Is Banning Credit Cards Possible In Britain And What Would Be Reasons For That?

Home » Is Banning Credit Cards Possible In Britain And What Would Be Reasons For That?

The Gambling Commission (GC) in The UK is seriously thinking about banning the use of credit in online gambling transactions. Jeremy Wright, the culture secretary stated that bookmakers and major retail banks should meet and talk about the usage of credit cards for gambling purposes. He said that one of the major problems is that around 20% of deposits are coming from users who don’t have directs access to money that they have wagered.

Also, the Labour Party announced that if they score some good results in the next general election they would ban gambling with credit cards.

CG consulted in August and they established some new points:

By using alternative forms of gambling they should determine whether the consumers are borrowing in the form of overdrafts or loans. Is so, financial and gambling sectors should team up to protect customers from harm.

Future proposals should include e-wallets so the financing sources are known to operators.

Harry Christodoulou, the founder of Bingofind has stated:

“We’ve been talking to affiliates from the iGB community trying to see how they plan to handle this potential issue, but they don’t seem to be that worried, for now.”

Using credit cards for gambling has its advantages for players. For example, they manage to find the methods to bypass the deposit fee. Also, many players can gamble and wager more money than they actually have. It is not surprising that Germany has canceled Paypal (for gambling purposes only) and it wouldn’t be surprising if the Brits start considering it too.

Source: https://europeangaming.eu/portal/latest-news/2019/09/26/55045/the-challenges-facing-the-online-gambling-sector-with-the-possible-impending-ban-on-credit-card-transactions/

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