The regulatory investigation into online gambling competition led to undertaking being signed by key players in the market.
Undertakings are always a positive step in ensuring there’s fair competition in the market. The regulator, the Competition and Markets Authority (CMA), declared enforcement action earlier this year. Now, two big companies in the market have agreed to formal undertakings to improve their practises.
This should ensure that online gambling competition is healthy and consistent. This approach should always benefit the consumer.
Who has signed undertakings in the online gambling competition investigation?
Two key players in the market signed undertakings as part of the online gambling competition investigation.
In August this year, Jumpman Gaming Limited and Progress Play Limited committed to ensuring that it’s easier and fairer for players with withdraw cash from their accounts.
These undertakings are designed to ensure that the CMA can carry out its role in reinforcing consumer law. It can also lead to the avoidance of breaches where fines may need to be enforced.
What do the online gambling competition undertakings mean?
The online gambling competition undertakings that apply to both the organisations involved are restrictions, so they can no longer:
- Impose maximum limits on the amounts a customer can withdraw;
- Remove money from accounts that haven’t been used in a specific timeframe.
For the latter, this had been achieved either by confiscating a balance or by imposing charges that cover the money.
In addition, Progress Play Limited has also agreed not to remove customer money where they don’t meet identity verification requirements.
Will this help online gambling competition?
Yes, this should help online gambling competition to remain healthy and consumer-focused.
The online and remote gambling industry has grown exponentially in today’s digital age. There are a lot of companies out there, and competition can be stiff.
Any company who is deemed to be acting unfairly could have an adverse effect on online gambling competition. This cannot be allowed to happen, which is why the CMA launched their investigation into the industry.
Given the size of this industry, and its value, we’ll still be keeping a close eye on it. No doubt the CMA will be as well.