U.K.Government to Examine 'Dormant' Gambling Accounts

Published Tuesday, July 27, 2010 - Online-Casinos.com

The government in the United Kingdom keeps looking for the goose that lays that golden egg and may have found a reasonable facsimile of the proverbial goose. The U.K. government has announced it will commission a new report, that will examine the amount of money left dormant, or abandoned in gambling accounts registered in the United Kingdom. The compilation of funds remaining in these accounts is to be used to improve public sports facilities and sports clubs throughout the land. A pledge in the Coalition Agreement was the inspiration for the coming report which will examine the best use of abandoned betting money.
Research to determine the classifications for a betting account determining what a 'dormant' account is and what an abandoned account is. Clarification of the legal issues regarding the potential use of the funds will also be explored by the report.
John Penrose, Tourism and Heritage Minister in the U.K. which is part of the Department for Culture, Media and Sport has asked Bath MP Don Foster to begin to produce the report.
Penrose said, "Every day thousands of people bet on the outcome of sporting events. Therefore it seems a natural fit that funds from abandoned betting accounts should be used to benefit grassroots sports projects."
MP Foster commented, " I’ll be meeting representatives from all parts of the industry to gain views and suggestions on how this can work. It would be great to see some local sporting facilities and initiatives getting some extra funding in these difficult financial times."
Foster is expected to present findings, along with possible changes to existing legislation by the end of this year. with formal consultations to begin after the research has been presented.
The Department for Culture, Media and Sports responding to critics said that customers would still be able to reclaim their funds at any time, as long as they were able to prove ownership of the accounts.


 

 

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