Protection of Player Funds
We are required by our licence to inform customers about what happens to funds which we hold on account for you, and the extent to which funds are protected in the event of insolvency.
We hold customer funds separate from company funds in in a separate segregated bank account and in reserve funds which we hold with our payment processors. These funds are not protected in the event of insolvency.
This meets the Gambling Commission’s requirements for the segregation of customer funds at the level: basic segregation. (Click here for more details)
Bingo Entertainment have created a Customer Deposit Account to segregate Deposits received from the players via the various Payment Methods, however, the Deposits may not be protected in the event of Bingo Entertainment entering into administration.
Deposits are first maintained as part of the float in the various Payment Methods. From time to time (normally once a week), any excess funds held in the float are transferred from the respective Payment Methods to the Customer Deposit Account. Sufficient funds are maintained in the Payment Method float as well as the Customer Deposit Account to ensure that Bingo Entertainment is able to meet Withdrawals.
Deposits are segregated from Bingo Entertainment’s corporate fund accounts and Deposits are only transferred from the Customer Deposit Account to the corporate fund accounts when the aggregated balances in the various Payment Method’s float and Customer Deposit Account are more than the aggregate of the players’ outstanding balances in Player Accounts.
The amount transferred is limited to an amount such that there are always sufficient funds in the various Payment Methods and the Customer Deposit Account to meet the players’ Withdrawals in the event that they withdraw all of their funds from their Player Accounts.
Internal Controls are put in place to ensure the Deposits are properly accounted for including monthly reconciliations between the total of Payment Methods and the total of all the individual Player Account balances as well as independent review of the operation of the Payment Methods by both internal and external auditors.
There are no set off arrangements in place in relation to the operation of the Payment Methods, Customer Deposit Account and the Players’ Accounts. Further, the Customer Deposit Account has not been used as security for any liabilities of the company.