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The United Kingdom Gambling Commission (UKGC), have called a twelve week consultation period starting mid-August, after a call for evidence on issues of gambling with credit cards. Depending on the evidence of the consultation, should credit card gambling be banned or alternative measures sought?The call for evidence launched in February this year and provided key points around the use of credit cards for gambling, these include:
Alternative Borrowing
If a ban on credit cards comes in to force, vulnerable customers may look at alternative forms of borrowing like loans or overdrafts. It is of upmost importance that financial and gambling sectors both work to protect vulnerable gamblers from harm if they look at alternative forms to fund their gambling.
E-Wallets
If a customer uses E-Wallets, an operator has no means of knowing which method the payment was made. In the future, E-Wallet providers will have to adhere to much stricter regulatory measures.
More Evidence
The UKGC are looking at the reasons behind customers using credit cards to fund their gambling, and if any benefits are gained by using them. This was the main reason the call for action was activated as very little evidence to support the benefits of using credit cards was found.Although the UKGC are all for protecting vulnerable gamblers from using credit cards, they are aware of potential problems banning gambling with credit cards would have on gamblers that are not experiencing gambling harm.Director of the Gambling Commission Paul Hope said,“ Gambling with borrowed money is known to be a risk factor for consumers, so we think there is need for action. The consultation will help us decide what action should be.”