As a punter, placing a successful bet and winning is only half the battle. The other half is successfully withdrawing your potential winnings.
However, certain circumstances might arise where a bookmaker could cancel your withdrawal and keep your money. This Wizard Slots blog explores these situations and offers guidance on what to possibly do if the unfortunate happens.
Can Bookies Stop Withdrawals?
Yes, bookmakers can potentially stop withdrawals, but only under specific circumstances.
For instance, they might suspect unfair or fraudulent activities on your part, such as using multiple accounts to try and exploit free bet offers.
Bookies can also stop withdrawals if they believe there is a violation of their terms and conditions. The fundamental point here is, that the bookmaker has to have a valid, irrefutable reason for stopping a potential withdrawal.
Reverse Withdrawal: Cancelling Your Own Withdrawal
On the other hand, sometimes you may wish to cancel your own withdrawal.
This is known as a reverse withdrawal. Reasons for doing this can vary, but typically it is because punters want to continue betting with any of their own winnings instead of cashing out.
https://www.wizardslots.com/blog/what-does-partial-cash-out-mean
Most bookmakers will allow you to cancel your withdrawal within a certain time frame, usually 24 hours, but it's always best to check the terms and conditions of your specific bookmaker just to be sure.
Reverse withdrawal is not available in the UK, as it has been banned by the UKGC since 2021.
Bookie Won’t Pay Out: What To Do?
Bookmakers refusing to pay out can be a stressful situation for any punter. But, it's important to remember that you have several channels open to you if this occurs.
Initially, you could contact the bookmaker's customer service to clarify the situation. They are legally obligated to pay out winning bets, so it's essential to understand why they are refusing. If your account is unverified, for instance, you could provide the necessary documentation to potentially rectify the situation.
If direct contact with the bookmaker fails to resolve the issue, you may escalate the situation to the Independent Betting Adjudication Service (IBAS).
IBAS is a UK-based dispute resolution service that can act on your behalf to try and resolve any unpaid bet disputes. However, you will need to provide evidence that you've met all the conditions and broken no laws.
In the rare case that both the bookmaker and IBAS cannot resolve the issue, you could potentially consider legal action. This should hopefully only be the last resort, as it can be costly and time-consuming, but it has proven successful in some cases.
Do Bookies Have To Pay Out By Law?
In the UK, when a bet is placed with a bookmaker, it's considered a legally binding agreement. If you win the bet fairly, the bookmaker is obligated to pay out the winnings. This regulation is enforced by the UK Gambling Commission (UKGC), which ensures that all bookmakers comply with the law and operate with fair and legal practices.
Therefore, if a bookmaker refuses to pay out a winning bet without a valid reason, they would be in violation of their licence and could face possible penalties.
However, there are situations where bookies can refuse to pay out. These usually involve a violation of the terms and conditions, evidence of fraud or manipulation, or a pricing error on the bookmaker's part. In such cases, it's crucial to understand your rights as a punter and the steps you can take to try and resolve the issue.
In conclusion, while bookmakers can potentially cancel a withdrawal and keep your money, they must have a valid reason to do so. If you find yourself in such a situation, it's essential to understand your rights and the steps you can take to try and resolve the issue.
Always remember to gamble responsibly and only bet what you can afford to lose.
*All values (Bet Levels, Maximum Wins etc.) mentioned in relation to these games are subject to change at any time. Game features mentioned may not be available in some jurisdictions.
