The UK Gambling Commission (UKGC) has confirmed that a ’12-week consultation process’ will commence in mid-August, which could result in the banning of credit card used for wagering purposes.
The confirmation of the consultation follows on from a call for evidence which the UKGC launched back in February of this year, in which the Commission sought to gain insight from both the industry and on the impact of both potential restrictions, and potentially including an outright ban, could have on gambling.
Paul Hope, Executive Director at the UKGC, discussed the upcoming consultation: “Gambling with borrowed money is known to be a risk factor for consumers, so we think there is a need for action. This consultation will help us decide what that action should be.”
The UKGC has outlined a number of key points that are to be discussed during the consultation, including alternative forms of borrowing and e-wallets. The Commission has, however, explained that it expects there to still be ways for gamblers to indirectly use credit cards to gamble, regardless of whether or not a ban is implemented.
Moreover, the UKGC plans to obtain further evidence regarding the motivations for using credit cards to gamble, and whether there are any specific benefits and risks of using them.
A statement uploaded to the regulator’s website earlier today stated: “One approach would be to ban gambling online with credit cards. However, the public and all other stakeholders will be consulted on other options, including restricting the use of credit cards.
“The Commission will then take the most appropriate course of action in view of any evidence obtained by this consultation, alongside data already submitted.”