Home Business Insights & Advice UK mulls credit card ban for online gambling

UK mulls credit card ban for online gambling

by John Saunders
6th Aug 19 9:56 am

The vast majority of online gamblers prefers credit and debit cards to deposit funds online casinos. They are popular because virtually everyone has such a card and they can also be used to cash out winnings. In Great Britain, the UK Gambling Commission is the regulatory body that oversees the Internet gaming industry. Bookmakers, casinos and poker rooms catering for British players abide by their rules and only use financial instruments that are accepted by the UK GC. Recent news indicate the fact that the commission contemplates the possibility of credit cards being banned for online gambling

What’s the reason behind the proposed credit card ban?

The UK Gambling Commission is working first and foremost for the benefit of players, aiming to create a secure gaming environment. Their plan of banning credit cards for online gaming has to do with the perceived threat of gambling addiction. The commission is concerned by the fact that players are more likely to spend money they can’t afford to lose if they can deposit straight from a credit card. Unlike pre-paid and debit cards, these ones grant people access to larger amounts of money that they don’t have readily available. In the heat of gambling, there’s a chance for people to commit larger resources.

Certain studies have revealed the fact that the risks of consumers gambling beyond their bankroll are increased when they have access to more funds. Under normal circumstances, people should refrain from borrowing money for gambling, yet they don’t seem to fully understand the implications when using credit cards. Just as the name suggests, these financial instruments allow people to borrow money from financial institutions and pay for goods and services online. Problem gamblers who frequently chase losses, as well as those who try to win a bigger amount quickly are more vulnerable to this threat.

How did the gambling community react?

The UK Gambling Commission is a powerful regulatory body, but also a reasonable one that analyzes the effects of its proposed measures. In their quest to keep consumers safe, they are willing to go to great lengths and even take measures that are not popular. Many people play UK licensed online slots at regulated online casino’s and welcome this ban. Those who support this proposal, strongly believe that these restrictions will protect players from digging themselves under a pile of debt. Within this group, some people suggest that credit cards should be banned outright for gambling, while others have a more moderate stance. The latter consider that the imposing of certain restrictions would be enough.

There is also a lot of opposition from players as well as gambling operators who regard credit cards and the main payment methods for online gambling. They have highlighted the fact that when deprived of this convenient solution, some players might be compelled to rely on riskier banking instruments. They also claim that the restrictions that are already in place are good enough to keep players safe. Instead, they say that more money should be spent on funding groups that help players deal with gambling addiction.

Please play responsibly. For more information and advice visit www.begambleaware.org

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