Your Input Please End of 'reverse withdrawals' nigh?

dunover

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OK, upon further examination of the article regarding UKGC Intentions from @News Hound I have found an indication that soon they are likely to examine the effect of reversals on responsible gambling. There is this little gem there, lower down:

"...….Consider whether we need to make changes to LCCP in order to ensure that consumers can withdraw funds more easily We are aware that some operators only undertake customer diligence checks at the point of withdrawal, which can delay the time it takes for consumers to access their funds. The improvements to customer identification outlined above are likely to remove the need for this in many cases because operators will have already completed these checks. However, some operators offer the ability to “reverse withdrawal”, a facility that enables consumers to cancel their request to withdraw funds prior to the funds being transferred to their account.
8 The CMA has also raised concerns about some of the practices associated with restricting customers from withdrawing funds. For example, these include unreasonably high minimum withdrawal limits, and terms that prevent consumers from withdrawing money they have deposited unless they wager its value in full once, or several times. The outcomes of the CMA investigation will inform our work on withdrawal of funds and help us to better assess the potential risk of harm associated with reverse withdrawals."

So what they are saying is that the new pre-verification will remove the excuse for holding up withdrawals as far as KYC goes and the logical next step is stop pending periods if demonstrated to be unfavourable to players.

One or two people already mentioned this likelihood in the pre-verification thread so it seems they are actually going to put an end to this abhorrent practice. :D

Mind you, knowing that anything from 15-35% of pending withdrawals are spunked back, this may be the final straw for many UK-facing smaller operators.

As I've said before, we are heading down the road to a small number of big to giant operators in the UK, nice cash cows for the arbitrary huge fines the UKGC likes collecting for every small transgression. Your corner shop will go, then you local mini-market and you've only the supermarket giants left to shop in....metaphorically speaking.
 

steveh35

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Reverse Withdrawal should have been the first thing they looked at about time they finally taking notice of this even if it was due to a payment/document issue they could easily have a lock feature like Trada.
 

IM_SPORTS

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I personally feel like the reverse withdrawal feature must have the most negative effect on people
It's when you reverse the withdrawal and lose all of it when you feel most down from my experience
I don't really get into that too much anymore I just play at casinos that do instant withdrawals with no waiting
 

dunover

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I take it casinos are going to implement longer-than-normal withdrawal times to get around it
LOL..but it would be pointless as the UKGC has already advised on it and secondly it still couldn't be reversed at all.
 

lotusch

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I would be delighted if they would get rid of the WD reversal option.
I personally have no issues with WD's, once I have hit that button I will never ever reverse it.
But weaker people might fall for it and lose whatever they originally withdrew.

I like the lock option like TRADA casino has, in that case you cannot use the reverse option anymore.

But yes, it would be best if this option will be removed due to new legislations.

I assume this is for UK players anyway.
 

IM_SPORTS

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LOL..but it would be pointless as the UKGC has already advised on it and secondly it still couldn't be reversed at all.
Hmm thought he had a point for a second then you have changed my mind. There would be no point to make withdrawal times longer.
 

dunover

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I would be delighted if they would get rid of the WD reversal option.
I personally have no issues with WD's, once I have hit that button I will never ever reverse it.
But weaker people might fall for it and lose whatever they originally withdrew.

I like the lock option like TRADA casino has, in that case you cannot use the reverse option anymore.

But yes, it would be best if this option will be removed due to new legislations.

I assume this is for UK players anyway.

Yep, UK players.

We in the UK are having so many protections and rights and benefits foisted upon us by the UKGC it's embarrassing. Just a shame there won't be many UK casinos left for us to play at who can afford them all.
 

SpinUk

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Its all gone too far. All for player protection but personally would like more than 3 casinos to play at in the future, the eventual lack of consumer choice far outweighs the “benefits” of all this newly introduced legislation.
 

colinsunderland

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Its all gone too far. All for player protection but personally would like more than 3 casinos to play at in the future, the eventual lack of consumer choice far outweighs the “benefits” of all this newly introduced legislation.

So you think having your withdrawal sitting there for days reversible is a good thing? Because I'll bet, if they aren't allowed to have them reversible casinos will process the withdrawal much quicker than they do now.
 

SpinUk

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So you think having your withdrawal sitting there for days reversible is a good thing? Because I'll bet, if they aren't allowed to have them reversible casinos will process the withdrawal much quicker than they do now.

If it means even more UK casinos shutting down, which it definately will if this is true -

“Mind you, knowing that anything from 15-35% of pending withdrawals are spunked back, this may be the final straw for many UK-facing smaller operators”.

Rather not live in a Nanny state thanks, I'm more than happy to take responsibilty for my own actions to keep my consumer choices.
 

dunover

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If it means even more UK casinos shutting down, which it definately will if this is true -

“Mind you, knowing that anything from 15-35% of pending withdrawals are spunked back, this may be the final straw for many UK-facing smaller operators”.

Rather not live in a Nanny state thanks, I'm more than happy to take responsibilty for my own actions to keep my consumer choices.


Yeah, those figures arose from three off-the-record convos I've had in the past with people who work, or worked for online slots sites. It could be more at some, negligible on others depending on their timescales and type of players. Some sites have very tight margins and I sincerely believe, although we like it as players, it could finally nail some sites who account for reversal percentages.

I firmly believe too that in the UK we are headed inexorably to a shrunken market carved up between relatively few operators. If you think we are losing sites now, wait until summer...
 

Mouche12

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There are similar expectations with respect to a narrower choice of regulated gambling sites once the Dutch Gambling Act takes effect in 2020 - also considering the licence costs and taxation (the same 29%). As long as Guts and V&J remain available to me, I don't mind.
 

steveh35

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If it means even more UK casinos shutting down, which it definately will if this is true -

“Mind you, knowing that anything from 15-35% of pending withdrawals are spunked back, this may be the final straw for many UK-facing smaller operators”.

Rather not live in a Nanny state thanks, I'm more than happy to take responsibilty for my own actions to keep my consumer choices.
I am sorry but reverse withdrawal is not a responsibility it should never have been allowed imagine going to a bingo hall and winning a £1000 and the assistant says we will give you your winnings in 3 days time in the meantime you can buy more tickets with it if you want or a bookie and you win something on the grand national on Saturday and you go to the desk to claim your winnings and they said we can't pay you until Monday afternoon but you can put all your winnings on the next race if you want, people would go crazy if they were not paid straight them.

Casinos have no right to keep your money and say you can still gamble with it but won't let you withdraw it until they decide.
 

SlotGrinder

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Even casinos that offer a lock withdrawal option always hide it somewhere in small text . It's clearly a big part of a casino's income but why should it be ? No brainer imo . No pending allowed and max 1 day to process withdrawals and have them sent out . Including weekends because casinos have never been a 9 to 5 business so there is no excuse for not working weekends
 

TheAverageGuy

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Can't risk it, overall profits would drop, tax kickbacks would shrink,the sky would fall...

Plus.. what would we do with all of that extra money?
 

colinsunderland

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If it means even more UK casinos shutting down, which it definately will if this is true -

“Mind you, knowing that anything from 15-35% of pending withdrawals are spunked back, this may be the final straw for many UK-facing smaller operators”.

Rather not live in a Nanny state thanks, I'm more than happy to take responsibilty for my own actions to keep my consumer choices.

Any casino that relies on people reversing withdrawals can close for me. If their profit margin is that low, then chances are they won't pay you if you get a big win anyway.

Heres a mad idea, when I deposit it takes seconds. How about when I withdraw its done in the same time it takes to take the money.
 
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