Britain will from April ban the usage of bank cards to pay for bets, its playing regulator introduced on Tuesday, the newest clampdown on the trade.
“The Gambling Commission has announced a ban on gambling businesses allowing consumers in Great Britain to use credit cards to gamble,” a press release mentioned.
The ban comes into impact on April 14 and follows a measure launched final 12 months by the British authorities to slash the utmost stake on digital casino-style video games aimed toward curbing their addictive enchantment.
On banning the usage of bank cards, Playing Fee chief govt Neil McArthur mentioned Tuesday:
“Credit card gambling can lead to significant financial harm. The ban that we have announced today should minimise the risks of harm to consumers from gambling with money they do not have.”
McArthur mentioned that 22 % of Britain’s on-line gamblers utilizing bank cards are “problem gamblers”.
“There are examples of consumers who have accumulated tens of thousands of pounds of debt through gambling because of credit card availability,” he mentioned.
“There is also evidence that the fees charged by credit cards can exacerbate the situation because the consumer can try to chase losses to a greater extent.”
The Fee famous that 24 million adults in Britain gamble, together with 10.5 million on-line.
“Whilst millions gamble responsibly, I have also met people whose lives have been turned upside down by gambling addiction,” Tradition Minister Helen Whately mentioned in Tuesday’s assertion.
“We will not hesitate to take any further action necessary to protect people from gambling harm,” she added.
Share costs in British playing corporations slid in early buying and selling on Tuesday in response to the newest measure.