The UK Gambling Commission has launched a 12-week consultation on banning credit cards use for gambling and betting products and services.
The consultation program which kicked off on August 14 will run until November 6. It is aimed at gathering information from industry stakeholders about imposing new restrictions on credit card gambling including limiting credit card spending on gambling or banning their use altogether.
According to the experts and those familiar with the matter, an outright ban on credit cards for gambling would see a widespread opposition from the country’s gambling operators who are already struggling with the stricter regulations.
Based on the data and various opinions collected from the industry stakeholders, the UKGC will develop its initial evidence to take a step in regards to the usage of credit cards for gambling purposes.
Evidence presented to the Commission suggests support for an outright ban on credit card gambling comes mainly from charities and third-sector organizations.
UK’s Labour party has been constantly demanding for a ban on gambling with credit cards in the UK.
Last month, Australian Bank Macquarie banned gambling with credit cards. It became the first major Australian Bank to do so.
Explaining its decision the bank said that the new policy for credit card usage had been announced to protect the interests of customers. The decision by the Australian Bank could also put pressure on other major banks operating in the country under pressure to adopt a similar policy.