Binary Options Racket Could Make Gamblers Lose Money

UK Gambling Commission warns punters to pay attention not to be swindled in binary options racket.

Gamblers are being warned by the UK Gambling Commission (UKGC) has circulated a warning to consumers in the area over scams that falsely claim to be carrying out binary options trading. The regulatory body, which imposes UK gambling laws concerning gaming activities in the UK said that binary options betting users should investigate the market carefully before embarking in betting activities.

The UKGC said bettors should first confirm whether the online betting operators they are dealing with have been licensed in the UK and that this approval should be clearly displayed on their websites. They are also being told that if they have any doubts concerning an operator, then they should avoid using those shady services.

Duped consumers cannot recover money or receive compensation

The UKGC also warned that if money was to be lost if they went ahead and used those services for mobile betting or other gambling activities, then the regulatory body could not be held responsible for reimbursements as they had been sufficiently warned. The regulatory body has recommended that punters losing money should contact Action Fraud.

In a total other matter, the UKGC has recently announced the appointment of Jenny Williams the successor who will replace her as chief executive officer of the regulatory body. Williams, will step down in September but will work with the UKGC on a part-time basis to ensure an efficient transition of the post’s duties. UKGC will announce the successor after the UK General Election next month.