UK's Unclaimed Gambling WinningsPublished May 4, 2011
Millions of pounds in unclaimed cash are believed to lie in online betting accounts.
The British government has finally received a report that it commissioned last year into whether millions of unclaimed pounds believed to be lying in betting accounts could be put towards improving public sports clubs.
The commission was tasked with investigating how cash in dormant betting accounts and other unclaimed winnings could be put to use that would benefit the public. The review looked at online gambling accounts in particular, as it is known that minimum withdrawals and other strict requirements mean account holders at online bingo, poker and betting sites often just write off the small amounts they have left.
Sports Minister John Penrose, a Tory has said he will now review the findings, after receiving them from his Liberal Democrat counterpart Don Foster, who compiled the report as part of the coalition agreement between the two governing parties.
It remains to be seen what will be decided and what exactly is in the report, but it is believed in the gambling industry that the findings may force online gaming companies to change their withdrawal terms and conditions in favor of customers.