UKGC to ban gambling by credit cards
The UK has been working hard to promote responsible gambling across the country and it has been very proactive in delivering regulations that will help eliminate the risky situation. In its latest attempt to get the problem gambling under control the UK Gambling Commission has introduced a ban on gambling by credit cards. Credit cards in general are very slippery slope and most financial advisers would suggest you get rid of them if you’re the type of person who has money control issues. Credit cards are great for people who know when to stop and what to prioritise but for the majority of people, they become a burden than later changes their lives for the worst. Credit card debt is a major problem, with or without the gambling industry so banning their use in gambling facilities is aimed at reducing the damages that some people experience when they gamble the money they don’t actually have.
The credit card problem in gambling
According to the statistics, around 22% of problem gamblers use a credit card when playing. While the statistics are not overwhelming it still highlights an important pattern that needs a follow-up. The UK Gambling Commission’s newest decision is bound to shake up the UK’s gambling scene since right now most people accept credit cards, including PokerStars, Betfair and 888. According to the commission, debit card withdrawals will still be available, and the ban is supposed to prevent players from getting themselves into debt over online gaming.
But credit cards aren’t the only risky method to pay for gambling and now the talks about the UK also banning the use of PayPal and other online banking methods because these payment methods providers have allowed players to avoid the banking limits and to spend more than they can afford on gambling.
The decision will definitely cause some controversy around the gambling community but according to the commission they are consulting with the public and the stakeholders in order to make decisions that everyone could get behind. Right now the talk about introducing gambling limits and restriction instead of banning them completely is still going on but since the banning would be an easier option majority of the public thinks that the decision to ban credit cards will make the cut.
Creating a worldwide trend
This decision has gotten a lot of attention worldwide and now Australia is also considering the credit card ban. Just like the UK, Australia has been working hard to introduce new regulations and to improve the gambling industry and to promote responsible gambling. Australia is also considering the bank on credit cards and is conducting consultations with the public to see if people would be open to this idea. Australia Banking Association released an eight-page consultation paper about this topic, encouraging people to submit their views and responses about credit card ban in gambling. Some of the key factors that Australia is looking into whether to ban credit cards completely or to set limits for them.
This trend will likely grow even bigger in 2020, and more countries will focus on promoting responsible gambling and prevent risky situations or huge debts that can occur when a player uses the money they don’t have or can’t afford to lose to gambling.
Gambling is a very popular entertainment in both of these countries and while for most, it is just harmless fun, some people who can’t stop when they’ve spent everything they could afford at the casinos, end up ruining their lives over it. It is admirable that governments are taking control of the situation and hopefully this won’t be the last step that the regulatory bodies will take in the name of responsible gambling.