UK Gambling Commission Considers Banning Credit Cards
The UK Gambling Commission is doing everything to protect players from developing a gambling addiction. In the past few months, the regulatory body has been very productive in introducing new regulations and safety measures. The most recent report explores the option of banning credit cards for online gambling.
According to the latest report from the Gambling Commission, the regulator is not sure why gamblers would use credit cards as a payment method if not to spend the money they don’t actually have. Marc Etches of Gamble Aware explains, “Being able to use a credit card significantly increases the risk of gambling more than you can afford, so a ban on credit cards online could be hugely beneficial in protecting the vulnerable.”
The British Labour Party politician, Tom Watson supports restricting the use of credit cards for gambling. Watson doesn’t see a single reason why the country would “use debt to finance gambling.”
However, the UKGC fears that problem gamblers might even reach out to payday loans to finance their gambling habits. The likelihood of this happening is unknown for now. What the regulator does know is that Britain’s gambling market is the largest one in the world. About nine million people in the UK gamble on a regular basis and two million of them are either at risk or have already developed a gambling problem.
The UK Gambling Commission also emphasized the importance of protecting children from the harms of gambling. A large number of casinos offer free play to their customers. This is good for casino fans who want to try out a couple of games before wagering any real money. However, what the regulator is worried about is that underage players could have access to free-to-play casino games. Therefore, the UKGC is drawing their attention to forbidding online operators from offering demo games to players who haven’t yet verified their accounts and confirmed their age.
The good news is that the UKGC will introduce or has already introduced many measures to keep players safe. This includes banning unclear promotions that trap players’ money, delayed withdrawals, as well as decreasing FOBTs stakes. Some of the best PayPal UK casinos have already adopted new UKGC regulations, and we hope to see more online operators doing the same.
What do they think about the UKGC latest regulation on a possible credit card ban? how will this affect your experience? Let us know in the comment section below.