UKGC Credit Card Ban
Credit card ban has been enforced by the UKGC
The ban that was considered by many an absolute necessity to protect at risk customers has now been enforced. We recently reported about the UKGC’s plan to enforce a ban on all use of credit cards for gambling. On the 14th April the UKGC upheld this promise and enforced the ban with failures to comply leading to big penalties.
When the ban was announced back in January it was stated that the ban was essential to provide “further layer of protection”. These measures are being put in place to ensure the UK gambling scene is a much safer place and reduce the risk of problem gamblers in the future and protect the current ones. The lottery however still remains exempt from this ban whilst many deem this as an addictive form of gambling.
The UKGC is set to continue expanding it’s measures
The commission plans to continue working hard into 2020 on it’s regulations. Using help and support from finical sectors and tech companies the research into consumers money and gambling trends has got more in-depth. There is clear evidence of harm from consumers wagering money they don’t own, so it absolutely right to protect them, Is a statement from Helen Whately the UK Culture Minister. It was also added that they will be reviewing the Gambling Act to ensure it is updated and more of a fit with the modern digital age whilst looking into an addiction strategy.
Why was this ban so desperately needed?
Research showed that 22% of gamblers using a credit card to wager were classed as problem gamblers. This means these consumers who already had some form of addiction were not only wagering with money they couldn’t afford too, but now with money they don’t own. The commission decided it was very clear that reviewing the regulatory structures and safeguarding was required, and thus deciding on the solution of banning all use of credit cards on online gambling sites.
The use of credit card gambling can cause huge finical harm as reminded by the UKGC Chief Executive Neil McArthur while he gave a statement explaining his decisions back in January. This is the first industry-wide regulation to of been enforced in 2020 as it took effect on 14th April. The ban minimises the risk of consumers and prevents them from building debts from online gambling.
Credit cards are now banned from online gambling
The estimated 800,000 UK gamblers that were reportedly using credit cards to gamble may at first find it an inconvenience or disruption to their life, but the Commission believes these new measures will help protect them in the future. The UKGC credit card ban came into place on 14th April and was enforced UK wide.