The UK Gambling Commission (UKGC) has maintained its decision to stick to stricter measures in terms of the use of credit cards for all gambling transaction. The watchdog sticks to its 2020 regulatory agenda, with the ban on credit card use for gambling transactions taking effect on April 14th, as originally announced.
Back in January 2020, the UKGC highlighted the fact that a so-called blanket ban on the use of credit cards for gambling was essential as it provided what the watchdog called a “further layer of protection”. The measure was taken by the regulator to maintain the UK as the safest gambling environment for local players.
As previously announced by the Commission, the credit card ban will apply to all online and offline gambling services. The only exception will be made for non-remote lotteries.
Ahead of the enforcement action, the chief executive officer of the UKGC, Neil McArthur, reminded that using credit cards to fund gambling could lead to significant financial harm. The suspension announced by the gambling regulatory body is expected to reduce the risk of gambling-related harm being inflicted on customers as they would be no longer able to gamble with money they do not have. The measure would also make sure that customers would no longer be able to accumulate massive debts through gambling because of the easy availability of credit card funds.
Ban on Credit Cards for Gambling Transaction Unveiled as Part of Stricter Regulatory Measures
According to the results of a research carried out by UK Finance, about 800,000 British residents use credit cards to fund their gambling habits. The figure reflects a small part of the 24 million adult residents of the UK who gamble on an annual basis, of which 10.5 million prefer to gamble online.
According to information provided by the UKGC, 22% of the country’s online gamblers who use credit cards to fund their accounts can be described as gambling addicts. This makes them even more susceptible to possible gambling-related harm. Hopefully, the measure that is becoming effective today is expected to help the UK Gambling Commission reduce the number of problem gambling factors.
The CEO of the UKGC further noted that the Commission is fully aware of the fact that the ban on credit card use would probably create some inconvenience to the players who use their credit cards responsibly but reducing the risk of harm to other people is what really matters, which is why more drastic actions must be taken.
As Casino Guardian reported at the time when the credit cards ban was unveiled, the measure was taken as part of the UK Gambling Commission’s ongoing efforts to reduce gambling-related harm. The regulatory body remains focused on its mission to make the sector fair, transparent and safe for customers and guarantee that people would not gamble with money they cannot afford to spend.
- Author
Daniel Williams
