UKGC to Announce Credit Card Ban on Gambling Transactions
A credit card ban will soon be announced by the UK Gambling Commission (UKGC) regarding gambling transactions. The UKGC has already prepared to suspend sportsbooks from accepting internet gambling transactions. This action is part of the organisation’s efforts to prevent gamblers that are vulnerable to the harmful effects of gambling from exploitation.
The UKGC is expected to announce the ban in a matter of days. The regulation to restrict the use of credit cards for gambling transactions was enacted two years ago when the charity entities such as GambleWare and Citizens Advice called for the government to implement policies to protect the UK citizens from gambling addiction.
Many internet gambling operators in the UK, including bet365, Betfair, and 888 Holdings, have given their customers a chance to deposit their funds using credit cards. However, this practice has been criticised by many. They claim that using credit cards to deposit fund ensure that people will be at a higher risk for accumulating debt. UK residents that wish to gamble on the internet will have to use their debit cards to deposit funds.
Gambling Commission Makes Other Announcements Besides Credit Card Ban
The UKGC is also expected to announce that many online gambling operations will be required to have a Gamstop Membership to obtain a gambling license. Since 2018 the credit card ban for gambling transactions has been part of the Labour Party’s policy. The ban is not limited to credit cards. It also extends to e-wallets. Many stakeholders have speculated that payment services such as PayPal will also be subject to the ban that is yet to be implemented.
Many reports have shown that some gambling operators have, in the past, encouraged gamblers to ignore their banking limits to spend significant amounts in a day. The UKGC is also going to announce that gambling operators need to have a Gamstop membership to keep or receive a gambling license.
GamStop Membership for Licensing
The Gamstop tool allows gamblers who believe that they are at risk of gambling addiction can block themselves from participating in gambling. Once the gamblers have blocked themselves from gambling participation, the wagering operations are expected to share the individual’s details with other operators. The sharing of information on those who have blocked themselves from gambling is supposed to prevent people from opening new wagering accounts.
See Latest Casino News: