UKGC is Pondering a Ban on Credit Card Online Gambling

29.07.2019, 16:32

The UK Gambling Commission (UKGC) has announced its planned consultative meeting scheduled for mid-August. The stakeholders’ gathering that will take 12 weeks. It will seek to take views on a possible ban on gambling using credit cards. The meeting will come in the wake of evidence emerging about the use of credit card in online gaming. A decision will be reached concerning the issue after the forum.

The Gambling Commission revealed that prohibition of the credit cards in gambling is one measure on the table to solve the impasse. However, stakeholders and the public at large will be granted the chance to come up with other approaches. Also on cards is the discussion about the restriction of the credit card used in online gaming. After the consultation, the commission will make a decision based on the evidence collected. Besides, the already existing data will play a vital role in the consensus.

Talking Points on the Credit Card Gambling

UKGC began looking into credit card use in gambling back in February, due to the emergence of critical issues. The public is already sensing the loopholes that the use of credit cards in gambling will create soon. The big question remains; which is the next borrowed money that gamers will use in gambling?

Indeed, the use of credit cards in betting could set precedence to loans and overdrafts in gambling. The UKGC has emphasized the need to protect customers in both financial and gambling industries. The effort is aimed at minimizing harm to customers who can use “borrowed money” in gambling with the hope of gaining more.

UKGC previously wanted to ban credit card gambling in the UK and are sticking to their guns.

With some credit money emanating from e-wallets, operators find it difficult to suspect the source of betting finance. E-wallet will be expected to help curb the activity after the introduction of the anticipated regulations.

The commission seeks to establish the motivation behind the use of credit cards in online gambling. The UKGC is well aware of the harmful effects of using credit cards to gamble.

However, the body is keen to find out the impact of the impending ban or restrictions on individuals who don’t bear the harmful effects of gambling with credit cards. Paul Hope, the commission director, has admitted that use of borrowed money has some risk factors on customers. He further said the “need for action” through consultation to find a lasting solution.