The UK Gambling Commission (UKGC) today issued a statement to stakeholders of the gambling industry. It said that ‘gambling with credit cards consultation’ will close on November 6 when the call for evidence closes. The consultation officially began on August 14 after the initial responses ended on July 24. At the time, borrowed money was established as a risk factor in wagering, highlighting that consumers could gamble away with more money than they can afford.
During the first stage, the UKGC received 110 responses to its credit card consultation, which were submitted by financial institutions, charities, gambling operators as well as the general public. In the second stage, it expects to gather evidence related to restricting or banning credit card transactions from remote gambling arenas.
The regulator wrote that most people who responded to its call for evidence support want the credit card used to be prohibited completely. It also said that it would decide an appropriate course of action depending on the suggestions received during the first and second consultation. The regulator is also seeking evidence from e-wallets to bring more transparency in the industry.
When a user makes payments via e-wallets, the operators may never get to know whether the payment was made using a debit card, a credit card or a standalone e-wallet balance. The UKGC wants the e-wallet service providers to add their consultation regarding the use of debt for gambling and present possible solutions for this issue.
Depending on how the commission decides to tackle the problem, it will make changes to the License Conditions & Codes of Practice- LCCP of the UK gambling industry framework. It will either prohibit or restrict gambling using credit cards for gambling. The new rules are expected to be implemented in April 2020.