The gambling commission from the UK (UKGC) has revealed that it is considering banning the use of credit cards for online gambling.
UK.- The UK Gambling Commission (UKGC) has revealed that it will hold a 12-week consultation in mid-August. This follows a recent call for evidence on the issue of gambling online with credit cards, which could be banned after the consultation is completed.
The gambling commission said that one approach would be to prohibit online gambling with credit cards. The public and other stakeholders will be subject to the consultation on other options, including restricting the credit card use. The UKGC will then take the appropriate course of action with evidence obtained by this consultation, alongside data already submitted.
The call for evidence started in February and highlights several key interest points. If action happens on credit cards alone, consumers experiencing harm may use other forms of borrowing to fund their gambling. Consumers can also opt for overdrafts and loans. “It is therefore vital that the financial and gambling sectors work to protect customers from harm where they gamble with other forms of borrowed money,” said the UKGC.
Where online gambling deposits are through some e-wallets, operators have no means of knowing which method the payment originated from. Any future proposals would therefore require e-wallet providers to take the necessary action to support any regulatory measures introduced.
The UKGC wants further evidence about consumers’ motivations for using credit cards to gamble and the benefits of using them. “The call for evidence highlighted very little in this regard. In aiming to prevent harm from gambling with credit cards, the commission is clear that it must take account of the impact of a ban or restrictions on gamblers who are not experiencing gambling harms,” said UKGC.
Paul Hope, Executive Director at the Gambling Commission, said: “Gambling with borrowed money is a risk factor for consumers. So we think there is a need for action. This consultation will help us decide what that action should be.”