The UK Gambling Commission, as part of its initiative to reduce gambling harms and create a safer and fairer gambling environment in the UK, will be holding a 12-week consultation on the matter of gambling with credit cards which will begin in mid-August.
The regulator called for the public and stakeholders to participate and express their opinions on the matter, stating that the consultations will look at the three key interest points provided in the recent call for evidence.
The 12-Week Consultation
The call for evidence on the matter of gambling online with credit cards by the UK Gambling Commission introduced in February implied that the regulator will be holding a consultation. At the middle of this week, the UK Gambling Commission informed the public and stakeholders that the consultation will last for 12 weeks and will begin in the middle of August.
The regulator reminded everyone that one approach to solving the problem with credit card gambling would be a complete ban on the use of credit cards in online casinos. Stakeholders and the public, however, will be duly consulted on this and other options, including the restriction of credit card use. The UK Gambling Commission will take the proper course of action based on the evidence that will be obtained by the 12- week consultation and the already submitted data.
UKGC’s Executive Director Paul Hope said that gambling with borrowed money was known to be a risk factor for players, so there was a need for action. The consultation, Hope said, would help the Commission decide what that action should be.
If you remember, in the call for evidence, the UK Gambling Commission focused on three key interest points: alternative forms of borrowing, eWallets and further evidence.
The Three Key Interest Points
For the alternative forms of borrowing, the UK Gambling Commission explained that if credit card gambling alone was restricted, then players experiencing harm could turn to other forms of borrowing to fund their gambling, like loans and overdrafts. At this point, the regulator suggested that it was vital for gambling sectors and financial institutions to protect players from gambling with other forms of borrowed money.
The Commission explained that there was a problem with eWallets, as well, as operators had no means of knowing which payment method the player used to complete the deposit. Future proposals would, therefore, require eWallet providers to take action and support the regulatory measures that would be introduced on this matter.
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And for the final point, the UKGC emphasized the fact that they wanted to obtain further evidence about players’ motivations for using credit cards to gamble and the benefits of using them. In aiming to prevent harm, the Commission said, the impact of a complete ban on players who were not experiencing gambling harms must be taken into account, too.