UK Gambling Commission Launches 12-Week Consultation On Credit Cards
The UK Gambling Commission has officially launched its 12-week consultation on credit cards.
The gambling regulatory body launched the consultation this week which will run through to November 6th this year. According to reports, the consultation will look at potential restrictions on the use of credit cards at online casinos, including a potential outright ban on the payment method.
However, the industry has been vocal against banning credit card gambling, prompting the UK Gambling Commission to gather opinions on other credit card restrictions such as spending limits. The Commission has invited the public and industry stakeholders to give their opinions and comments before the organisation makes a decision on the best cause of action.
According to reports, charities and third-sector organisations have voiced support and are expected to show evidence for an outright ban on credit card gambling. The public has continually criticised gambling operators for allowing customers to play with borrowed funds.
Operators, however, have argued that restrictions on the payment method would be more effective than outright banning it. They also argued that players currently using credit cards would turn to overdrafts, payday lenders or even loans to support their gambling. Gamblers doing this will force operators to have to conduct more payment checks such as collecting bank and e-Wallet statements.
Opposers of the ban have also argued that not all credit card gamblers suffer from an addiction or are vulnerable to gambling problems. They say it’s unfair to impose restrictions on customers who use credit cards freely and have no issues with the activity.
Meanwhile, some respondents have stated they’d only support an outright ban if the Commission introduced restrictions prohibiting said customers from using overdrafts and loans to fund their gambling.
UK: Tighter Gambling Restrictions
The consultation comes as the UK Gambling Commission continues to tighten the regulation surrounding online gambling. This month, the firm introduced new rules to better protect customers, including the interaction between operators and vulnerable customers.
A recent report by the Independent suggested that the Commission had also introduced new policies which require casino operators to regulate player spending. Under the rules, operators are required to establish how much players can spend and set limits on player spending.
Meanwhile, the Commission is currently investigating seven bookmakers after they allowed a minor to wager £5 on the Royal Ascot. A study from this month also found that the number of complaints about bookmakers had increased by almost 5,000% since 2013.
Lastly, the UK Gambling Commission was also forced to restates its commitment to responsible gambling after a study from July discovered that problem gamblers are six times more likely to have suicidal thoughts and 15 times more likely to attempt to take their own life.