gbDillimc1
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Joined: 15 Nov 2020
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15 November 2020 - 8:34pm

Withdrawal delays at Nektan casinos

9 replies • Last post

Hi,

I am having real issues getting my withdrawals from 6 different nektan casinos.
They are all withdrawals that I requested on the weekend of the 23rd and 24th Oct so have been over 3 weeks now.
I have sent in all of my documents for verification, but it is that which is holding everything up.
Every time I contact their support I get told they will raise it with the relevant team, but nothing happens.
Firstly am I being unreasonable thinking this is taking too long and secondly does anyone have any advice please?

Thanks
Carol

auCL-Ed
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16 November 2020 - 12:56am
#1

You are not being unreasonable. However Nektan announced they were going into administration in April so they are basically a failed business operating on life support.

This is conjecture on my part but it could be that payments need to be approved by the administrator before being sent out. They are likely to be running on a skeleton staff too until they are sold or wound up.

Frankly these casinos should not be operating and continuing to accept money from players.

WaroftheGods

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gbDillimc1
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16 November 2020 - 10:15am
#2

Thanks I didn't know that 😒. Am I likely to still get my withdrawals then or should I write them off?

usbarbadosslim93
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16 November 2020 - 1:23pm
#3

It's a tossup. You probably will get them, but there will likely be a delay if they're in administration. I'd reckon that if they're still in business, they're on the hook to pay you that money, but I'm no bankruptcy lawyer so take what I say with a grain of salt.

auCL-Ed
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16 November 2020 - 9:06pm
#4

I checked the UK Gambling Commission register and Nektan (Gibraltar) Limited is still listed as active. I also found evidence that they are trying to rename themselves to be Markor Technologies, so who knows what games they are playing there.

As far as your funds go, they should be protected as they meet the UKGC medium level specification which is regarded as pretty good. i.e.

Quote:

All customer funds are held in bank accounts which are separate from our own accounts. Our bank has acknowledged that the funds in these designated client bank accounts remain the property of our customers and can only be used for the specific and exclusive purpose of enabling participation in the Games offered on our Casino. This means that steps have been taken to protect customer funds but that there is no absolute guarantee that all funds will be repaid in the event of insolvency.

This arrangement conforms to the UK Gambling Commission's requirements for the segregation of customer funds at the level: MEDIUM protection.

So don't give up on your money. As they are still licensed you can use the official dispute resolution process by contacting either of these two organisations that have been nominated by Nektan:
- Independent Betting Adjudication Service (IBAS) - try this one first.
- EC Online Dispute Resolution platform - I don't know whether you should go this route given Brexit issues.

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gbDillimc1
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17 November 2020 - 11:15am
#5

Thank you, I actually got one of them back this morning, 5 to go.

usReckless Bets
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17 November 2020 - 3:15pm
#6

What sort of mismanagement has to happen for an online casino to go under? You're basically guaranteed to profit.

auCL-Ed
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17 November 2020 - 10:29pm
#7

Actually that's a bit of a misconception. The barrier to entry is very low, too low I would say. Any idiot with a few grand and a bank loan can get a crap unlicensed white label casino and that is why there are thousands out there all competing fiercely against each other.

Once they take away a big percentage paid to the game suppliers who all sell their games on a revenue sharing basis, pay affiliates that bring in most of their players another chunk, other marketing costs, operational staff etc it's not as profitable as most people think. And that is just the cheap white label ones. It's little wonder many quickly start playing games with slow payouts and traps in the T&Cs to write off player winnings.

Licensed operators like Nektan also pay license fees plus tax in regulated markets which means they need to do high volume to stay alive. Nektan casinos had many issues that made them appear to be a penny-pinching operator. Things like ridiculously low withdrawal limits by regulated casino standards (£2000 a day / £5000 a month max), really high wagering requirements on their bonuses, slow payouts etc. Maybe they were trying to stem the bleeding with all those policies but they just made themselves appear to be second rate to players which is hardly the way to increase return customers.

I can't say that I am sad to see such a crappy operator going down. They seemed to be under the misconception that they could serve up a terrible product compared to their competitors and players would just accept it.

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krcoolsongss
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19 November 2020 - 2:56pm
#8

Is the Videoslots casino also a Netktan casino, too?
I am still playing there from time to time...

They recently opened Mr.Vegas casino and sent me an email to register in. Actually, I could just use the same Username and passworld of Videoslots, so that it was convenient.

auCL-Ed
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19 November 2020 - 10:11pm
#9

No there is no connection there.

coolsongss

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