UKGC initiates consultation on credit card gambling

Friday 26 July 2019 08:32 CET | News

The United Kingdom Gambling Commission (UKGC) has announced a consultation with the public and industry stakeholders on the use of credit cards for online gambling.

According to Casino Guardian, the regulator is considering an outright ban on credit card gambling but said it would be taking input from the gambling industry before taking further action. If a ban on credit card gambling is to be introduced, consumers may look for other methods for borrowing money to fund their gambling habits such as loans and overdraft.

The consultation process starts in mid-August 2019 and is aimed to help the Commission decide on the measures needed to eliminate the risks for consumers posed by gambling with borrowed money. The process will last 12 weeks and it will focus on an overview of the financial and gambling sectors and the possibility of replacing credit cards with alternative forms of borrowing for gambling purposes. 

Moreover, during the consultation, the UKGC will approach the issue of e-wallets and their potential risk for gamblers. When e-wallets are used for gambling, operators are unable to pinpoint the origin of the payments and whether the funds were transferred from credit cards or not. Additionally, the Commission would be seeking more evidence about gamblers’ motivations for using credit cards.

In February 2019, the UKGC issued a call for evidence on gambling online with credit cards. It noted that such practices were already well-established as a risk factor for harmful gambling and sought input to help decide what restrictions were needed.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: UKGC, UK, credit card, gambling, e-wallet
Countries: World