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Wager requirements to withdraw deposit


kev1n
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I couldn't find it in the terms and conditions or anywhere that I need to wager all my own deposits in order to withdraw so it would be great if someone have more information.

I deposited £40 into my unibet account few days ago and used £29 to place a sports bet which i lost. So i decided to withdraw the remaining £11 of my own money. But to my surprise i received an email saying I need to wager even my own money in order to withdraw it. It is like forcing me to bet and make me regret depositing more than i needed to.

This is the first time it happened to me and I have not experienced this problem elsewhere. It is quite usual for me to deposit an amount but then changed my mind on betting and withdrawing my deposits without any problem.

The amount is not a bonus and my account is fully verified. I am requesting the withdrawal back to the debit card that I use to deposit days ago.

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You have to turn over the initial deposit a few times before being able to withdraw. Unibet is not a bank where you can just deposit and withdraw with very little play. This is common practise for nearly every site. 

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@kev1n wrote:

 

I deposited £40 into my unibet account few days ago and used £29 to place a sports bet which i lost. So i decided to withdraw the remaining £11 of my own money. But to my surprise i received an email saying I need to wager even my own money in order to withdraw it. It is like forcing me to bet and make me regret depositing more than i needed to.

 


 

I think this rule is against money-laundring.  As @Magicadil mentioned above Unibet is not a bank you should wager the full amount.



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I don't think that any site allows withdrawing without playing. If sites made that possible you could easily upload 100 euros, then gain your 100% (or another amount) bonus. Withdraw your 100 euro back and just play with the bonus money.

So I doubt your statement.

Ps. If you know that you easily change your mind I think it needs a change of atitude and just deposit smaller amounts of money.

I see now that the circumstances of ones birth are irrelevant... It is what you do with the gift of life that determines who you are.
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Unibet it's not the only website requesting to wager deposit amount.It's supposed if you make a deposit for bettting, bingo or casino you'll use that amount.If you're lucky you can double/triple or even make a good amount from your initial deposit and withdraw without any problems 😉

Good luck! I hope you'll recover your lost bet :peace:

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  • 1 year later...

Surely this should be stated in their rules. The ridiculous outcome will be that each punter will deposit the amount of each bet resulting in many small deposits per day.

I am with the OP on this. If they say it is for moneylaundering, surely it would be reasonable to ask for ID. It is not as if the funds requested are to be sent to a different bank account. The deposit amounts are in round sums, yet there is no guideline to state that all deposited funds must be gambled and nowhere in their rules is this requirement stated. 

Unibet is not a bank but it should act responsibly in accordance with its stated rules and nowhere in the stated rules does it mention a wagering requirement on deposits. Wagering requirements on bonuses, I have no problems with.

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In addition their highlighted rule states:-

6.14 When an Account Holder wishes to withdraw funds they have deposited into their Unibet Account but have not wagered in any game or sport betting offer, Unibet reserves the right to refuse to transfer the funds to another bank account than the one the funds originated if Unibet suspects fraud and/or money laundering.

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@baldeagle09 wrote:

Surely this should be stated in their rules. The ridiculous outcome will be that each punter will deposit the amount of each bet resulting in many small deposits per day.

Say whaaat. You can wager the sum by placing several small bets. Why would you deposit 1000 if you only intend to bet 10 and then withdraw? It’s a standard rule that every bookmaker has - at least I don’t know of one without this rule. To me it’s common sense for several reasons. Not having this rule would open up for a lot of potential abuse, or best case scenario a lot of additional work doing very thorough account verifications for the ones that don’t wager the deposit. I simply don’t get why you’d deposit to a betting site without wagering the money. After all, that’s the very purpose of the site; to gamble the money that you deposit, and if luck is on your side, then make a withdrawal.

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If it is a standard rule why is it not stated in their terms and conditions. In fact what they do state in their terms and conditions is as follows:-

6.14 When an Account Holder wishes to withdraw funds they have deposited into their Unibet Account but have not wagered in any game or sport betting offer, Unibet reserves the right to refuse to transfer the funds to another bank account than the one the funds originated if Unibet suspects fraud and/or money laundering.

 

I have deposited a round sum and made several bets and then wished to withdraw. What is wrong with that. I have done it many times before. I am putting in the same account that I made the deposit. No problem.

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 Furthermore if I go into a casino or a betting shop I may have a couple of hundred quid in your pocket, you might change £50 in chips. You might decide after a couple of bets that you want to cash out your chips if you were lucky and go for a chinese instead. The casino can't say to you,hey you changed £50 you got to play £50.

Show me the rules!

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I will go further:-

They don't state it in the rules. If they intend to make this a definitive rule. Then change the specific rule 6.14 to state there is a wagering requirement on deposits. Also when making a deposit they should expressly state that deposits are taken on the basis that there is a wagering requirement of 100% of the deposit before withdrawals can be made.

It doesn't exactly make Unibet punter friendly.

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@baldeagle09 wrote:

 Furthermore if I go into a casino or a betting shop I may have a couple of hundred quid in your pocket, you might change £50 in chips. You might decide after a couple of bets that you want to cash out your chips if you were lucky and go for a chinese instead. The casino can't say to you,hey you changed £50 you got to play £50.

Show me the rules!


Try doing that consistently with large sums in a casino and see how long before the tax man and the police take to turn up at your home.

for further reading http://www.gamblingcommission.gov.uk/for-gambling-businesses/Compliance/General-compliance/AML/How-to-comply/Casinos-Prevention-of-money-laundering.aspx

You can exchange UO tickets again all is unicorns and rainbows in Unibet land.
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  • 1 year later...

 Mike

same..I’m new to site and I thought that if I cancelled the bonus option, I could choose to withdraw MY money( funds that were deposited) at any time as long as I didn’t benefit by keeping any bonuses....

in my case , if I understand it correctly, I have to wager £600 within 30 days before any winnings can be withdrawn...including winnings I thought I had won from MY money, not bonus monies

i cant see how depositing eg £25 from one debit card and choosing to withdraw eg £15 from the original deposit back to the same card can be considered money laundering?

unlikely I will be depositing much more,will try to wager across the next 30 days and try to withdraw any remaining funds

pity

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@Madproftoo , the Bonus works in the way described in your post. If at any point you decide to cancel the Bonus, the amount that you deposited, currently in found in "Restricted Balance", will be placed in cash and you can withdraw it if that's what you wish to do.

 

/Ray

Former Community Moderator
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