Casino City’s Friday Five: Keeping your funds edition

Despite little to no sports to wager on, people can’t forget about their online accounts or their funds could be taken away from them, as Jennifer Borden from Borden Consulting Group explains.

Before we get into that issue, this week had some other big news. Another U.S. state announced sports betting coming in the summer, an online casino hosts a super promotion, Nevada brings esports betting into the mix, and the U.K. credit card ban begins.

5. Super Casino promotion at Unibet
Yesterday, the online casino increased the payback to 98% on five of their most popular slots: Butterfly Staxx, Guns N' Roses, Fruit Shop, Reel Rush and Twin Spin.

Unibet is also marking the launch of their Super Casino with a €10,000 Lucky Spins tournament. Until 24 April, players will have to chance to compete for part of a €10k prize pool simply by opting-in, and playing one the five slots involved in the Super Casino. The top 250 players with the highest equalized win will share the prize pool.

4. Nevada to accept wagers on four esports leagues
The Nevada Gaming Control Board is welcoming wagers on four esports leagues. All licensed books can accept and post wagers on the European Championship of League of Legends, the North America League of Legends Championship series, League of Legends European Masters and the Overwatch League.

For all four leagues, bettors can place wagers on head-to-head, winners of each match and the overall winner.

If there are hopes of any additional wagers from the ones listed above, they will require a separate application and approval.

3. UK bans use of credit cards for gambling
The regulator of Great Britain’s gambling industry says the credit card ban which came into effect on Tuesday, will add another vital layer of protection for consumers.

In January, the UKGC and the Department for Culture, Media and Sport announced the widely-publicized ban – meaning that any consumer gambling will not be able to use a credit card as payment. The ban extends to credit card gambling through e-wallets.

Neil McArthur, Gambling Commission chief executive, said, “This credit card ban will further protect consumers from financial harm and from today, nobody in Great Britain can use a credit card to gamble. It is a ban which ultimately reduces the risks of harm to consumers from gambling with money they do not have.”

The Commission aims to protect the 10.5 million people who gamble online from harm, with statistics showing that 800,000 individuals in the U.K. use credit cards to gamble.

From today, any consumer gambling online or on the high street will not be able to use a credit card as payment. This extends to credit card gambling through e-wallets. This is an important step forward in protecting the 10.5 million people who gamble online from harm. pic.twitter.com/1lxD293TlS
— Gambling Commission (@GamRegGB) April 14, 2020

2. Tennessee to launch sports betting in July
The Tennessee Education Lottery approved rules for sports betting on Wednesday that will allow wagering on sporting events via the internet, mobile device or other telecommunications platforms. Bettors must be physically in the state at the time the wager is placed.

Potential licensees and registrants will be able to access applications on the TEL website next week. In accordance with the Tennessee Sports Gaming Act of 2019, the TEL Board will have 90 days to approve or deny an application once the application has been determined complete.

There are no restrictions on the number of licenses that may be issued for interactive sports gaming operations, but licensees and suppliers must meet the requirements.

“These rules reflect the significant work that went into establishing the processes and requirements for licensing and regulating interactive sports wagering in Tennessee. The Board thanks the TEL and the Sports Wagering Advisory Council for their thoughtful help and guidance,” Board Chair Susan Lanigan said.

1. Online gamblers beware: Don’t let the government take your funds
If players aren’t careful, money in their online accounts could end up in the hands of the government.

Since the Supreme Court’s decision back in May 2018, sports betting has been legalized in 21 states and the District of Columbia. Of the jurisdictions that have legalized sports betting, roughly half allow for some form of online or mobile betting. Legislation to legalize sports betting is currently under consideration in 13 additional states and is scheduled to be included on November ballots in two more states.

Borden writes, “Some states have in place ways to empty your individual online wagering accounts if you don’t pay attention to them. Talk about rubbing salt on the wound: imagine no money in your account, without the benefit of placing a bet!”

She continued, “So to those who make wagers and hold accounts online, stay aware. Log into your account every now and again, even if you’re not making a bet, especially in the current environment where the sports you might typically wager upon aren’t happening. Because if there is an option for states to take control of abandoned accounts, they will.”