Videoslots Withdrawals Refused - Source of Wealth

[baldiusmaximus]

On January 7th, I received an email from Videoslots asking me to provide Source of Wealth documentation within 30 days otherwise they may restrict access to my account after that time.

On the 15th January I had a big win and tried to withdraw my money. I continued to play the following day by depositing quite a large amount due to my winnings the previous day and to my horror found that all my withdrawals had been refused.

After contacting support to complain about supposedly having 30 days to provide documentation, they suddenly changed their minds when seeing I had a big win and continued to take 5 thousand pounds in deposits whilst denying withdrawals.

I am fully verified - Address, bank statements, passport etc and they have asked for Tax returns or P60s now on top of this.

As I have my own company and pay myself dividends with company taxes and no personal taxes, I have sent them my completed tax return for 2020-2021, bank statements from my company account for the whole of 2021 and personal bank statements for the whole of 2021 and they have now come back to me and said that isn't enough and they asked for the last 3 months payslips to match to transactions on my statements. Funny thing is that I haven't even paid myself in the last 5 months so this feels like a massive delaying tactic and completely over the top considering all the documentation I have already sent them. Plus I've already told them I don't have payslips as a company director!

Does anyone have any advice in this situation and are they allowed to withhold nearly 40k from me in this manner?

 

[Speedy38]

I see more and more complaints about Videoslots! Back in the days they where one of the best casinos. My tip for you don’t play away the winning even if it take some time they must pay you if you didn’t broke any terms good luck!

 

[shadow123]

If you are still able to play the withdrawal cash, thats pretty disgusting, I can see their minds ticking when you deposited
another 5K,drag your feet on this one and he might blow the 40k, how long before the UKGC stops this shit, its been years now.
Apart from it being against the regulations to withhold the withdrawal, they already told you that you had 30 days to submit the info
they think they need which you more than did.

 

[baldiusmaximus]

Wasn't directly with the withdrawal cash, that's completely illegal in the UK now but by allowing more deposits while denying withdrawals (without any warning until the withdrawals were officially declined) is basically the same principal.

 

[shadow123]

What exactly is the status of the withdrawal,is it ring fenced and showing pending and can you play the deposited 5k ?.
If that is the case it is still disgusting as you were given 30 days to send acceptable docs and
from what you say you already have.Would have been interesting to see if a small withdrawal would have been paid prior to the big one.
Whatever the reason is for withholding the withdrawal, I would not spend another penny with them, they will have pay you in the end.
Been through this with several casinos, after they paid I closed the accounts.

 

[satchnz]

Exactly what do these online casinos do with all your sensitive financial data? Who assesses the information and what do they do with it afterwards? Is it some minimum wage chat representative or someone with the appropriate financial qualifications and ability to properly assess the data?

 

[andysbetting1187]

On January 7th, I received an email from Videoslots asking me to provide Source of Wealth documentation within 30 days otherwise they may restrict access to my account after that time.

On the 15th January I had a big win and tried to withdraw my money. I continued to play the following day by depositing quite a large amount due to my winnings the previous day and to my horror found that all my withdrawals had been refused.

After contacting support to complain about supposedly having 30 days to provide documentation, they suddenly changed their minds when seeing I had a big win and continued to take 5 thousand pounds in deposits whilst denying withdrawals.

I am fully verified - Address, bank statements, passport etc and they have asked for Tax returns or P60s now on top of this.

As I have my own company and pay myself dividends with company taxes and no personal taxes, I have sent them my completed tax return for 2020-2021, bank statements from my company account for the whole of 2021 and personal bank statements for the whole of 2021 and they have now come back to me and said that isn't enough and they asked for the last 3 months payslips to match to transactions on my statements. Funny thing is that I haven't even paid myself in the last 5 months so this feels like a massive delaying tactic and completely over the top considering all the documentation I have already sent them. Plus I've already told them I don't have payslips as a company director!

Does anyone have any advice in this situation and are they allowed to withhold nearly 40k from me in this manner?

It may be the dividends piece that is causing alarm bells to ring with videoslots mate; it used to be a big thing in the uk, especially with long distance lorry drivers etc. who would pay themselves a dividend each month out of their LTD company but it kept them under the threshold for paying tax/higher levels of NI. I believe this loophole has been closed, which added to the driver shortage (different topic altogether so wont sidetrack your issue). A lot of self-employed/LTD company directors have done/continue to do so but it can raise alert levels when checking financial income (e.g. going for a mortgage, or having to complete an EDD for an online casino)

The fact that you have not paid yourself for the last 3 months will also be looking a bit suspect on there side (I don't agree at all with some of the intrusive cheks that are done now) but from their side, all they see is that your wages are not consistant and you are paying yourself from a company. Stick with it and if everything is above board then you will get through everything, just expect it to take some time as it will land on the desk of a due dilligence officer to go through everything in minute detail (unfortunatley delaying everything)

You say you are fully verified, so this sounds more like the enhanced due dilligence you are going through. It is a pain in the arse (done it twice with the same casino in the last 18 months).

 

[baldiusmaximus]

OK so I have eventually been paid out after 10 days of waiting. To be honest, it was resolved pretty quickly once @Team.Videoslots on here got involved. I would implore you as a company to make the following changes and put yourselves in good stead going forwards:

1. When this inevitably happens to other players - lock deposits and withdrawals at the same time after following your own clear guidance on when this will happen. Locking just withdrawals suddenly without warning after a big win is scary to players who may have been burned in the past and breaks trust in your company that usually cannot ever be regained.
2. If your accounts team is understaffed or without the sufficient knowledge required to complete this process, re-write your internal process documents to give support the knowledge they will need when we as players enquire about the process time.
3. Why not be open about a queueing system where support can give your position in the current queue with a vague timescale the process will be complete? Waiting with responses that only say "soon" just adds to the anxiety especially when in this case "soon" was 10 days.
4. Make sure all main details of what's been provided, explanations from the customer and their current position are maintained in one clear concise overview so that the player doesn't need to explain the same thing and send the same documents multiple times to multiple people which makes you look incompetent.

I have generally been happy with support and was obviously happy with the rep speeding up the process on here but it really didn't need to come to this and if you don't make changes, you will simply lose players and build a bad reputation.

Thanks for the support from both players and @Team.Videoslots during this horrible week of waiting!!

 

[baldiusmaximus]

Guess what. It's happened again.

I had a 6 month break and came back 4 weeks ago to resume playing. I was allowed to deposit 4k over 2 weeks and then had a win. I tried to withdraw and withdrawals had been disabled from the day I started playing again not known to me.

For the last 2 weeks I have been backwards and forwards with the support team providing all the information about my company, tax returns, bank statements from personal and business accounts (which I provided in regards to the orginal post here 9 months ago) and now they are saying my numbers don't add up because they don't understand how dividends and taxes are paid as a director of a company.

This is the last straw for me. It seems to me that this company likes to draw out the process of declarations of wealth, not allowing you to withdraw as it wants you to keep playing and hopefully losing any winnings you may have got.

Have you got anything to say @Team.Videoslots ?

 

[Team.Videoslots]

Hello baldiusmaximus,

Sorry to hear you've experienced issues with the verification process again. Checking your account, it seems you were fully verified this morning and your requested withdrawal processed at around 9am (UK time)

Please allow up to 5 days for the money to show on your bank account, and please feel free to reach out, if the transaction is not visible to you by then.

Kind regards.
Team Videoslots.