Recently, there has been more emphasis on responsible gambling. With the number of online gamblers on the rise, it is clear that there need to be processed in place to make sure that people are more aware of responsible gambling.
As a result of this, the UK Gambling Commission (UKGC) has put a plan in motion to look into online gambling with credit cards. Indeed, the Commission stated that it would be holding a 12 weeks consultation about gambling online with credit cards. These consultations will start in the middle of August.
One scenario the UKGC is considering and that many are already aware is a total ban on credit card gambling. However, this is not the only option on the table. As well as this, they will also consider restricting the use of e-wallets. The regulator will consult with the public and stakeholders to discuss all options. After this consultation, the UKGC will then decide on the best course of action, having reviewed all evidence and data.
Unfortunately, online gambling with borrowed money is becoming a problem that needs to be addressed, as this can lead to further borrowing and increased debt. Often, gamblers who bet with borrowed money are more inclined to chase losses, which is one of the causes of gambling problems.
Credit card gambling is a risk for players. However, there are concerns that simply targeting credit cards could lead to the misuse of other payment forms. If a gambler is having problems, then they may resort to other forms of borrowing. Unfortunately, if a bettor pays from an e-Wallet, the operator cannot identify where the funds come from. Therefore, to be effective, they may well have to target that option as well.
The UKGC has made it clear that they will take all consumers into account when considering options. And hopefully, the results of this consultation period means that everyday pleasure seekers who use online gambling as a form of entertainment won’t get penalised too much. In the end, maybe a total ban is not ideal. Perhaps a set limit would prove less restrictive for those who keep their habits in check. But would still help those who can’t.