A casino paid £900,000 for delay of withdrawal processing

[stompix]

The difference between a regulated casino with an actual license and some with licenses from islands 99% of the population isn't sure if they're in the Paicif or Atlantic.

This is one of the reasons casinos register in Curacao.

But they will eventually move to Anjouan as Curacao regulation has become stricter now.

Oh no, what are they going to do?
Are they going to ask for $5 more for a license and a trust me bro signed paper, or checks they are talking to an actual human being?
Call me when they will have the legislation in place to actually check the ID of the person submitting it, as currently they have no official way to check is it's an actual British or Canadian or whatever document.

Stake Casino
~
This is precisely why UKGC took action against L&L Europe. Legit casinos should be required to offer pre verification option. So that player can get cleared in advance.

This Stake ?
https://www.gamblingcommission.gov.uk/news/article/consumer-information-notice-stake-leaving-gb-market
Lols!

[avp2306]

That is very good. This is the reason licensing and regulations can help customers at times. It is just like the ones that we have posted about before about customers not be required to do KYC during deposit, but be forced to do KYC when about to withdraw the money won. But you listed three other wrongdoings of the gambling site which are pending withdrawal that may be connected to the KYC during withdrawal, problem gambling and money laundering, while two are not about withdrawal issues.

Right and this is positive side for having such regulation, since operators will be required to follow those kind of rules.

If what OP quoted will be implemented by all casinos, maybe we won't see casino under those license providers will have such delays. But sad in reality those things are not happening, since most of the casinos won't comply for whatever reasons they have.

But on negative side you pointed out, I think they can correct that if many people will post their concern about those subject.

[coin-investor]

I wish regulators here in our country were like this, fair and quick to respond to issues that arise that mak the gamblers lose their trust in casinos. There was a case in our country where a gambler won millions of pesos but had the win invalidated due to a glitch, and the regulator favored the casino.

Withdrawal delays and non-payment of legit winnings are two reasons why gamblers lose trust in casinos and the bodies that regulate them.
The £900,000 processing of withdrawal is a good case, this will bring back the trust of gamblers to casinos and regulators in that region.

[SUPERSAIAN]

This is actually good development, if it is implemented effectively I’m sure it will improve transparency and accountability in crypto casinos, ensuring fast withdrawals and unjustified holds.  Casinos are gradually making habit of delaying customers winnings without providing any reasonable explanation for their actions. There should be a clear rule and deadline for processing withdrawals and casinos should be held responsible whenever they fail to meet this obligations.

This is definitely a positive development. If every country enforced such strict regulations, no online casino would be able to delay withdrawals anymore. The key is deterrence. Just look at how much order can be established when there are real consequences.

Withdrawals should take a maximum of 1–3 days, which I honestly think is already too long. If a platform fails to meet this obligation, it should face serious financial penalties and strict, ongoing monitoring. This would be a great measure to improve transparency in crypto casinos.

[$crypto$]

Happy to see this if it is applied in crypto casinos called offshore casinos.

With 4 points from the investigation, I have never been from a crypto casino to do this, in the sense that there are those who claim to be wrong, whether it's from late withdrawals or something else that makes them seem to act against our money.

I think this only applies to casinos that are supervised by a country, such as in Europe, while crypto casinos are still difficult to implement this.

[Jubilee58]

This is indeed very huge some of money, but I have to commend the UK gambling regulators because they are really doing a good job. Some of this gambling platforms only care about the profit they will make from gamblers but pays little or no attention solving gamblers challenges. Sometimes they bring up unnecessary procedures not even outlined in their terms and conditions especially when a gambler have secured huge win. The UK casino regulatory body is really strict, and this will make other operators to actually harness themselves and ensure due diligence to their work, and responsibilities, ensuring gamblers safety and care. Furthermore, the UK gambling regulators do not only care about the profit they make from these casinos operating within their jurisdiction, but also ensures gamblers interest are protected. On this note other regulatory body should immitate from them because other gamblers are also suffering the same thing elsewhere.

[Bigjoe33]

I concur to this strategy, delay withdrawal process is unfair, anyone who placed a bet legally and won do not deserve to be put through delays or distress for them to withdraw what they earned.

Some casino's are found of that and it's not good at all. If I didn't stress them when playing it placing my bets, no KYC was needed, and bla bla bal, why will all those processes arise because I won and I need my winning.

If the betting process was very simple, then withdrawals should also be easy and fast. It will will be a good thing if all the licensed casinos are binded by law to pay for delay in withdrawals of customers winnings. This will help them to hasten up there pay process and put things in order so that both parties can enjoy fast business environment.

[Joy_learns_crypto]

I concur to this strategy, delay withdrawal process is unfair, anyone who placed a bet legally and won do not deserve to be put through delays or distress for them to withdraw what they earned.

Some casino's are found of that and it's not good at all. If I didn't stress them when playing it placing my bets, no KYC was needed, and bla bla bal, why will all those processes arise because I won and I need my winning.

If the betting process was very simple, then withdrawals should also be easy and fast. It will will be a good thing if all the licensed casinos are binded by law to pay for delay in withdrawals of customers winnings. This will help them to hasten up there pay process and put things in order so that both parties can enjoy fast business environment.

Yes, I am also of the support that every terms and conditions should be at least almost done during registration, like every process required to be even eligible to withdraw should be done during registration for the exception of cases that was called to question or shady.
New procedure should not just arise because someone wants to withdraw the fund that they won, depositing money shouldn't be different from withdrewal.

[Yorubek]

Most of the time, when we withdraw money from the casino, a gambler faces various problems and is not able to withdraw his money quickly. OP, if the issues that you have highlighted are implemented, the casino authorities will be obliged to accept it, so if a gambler cannot withdraw his profit normally, then the casino authorities will be obliged to be accountable for it, so a gambler can withdraw his profit quickly without facing any problems, the casino cannot hold a gambler's money for an unreasonable long time, he will have to manage the casino's activities through the rules.

[Franctoshi]

You will find a lot of casino gambling sites in this act, because when it comes to depositing money, everything would go smoothly, but when a customer has managed to gain profit, they face various withdrawal challenges, which is very wrong doing. That system that made deposits easy should also make withdrawals swift as well without any form of delay in their processing of funds if the customer rightly deposited the money and won their games. Money laundering should be flagged immediately at the point of deposit if the use failed to show proof of funds where necessary.

The very thing I test after my registration with any casino site is how fast their deposits and withdrawals are; if they don't process funds swiftly, I don't have any business with them.

[Ishicryptic]

This is actually good development, if it is implemented effectively I’m sure it will improve transparency and accountability in crypto casinos, ensuring fast withdrawals and unjustified holds.  Casinos are gradually making habit of delaying customers winnings without providing any reasonable explanation for their actions. There should be a clear rule and deadline for processing withdrawals and casinos should be held responsible whenever they fail to meet this obligations.

The gambling industry is growing rapidly and there is urgent needs to sanitize it, regulated casinos cannot be allowed to take undue advantage of gamblers in their sites, and it is the responsibility of governments where they are allowed to operate to put guidelines in place for them to follow. It is sad that we sometimes hear about how some casinos would deliberately withhold gamblers wins giving flimsy excuses as regards why they cannot fulfill their obligations of paying winners as at when due. If such favorable gambling laws are put in place by a government while rolling out guidelines for casinos on how to operate in their jurisdictions it would be up to the gamblers in that country to patronize regulated casinos so that they can be protected by their government gambling regulations.

[Obim34]

This is actually dirty trick.
Unscrupulous casinos want your withdrawal to remain pending, hoping that you will grow impatient and cancel that withdrawal and then lose money by betting it again.
advance.

I see the trick, if a pending withdrawal is under investigation, the funds are meant to be locked? Throughout the period of investigation, the gambler is supposed to be unable to gamble with the balance, isn't that how it is supposed to be? For a normal withdrawal waiting period without any investigation, any casino that takes more than 30 minutes to process a withdrawal is substandard, compared to other casinos that take less than 5 minutes.

[Free Market Capitalist]

As stompix mentioned, this is the difference between a license from a developed country and the licenses granted by certain islands where banana cultivation is common.

Happy to see this if it is applied in crypto casinos called offshore casinos.

...

I think this only applies to casinos that are supervised by a country, such as in Europe, while crypto casinos are still difficult to implement this.

I wouldn't be surprised if, in (a long) time, this ends up happening with cryptocurrency casinos. If you look closely, they're much more regulated than they were a decade ago, even though the regulations are more lenient than those in the UK or other European countries. I think that, little by little, they’ll be subject to more and more restrictions, and the day will come when they no longer offer a competitive advantage: right now, they can offer lower house edge and more promotions because they pay less in taxes, and they tolerate certain limits without KYC, but I think that in the future, casinos will be hybrid (fiat-crypto) and will require you to complete KYC before making your first deposit. Although I’m looking at least a decade down the road, and obviously I could be wrong.

[5W-KILO]

We all want fast withdrawals on crypto online casinos, they bring this sense of security and reliability on the casino unfortunately many of them can't process withdrawal instantly, some takes few hours and some even longer.

Although I don't know what is causing casinos to take a longer time before they process withdrawal, maybe it has something to do with regulations or what?

Normally withdraws shouldn't take more than few minutes max, they have rules and regulations, so is crypto exchanges and none of today's crypto exchanges takes hours before they process withdrawal, it's not making any sense.

[DrBeer]

Imagine if this were implemented in crypto casinos, I'm sure this would result in withdrawals being processed on time, and there would be fewer unnecessary withdrawal holds due to investigations that are not always justified.

These are the issues found during the investigation:

1. Customers were only allowed one pending withdrawal at a time.
2. Some withdrawals were delayed because of additional verification documents that could have been collected earlier.
3. The operator failed to properly monitor some customers showing signs of problem gambling.
4. There were also failures in anti-money laundering procedures.

Source: L&L Europe Agrees £900K Settlement Over Withdrawal Delays and AML Failures

There are laws, they must be obeyed; there are rules, they must be followed, there are obligations - they must be fulfilled! And yes - that’s how the legal market works, where casinos are required to operate openly and comply with the law. That’s another plus for players, adding to the list of advantages of official platforms. Imagine how casinos from the "gray" and "black" sectors of the gambling industry would behave?

[Dr.Bitcoin_Strange]

it will improve transparency and accountability in crypto casinos, ensuring fast withdrawals and unjustified holds.  Casinos are gradually making habit of delaying customers winnings without providing any reasonable explanation for their actions. There should be a clear rule and deadline for processing withdrawals and casinos should be held responsible whenever they fail to meet this obligations.

Licensed and regulated casinos still face similar fine if they violates customers right and the customers reporting to the consumer's right author, depending on what the consumer rights act of that jurisdiction considers serious or if they are really active and care for their people, they will definitely take action against the casino. You said casinos are gradually forming a habit of delaying withdrawals but that's false, not all casinos are doing this, I used a particular casino for more than 2 years and never experienced any delay in withdrawal, meanwhile there was one that gave me a tough time, and I stopped using it, but all casinos are not the same in terms of withdrawal speed.

[qwertyup23]

To those who may have this thought, the £900,000 is not to one customer, the payment is made for the settlement of multiple customers that were affected in this.
I concur to this strategy, delay withdrawal process is unfair, anyone who placed a bet legally and won do not deserve to be put through delays or distress for them to withdraw what they earned.

I mean, gambling companies should hold themselves at a higher standard given the effect it can inflict in people who are addicted.

Like what I have mentioned, if a gambling platform advertises itself as a no KYC but requires upon withdrawal of funds, then they should be prosecuted for false advertisement and fraud. A gambling company should also be held liable if they refuse to award prizes or jackpots in the guise of "glitches" on their system.

I have read a number of posts where gambling platforms refuse to honor jackpots and complained that their system bugged and glitched. Such reasoning should not hold any water at all given that people risk real-time money in hopes of hitting that jackpot.

[Gozie51]

These are the issues found during the investigation:

1. Customers were only allowed one pending withdrawal at a time.
2. Some withdrawals were delayed because of additional verification documents that could have been collected earlier.
3. The operator failed to properly monitor some customers showing signs of problem gambling.
4. There were also failures in anti-money laundering procedures.

I agree to all four to be the fault of casinos but then I would have excused casinos on the last one which is on money laundering but casinos should have a modern tech ways to detect the kind of money or source of money being deposited especially licenced casinos. They can flag an account at the point of deposit and not withdrawal. Most licenced still rely on withdrawal period for complete and full KYC process, instead of ensuring it is done fully at the point of registration and deposit. That is a major problem that they are also flagged for money laundering.

But mostly, those casinos that are not registered are more prone to accepting deposit coming from mixers. They also care less about customer's behavior, incessant deposit and withdrawal without winnings  

This is a good strike for casinos to seat up. The aspect of accepting selected withdrawal request is not suppose to be the character known with betting. It is clearly suppose to be pay as you win because you don't bet on credit.

[henmark]

1. Customers were only allowed one pending withdrawal at a time.
2. Some withdrawals were delayed because of additional verification documents that could have been collected earlier.
3. The operator failed to properly monitor some customers showing signs of problem gambling.
4. There were also failures in anti-money laundering procedures.

The thing about these is that it's not just one situation, and people think it is. This isn't "oops, we failed to pay John quickly enough, let's pay him 900k". No, this is a company that has been doing this for years, to tens of thousands of people, which means that they made a lot more than 900k by doing this, by keeping you from withdrawing for a while, and not even asking for your AML (KYC).

So, long story short, they are not really punished that much. And I doubt the money really goes back to victims. What are they going to do, "I wanted to withdraw but I couldn't, so I gambled some more and lost it all, give me some of that 900k" to tens of thousands of people? This goes straight to the government budget; the victims stay as victims.

[DanWalker]

The operator failed to properly monitor some customers showing signs of problem gambling.

Actually most casino only pay lip service to responsible gambling. But in reality when they see someone incurring losses or rolling over a massive amount, they simply turn blind eye. This is not actually their failure, it is their strategy.

Honestly if heavy fine or strict audit were implemented for crypto casino then many Ponzi and scam casino wouldn't last even single day. But problem is that most site remain beyond accountability.

Anyway, I don't know if crypto casino will learn anything from this UKGC settlement but players have no choice but to remain cautious.