Gambling on credit cards to be banned in UK
The Gambling Commission has announced a ban on using credit card for betting after the Government’s reviews of online gambling industry. New regulation comes into effect on 14 April.
The ban should minimize the risks of harm from betting with money consumers actually do not have. This issue turns upside down thousands of lives every day.
It started two years ago when charity groups GambleAware and Citizens Advice forced the government to put into effect the policy to protect problem gamblers.
The case of former accountant who lost about £125,000 with nine cards and £50,000 of them within one session provoked public outcry.
Details of her case have been included in the subject of an inquiry by the Gambling Commission and urged the authorities to make regulation of the industry tougher.
Major websites such as PokerStars, Betfair, 888 and Bet365 allow gamblers make deposits using credit cards. The volume of transactions reaches billions of pounds a year.
The Culture Secretary Jeremy Wright expressed concern because of research which shows that 22% of online gamblers using bank credit cards and risking money they don’t actually own. Also he claims gambling operators to show social responsibility and insure protection for vulnerable gamers.
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