The United Kingdom gambling regulator (the UKGC) is preparing to make an announcement regarding gambling using any credit cards. The statement is going to prohibit gambling with credit cards. The reason behind the ban is that a lot of people gamble with money that they do not have. So this new ban will fight that by stopping people who gamble using their credit cards.
Long-Awaited Ban on Credit Card Gambling
The announcement of this ban could come pretty soon. The ban is going to prohibit bookmakers from accepting wagers and deposits on the internet through credit cards. This new move is a significant part of the overhaul of the gambling industry in the United Kingdom to ensure safe gambling for all players.
For many years the concern revolving around gambling-related harm resulted in many calls for reform. It also called for an intervention by the regulator of gambling in the UK. The Strategy Board of Responsible Gambling is an independent expert advisory body. The body stated that placing bets with cards is one of the well-established factors for a problem and harmful gambling. It increases the risk that players will use money that they don’t have and can’t afford and spend it on gambling. Therefore, it backs the ban on gambling using these cards.
Burrowing Money to Place Bets
The United Kingdom Gambling Commission’s data shows that a considerable portion of the gambling deposits, up to twenty-percent in some establishments are by players who do not have and can’t afford the money, which is the definition of credit card gambling.
Back in 2019, the watchdog called for evidence and proof on the matter. It asked for it so it can explore the consequences of prohibiting the use of credit cards in placing stakes and wagers. An answer to that call came from a wide range of stakeholders such as debt relief charities, financial services, members of the public as well as gambling operators. It also received testimonies from people who suffered a great deal and great financial harm because of credit card gambling. Therefore, the commission stated that the consultation on credit card gambling led to a final decision, which is to ban the usage of any credit card in gaming.