The UK Gambling Commission is planning to consider banning online gambling using credit cards.
While the lawmakers from across the political spectrum have voiced their concerns about gambling on credit, the UKGC on Wednesday announced that they would conduct a 12-week consultation starting next month on whether to allow online gambling using credit cards.
UKGC exec director Paul Hope said, “gambling with borrowed money is known to be a risk factor for consumers, so we think there is a need for action.”
While the UKGC has confirmed that it is considering banning gambling using credit cards, the commission has also said that it will decide upon the inputs received from the industry stakeholders.
Moreover, according to the UKGC, an outright ban on credit cards would not suffice to eliminate gambling on credit.
It said that gamblers would still find ways to fund their gambling habits using credit cards through alternative means including through the use of overdrafts and loans and also by funding e-wallets and other such financing mechanisms.
Gambling addiction has been on the rise in the UK and many see gambling on credit as a major issue which could further gambling addiction and also expose customers to greater gambling harms.