do appear to be positive changes but it will come down to how these are carried out in practice. There’s a lot of room for error with these guidelines, so we hope that they are executed well in order to improve the gambling industry as a whole.