Published on 23 November 2014 by Rhi
When it comes to choosing a Netent casino to play on, you should always consider the safety of your money. The UK recently became a fully regulated market, meaning only casinos with a UK Gambling Commission issued license can offer their services there and a new and unique feature is the transparency they require all their licensees to have regarding what they do with player funds.
As a player you probably don’t think too much about this, but when you make a deposit to a casino, or when you win and have a balance in your account, that money is physically held somewhere by the casino. How can you know that they actually have that money available to pay you out, if you request a withdrawal?
Imagine winning a €50 bet, or a €1000 jackpot and the casino doesn’t have enough money to pay you! As players, we rarely have that kind of knowledge, but the UK Gambling Commission is making sure that GB operators are much clearer about this to their players.
In order to do this they have created a rating system, which details the amount of protection in place for player funds, ranging from Basic, to Medium, to High and as of February 2nd 2015, this information must be displayed to customers whenever they make a deposit, before they confirm it. This means players have more knowledge than ever, giving them more power as they can decide to only use the safest casinos possible.
In order to obtain many licenses in Europe, including in the UK and Malta, casinos must hold player accounts in a separate and dedicated bank account, not to mix them in with bank accounts holding other company assets, but there are extra protection measures that can be taken.
The 3 tier rating system works as follows;
Customer funds are kept in separate bank accounts, away from other business accounts, but they form part of the assets of the business, in the case of insolvency.
Customer funds are kept in separate bank accounts, away from other business accounts and arrangements are in place allowing assets in customer accounts to be distributed to the customers in the event of insolvency.
Customer funds are kept in a trust account which is verified and controlled by an independent trustee.
Some UK licensed Netent casinos are Comeon, BGO, Casumo, LeoVegas, Bet at Home and Paddy Power and from Feb 2nd, you can expect to see the level of protection each one offers your funds, every time you make a deposit!