While the UK has been known for having reasonably relaxed gambling laws, in their bid to contain the increasing number of problem gamblers, the UK government is now planning to put a complete ban on gambling with credit cards.
The opposition leaders from the labor party in the UK have sought an end to betting on credit following which Culture Secretary Jeremy Wright has said that the government is already planning to address the issue.
Since the beginning of this month, the UKGC (United Kingdom Gambling Commission) has already implemented their reduced stake policy on FOBTs (Fixed Odd Betting Terminals). Earlier the maximum wager was 100 GBP, which is now only 2 GBP.
The yearly estimate of funds wagered through credit cards in the UK is as high as £8.6 billion. The Labour party which had their survey to study gambling regulations reported that gambling on credit was one of the biggest problems and it has a very negative impact on the lives of people and also facilitates compulsive gambling.
As such the opposition leaders have demanded that the gambling and casino operators stop accepting credit cards seeking the government to intervene.
The culture secretary also said that their government is committed to addressing the issue; it is under review initiated by the Gambling Commission. Speaking to the house, he assured that they are going to work on the recommendations from the United Kingdom Gambling Commission (UKGC).
According to the figures presented by the culture secretary, over 20% of the deposits at gambling facilities are made by credit cards. Restricting operators and gamblers to use a credit card can be a positive move towards limiting gambling addiction in the country.