The UK gambling credit card ban has created a storm in the United Kingdom. Some people are furious at Dominic Cummings. There are plenty of people who are blaming him for political vendetta as well. There have been open letters as well written for him to know how people feel.
Dominic recently wrote a blog post and said that he is looking for ‘weirdo’ who can help him with the overhaul of Downing Street. Now, this has offended many and it has been termed as the mistrust of the political establishment. It is being said that Cummings wants to turn the government on its head. In an open letter published in a daily, it was said that he should not mess things up.
There has been a new directive that credit cards cannot be used for gambling anymore from April in the UK. So, the punters who were using the credit cards for gambling in casinos would not have the option anymore. So, how does it impact the industry and the downing street overall? The capital markets are generally involved with all the casinos in the last 12 years and that would certainly make it tough for Downing Street. The broader sense must have prevailed argued many in this context.
It has been said that cutting bureaucracies is one of the things of Cummings. However, many would argue that why doesn’t he completely decommission the Gambling Commission. However, political benefits are seen in this especially by the open letter. The open letter argues that let there be reports and recommendations on the gambling commission.
The argument of the credit card ban came from a statement that there was a research conducted which said that more than 20% of people who are using a credit card for gambling are problem gamblers. The numbers could be more, the statement said. It was said that the Populus conducted the survey in March 2019 for gambling participation. The sample size was 2000 people and over 150 people who are found to have using the credit card.
There has been no mention of credit cards in the research, however, claimed the open letter. The research, however, said that problem gambling has declined by 43% except for the age group of 25-34. The open letter also claims that there is no such report that the gambling commission is claiming in the Populus website as well.
However, considering the research to be true, it has to be assumed that 22% of the gamblers who are using credit cards are problem gamblers. As per a report of the Gambling Commission, the operators have indicated that credit card payments consist of 10% to 20% of deposits. It says that the impact of banning credit cards would also be analyzed. It would also be seen whether punters are moving towards even riskier payment method.
It has been said that the casual gamblers who really do not like the hassle of payments of other modes would stop gambling and that would impact the industry as a whole.
It has been said that at a time when the pound might face severe backlash due to Brexit, this could make things even harder. The falling of the gambling industry may become another problem for the UK, which is most likely to be happening, believe many.