Risk Prevention Essential for Online Gambling Regulators

Posted by: CasinosOnline in Casino News

Recently there have been many issues regarding payments for payouts from certain online gambling businesses and the Online Gambling Regulators are in need of an overhaul and management in order to properly assess these issues.

In previous instance, Malta’s Lotteries & Gaming Authority logo has been misused by unscrupulous characters to turn a profit, yet the Authority has managed to handle and respond to this issue and deal with it swiftly. The website 21KBet is now notorious, with a wide spread reputation for being a heavily successful scam site, conning many unsuspecting consumers out of their hard earned money as a result of the theft of Malta’s LGA Logo. The logo in question provides credibility for websites that own it, providing them a license to certify their safe gambling practices and provide enforceable payouts by the LGA. 21KBet however does not own any license and its practices have been deemed by the LGA to be in contravention of the fair rules of play and should therefore be avoided.

According to SportsBookReview.com, 19 players have so far been cheated out of their payouts, with as much as 20K Euros on deposit. In response to complaints made by players, 21KBet is shifting the onus onto the Moneybookers, claiming that it is their fault. 21KBet has defended their actions under the guise that they are not in the wrong, accusing player fraud as the reason for the lack of payout. Moneybookers are however denying responsibility, slamming 21KBet as an unauthorized merchant.

‘The Lotteries and Gaming Authority (the ‘Authority’) would like to inform the public that the website 21kbet.com has no connection whatsoever with the Authority and therefore any reference to the Authority and, or license issued by the Authority on the mentioned website is false and misleading. The Authority advises the public to play responsibly with operators licensed by jurisdictions that have sound remote gaming regulations stated Malta’s LGA.

Regulators from Alderney, Gibraltar and Jersey recently conversed in London to discuss the subject of online gambling with a United Kingdom parliamentary committee in preparation for a restructuring of the countries Gambling Act of 2005. A specific topic for discussion is the issue of rogue online gambling sites and the effective methods of reducing externalities as a result of their actions

Amongst the discussions, Alderney’s Gambling Control Commission executive director Andre Wilsenach has made calls for a system that can “create a very careful risk profile of operators depending on which jurisdictions they do business in, what payment processors they use and so forth … if it requires that you audit their statements and financials on a quarterly basis, and if they have to pay for it, then so be it. That would be the requirement of operators who fall into that risk profile.”

[Source: Online Casinos]