Following hard lessons learned from the Full Tilt Poker case, the Alderney Gambling Control Commission has announced significant changes to its internet gambling licensing regulations. One of the main changes is that all Category 1 e-gambling licensees need to hold all their customers’ funds in a separate bank account which is used only for that purpose.
All gambling operators who are licensed by the Commission will need to provide proof on a monthly basis, and on demand, that a separate bank account exists. The Commission, however, does make provision for exceptions to this rule, decided on a case by case format.
Last year, after the Department of Justice shut down Full Tilt Poker’s domain in the United States (along with the domains of other online poker rooms), it soon became clear that players were unable to withdraw their funds which were tied up in the main operations of the site. Until today, Full Tilt Poker owes hundreds of millions of dollars to US players. If the current rules had been in place during the time that Alderney provided its license to Full Tilt Poker, and a separate bank account had been in place, players would have been able to pull funds from the secure account.
While the AGCC suspended Full Tilt Poker’s operating license after it became clear that players would not be paid out, the Commission’s reputation was nevertheless affected as the bottom line is that it was unable to protect players’ funds.
The revised policies, including the insistence that funds be segregated from now on, can be found on the Alderney Gambling Control Commission website.
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