The implementation of the UK Gambling Commission’s (UKGC) outright ban on credit card wagering across all gambling verticals has been confirmed.
The regulation was approved in January and marked a significant step in the governing body boosting the government’s mandate of the UK maintaining the ‘safest gambling environment’.
The sanctioned credit ban will apply to all online and offline gambling verticals with the exception of non-remote lotteries.
Neil McArthur, Gambling Commission chief executive commented: “This credit card ban will further protect consumers from financial harm and from today, nobody in Great Britain can use a credit card to gamble. It is a ban which ultimately reduces the risks of harm to consumers from gambling with money they do not have.
“The ban also comes at a vital time as we are seeing an increase in the use of some online products, such as online slots and virtual sports, and our online search analysis shows an increase in UK consumer interest in gambling products since the lockdown began. This highlights just how important it is for gambling operators to keep people safe and the credit card ban will help that.
“This is another milestone and we will continue to looking for ways to make gambling safer.”
Research conducted by UK Finance estimates that an estimated 800,000 consumers gamble on credit cards. The figure reflects a small segment of the 24 million UK adults who gamble each year, of which 10.5 million wager online.
Backing its enforcement, the UKGC underlined that ‘22% of online gamblers using credit cards to gamble are classed as problem gamblers – with even more at some risk of harm’. The UKGC and its policy advisors are satisfied that the enforcement will reduce problem gambling factors.
The UKGC explained that it will monitor and evaluate the credit ban ‘for any unintended circumstances for consumers’.
Further developing its 2020 regulatory agenda, the UKGC, supported by the Department for Digital, Culture, Media and Sport (DCMS), will continue to work with financial sector incumbents and technology firms to address betting compliance and problem gambling concerns.
The Commission also reminded operators that they can only accept customer payments via e-wallets if those e-wallets prevent credit card use for gambling.Some players may be changing their gambling habits during the Covid-19 outbreak and the Commission has also taken steps in the past week to remind consumers of how gambling operators should be keeping them safe when gambling online.
