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Online Casino Players Receive Funds

The Playbank scandal is coming to a close thanks to intervention by the licensing agency in Malta, the Lotteries and Gaming Authority (LGA). Playbanks was an online casinos sportsbooking company that encountered severe financial problems thanks to poor bookkeeping and other internal problems. The LGA has spent more than a year sorting through the company’s records and recently begun to pressure the Playbanks parent company to release all existing player account funds.

The Playbanks debacle serves as a warning to online casinos gamblers all over the world. Although the company was licensed through a valid and reliable jurisdiction, that is not a complete assurance that the company is entirely trustworthy. The problems with Playbanks online casinos sportsbook site in late 2006 with players complaining to the LGA that the site was not releasing player funds or winnings. By the end of 2006 and early 2007, the gambling complaints to the LGA had continued and increased. At that point the LGA stepped in and began investigating the company. The LGA uncovered a complete mess of records with undeclared chargebacks, inaccurate records, and records that indicated that online casino player funds were mixed with the business funds.

At this point though, the online casino player account funds issue is coming to a close. Last week the LGA ordered that PB International Ltd, the company running the Playbanks site return all of the player funds immediately. Most of the internet gamblers affected have already received their outstanding account balances and the remaining players can request their funds by filing out the information listed on the LGA’s site.