UK Gambling watchdog set to ban online credit card bets
“Our goal is to make gambling safer,” Neil McArthur
The UK Gambling Commission is in charge with overseeing the online gaming industry, but it doesn’t play games when it comes to regulating this business. Widely regarded one of the most reliable and strict regulatory bodies in the world, it is always on the watch for potential problems. The security and well-being of British players is their top priority and the UK GC doesn’t hesitate to take unpopular measures. Most of their decisions are accepted by casinos and bookmakers, but a recent proposal to ban online credit card bets has sent shockwaves throughout the entire gambling industry.
Why are credit cards being targeted?
The UK GC has credit cards in its crosshairs because of the perceived risks of gambling addiction. It is known that when people gamble over the Internet, they are more likely to spend money that they can’t really afford to lose. Taking cash out of the pocket to buy a sports betting ticket or to play a slot in a land-based casino is far more difficult than pressing a few buttons on the keyboard to make a deposit. Prepaid and debit cards have certain limitations, but players can deposit significantly more from a credit card.
What is particularly worrisome, at least as far as the UK Gambling Commission is concerned is the fact that one can gamble money one doesn’t own. The plushcasino.com mobile site has welcomed this decision and encourages tighter safety controls to protect players. By definition credit cards enable people to tap into the immense resources of the banking system to fund the expenses they can’t afford immediately. When it comes to sports betting and playing casino games there is always the risk of people chasing losses. This creates the danger of losing huge amounts over a short period of time, money that has to be paid back.
The UK GC cites the most recent studies
The Commission doesn’t take hasty decisions and always debates the important matters with the gaming communities and the casinos. However, the recent studies have revealed that players are in danger of misusing credit cards to fund their gambling expenses. Regular punters can stay out of harm’s way by imposing certain limits and exercising proper bankroll management. Problem gamblers on the other hand are those that are the most vulnerable to addiction and lose the money they can’t afford.
Not surprisingly, many casinos and gambling operators were not happy with this proposed ban of online credit cards for betting. They argued that many people use these financial instruments routinely, because they are convenient and readily available. In their absence, some might be tempted to turn to dangerous banking options, including some issued by shady financial institutions. If this happens, the measure would backfire badly and instead of being protected, players will be exposed to unnecessary risks.
The UK Gambling Commission is also discussing the matter with the consumers and there are many who support this measure. Some suggest that credit cards have no place whatsoever in online gambling, while others simply recommend further limitations. By imposing certain limits on deposits, they hope that players will be protected from reckless spending without having to ban online credit card bets altogether.
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