UKGC to Restrict the Use of Credit Cards for Online Bets
The UK Gambling Commission announced its plans to prohibit the use of credit cards for making online bets. The move to ban credit cards comes from the goal of helping players limit their losses. The ban is expected to come into effect in the next few days.
Help for Problem Players
The idea behind this ban is that players, without the ability to place bets using credit cards, could not be able to bet money they do not possess. This way, UKGC helps to create “a safe gambling experience for all customers”. Once the ban goes into effect, bookmakers will not be able to accept credit card deposits online anymore.
By limiting the use of credit cards, this ban effectively stops the players from borrowing money for placing bets. As the Responsible Gambling Strategy Board explained, “Gambling with borrowed money is a well-established risk factor for harmful gambling”. The commission revealed data that clearly shows that a big chunk of gambling deposits – in some markets up to 20% – is borrowed money.
How It All Came to Be
This decision is the result of a year-long project for investigating the dangers of the use of credit cards. At the beginning of 2019, the Commission enlisted the help of the entire industry to “explore the consequences of restricting or prohibiting the use of credit cards”. This resulted in an extensive study of the dangers of credit cards in online gambling payments. The Commission’s “Consultation on gambling with credit cards” then directly led to the decision to ban all credit cards.
The Big Picture
This ban is just one of many that the Commission announced for 2020. The goal is to help players with problems by creating a stable industry where they can play and enjoy. The commission also announced its plans to put a stop to VIP casino programs during 2020. According to the UKGC, players with VIP levels are more likely to develop harmful gambling habits.
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