Dafabet, an online gambling operator proclaimed the other day that it is shutting down its UK online casino. It is possible that this action has been prompted and appears in the midst of increasing regulatory problems in the sector.
On 8 March 2018, Dafabet Casino UK stopped receiving deposits and will permit players to withdraw their cash until 20 March 2018. From that date onwards, player balances shall be automatically returned via the registered depositing technique. In a note on its website, the gambling operator stated that its operations on sports betting will not be impacted by the shutting down of the casino venture.
Dafabet works in the UK using a UK Gambling Commission license. Also, the operator has an Isle of Man license. It is worth noting that Dafabet presents the largest and most famous type of the AsianBGE gambling firm. The gambling group comes from the Philippines. Initially, its license was from the (CEZA) Cagayan Economic Zone Authority.
At firs, AsianBGE became known all through Asia via its betting and gaming brands and afterward joined the gambling market in the UK. To get more recognition for its brands in the most prominent regulated market in Europe, through the years the group has financed some of the major football clubs in the UK.
Specifically, Dafabet presently finances Burnley F.C, Premier League. The gambling operator signed a sponsorship deal of £2.5 million with the football club for the football season of 2017-18. The latest sponsorship contract signified a rise of £0.5 million from the earlier football season.
Dafabet has not offered information regarding its resolution to shut down its UK casino business; however, it is likely that the reason is the already established changes and others that are pending in the online gambling space of the country.
Regulatory Stress and Compliance Shortcomings
Following the discovery of numerous breaches by some of its licensees, the UK Gambling Commission and the Advertising Standards Authority Markets Authority, has started what can be termed as an investigation (multi-pronged) on operators who are in the wrong, as well as their affiliate partners.
The types of breaches range from advertising codes violations to inadequate controls for anti-money laundering. Very recently, the CMA made a declaration that it written to numerous online gambling operators, cautioning them against specific terms and acts that might be blocking clients from accessing their money in a way they deem suitable.
According to the authority, it was mainly worried about the ‘unfairly low’ restrictions on withdrawing money and short deadlines for the confirmation of players’ identities to facilitate withdrawing of money. Also, what is known as ‘dormancy’ terms, which enable operators to impound cash from their clients after their clients had remained inactive for a particular span of time.
The UK Gambling Commission, and other imperative regulators have said that regulations would be altered and new and present operators were going to be investigated more comprehensively about whether they could adhere entirely with all their licenses terms from the gambling regulator in the UK.