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Credit cards banned on gambling businesses

Credit cards banned on gambling businesses
“Credit card gambling can lead to significant financial harm. The ban that we have announced today should minimise the risks of harm to consumers from gambling with money they do not have.”
by Academia   |   comments 0

Gambling Commission has announced that gambling customers in Great Britain will no longer be able to place their bets with credit card funds. Starting April it will only be permitted to use debit card or cash deposited on their account.

This ban is focusing on the vulnerability of some customers, since a research made by the Gambling Commission showed that 22% of online gamblers that use credit card to place their bets are problem gamblers.

“Credit card gambling can lead to significant financial harm. The ban that we have announced today should minimise the risks of harm to consumers from gambling with money they do not have.” Says Neil McArthur, Gambling Commission Chief Executive.

He adds “We also know that there are examples of consumers who have accumulated tens of thousands of pounds of debt through gambling because of credit card availability”.

It’s true that the use of the credit card is convenient and fast, but those characteristics are what makes the payment method so harmful for vulnerable gamblers.

The gambling commission has introduced several measures last year, including cutting the maximum stake on fixed odds betting terminal or bringing tighter age and identity checks for online gambling, however, McArthur states that there is more to do.

“We will not hesitate to take any further action necessary to protect people from gambling harm.”

This was not the only measure announced by the Gambling Commission. From 31st March, all online gambling operators will have to participate in the GAMSTOP scheme to help customers to self-exclude from gambling websites.

Culture minister Helen Whately states “Whilst millions gamble responsibly, I have also met people whose lives have been turned upside down by gambling addiction."

Online gambling needs to be faced as an entertainment. If you’re not having fun anymore, consider stopping and, if necessary, get professional help. Gamble responsibly!

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