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The UK Gambling Commission (UKGC) has confirmed that a 12-week consultation process will launch in mid-August, which could result in the banning of credit card used for betting purposes.
“Gambling with borrowed money is known to be a risk factor for consumers, so we think there is a need for action. This consultation will help us decide what that action should be,” said UKGC executive director Paul Hope.
The UKGC issued a ‘call for evidence’ on this issue back in February, but the data collected so far failed to offer much insight into customers’ motivations for using credit cards to gamble, or the specific benefits of doing so.
One approach would be to ban gambling online with credit cards. However, the public and all other stakeholders will be consulted on other options, including restricting the use of credit cards.
The UKGC noted that an outright ban on credit card gambling would not eliminate consumers’ betting ability on credit by alternative means, including through the use of overdrafts and loans. Customers could also use their credit cards to fund E-Wallets which could then fund their gambling accounts, leaving UKGC licensees ignorant of the original source of funds.
Many U.K. politicians, mainly those in the Labour Party, have made it clear that their preferred option would be an outright ban on credit card gambling.
