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Ban on Credit Card Wagering

Ban on Credit Card Wagering

The Gambling Regulators are considering banning gamblers from using a credit card to place wagers. The commission said on Monday that betting on credit cards “raises the risk that gamblers will wager more than they have” and it will “consider restricting or prohibiting the use of credit cards” so as to protect gamers from racking up debts that they can’t repay.

Making Online Gambling Safer

The statement that the commission will consider banning credit card for betting was part of the regulator’s report on how to make online betting safer. The report shows that profits in this sector rose by 10 percent last year to stand at $4.7bn and over 9M Britons bet online.

Campaigners have previously called for laws to prevent gamblers from using credit cards to bet. Carolyn Harris, a Labor MP who advocates for safer wagering, stated, “The notion of credit card betting terrifies me. Gaming debts are already a major problem not just for the person who bet but for their whole family who pays the ultimate price of the cost.”

Harris continued to state that, “Currently the main focus is on the business and we know great changes are coming”.

Bookies Are Reaping Big

The bookies are reaping big on betting terminals while vulnerable individuals pay.

Tracey Crouch, the Minister for civil society and sport, stated, “These proposals for extra measures will strengthen the measures already in place and also safeguard vulnerable people and children from the risks of online betting.” 

March Etches, the C.E.O of GambleAware, argued, “Being able to use credit cards significantly raises the risk of betting more than one can afford, so a ban on these cards would be welcomed to protect the vulnerable.”

The report concluded that the commission will consider restricting or prohibiting the use of credit cards but still review the effect of doing so.

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