The UK government has banned the use of credit cards in all gambling except the national lottery.
newsofgambling.comThe British Gambling Commission on Tuesday said that from April 14, businesses in the UK will be banned from accepting credit cards from betting consumers. The ban will apply to all types of gambling, with the exception of tickets for the national lottery, which, as noted by the commission, were sold in grocery stores and newsstands. The decision to implement the ban was made based on two separate government reviews on online gambling and social responsibility in the industry. According to the Gambling Commission, 24 million adults in the UK gamble. Data from think tank UK Finance shows that in 2018, 800,000 Britons used credit cards to gamble. “Gambling on credit cards can lead to significant financial damage. The ban we announced today is to minimize the risk of harm to players with money they don’t have, said Neil MacArthur, CEO of the Gambling Commission. “Studies show that 22% of online gamblers who use credit cards are problem gamblers, with even more suffering from some form of gambling addiction,” he added. “We also know that there are examples of consumers who have accumulated tens of thousands of pounds of debt as a result of gambling due to the availability of credit cards.There is also evidence that fees charged on credit cards may exacerbate the situation because the consumer may try to chase losses more. In an emailed statement, Brigid Simmonds, chair of the betting and gaming industry council, which represents 90% of the UK gambling sector, said the organization is committed to providing safer gambling. “We will introduce a credit card ban that will add to measures such as age verification, harm markers and affordability checks, additional funding for research, education and treatment, and new codes of conduct to protect consumers,” she said. Between 2018 and 2019, UK gambling revenue reached £14.4bn ($18.7bn), according to the Gambling Commission. The highest paid CEO in the UK in 2019 was Denise Coates, CEO and founder of online betting company Bet365, who brought home a $422 million check. Source: cnbc.com