The UK gambling market regulator, the Gambling Commission, is considering banning people from using their credit cards when gambling. The regulator believes that the use of credit cards in gambling "increases the risk that consumers gamble more than they can afford". By prohibiting or at least limiting the use of credit cards, gamblers would be protected against large debts.
The gambling market is getting bigger
A recent study shows that the gambling market in the United Kingdom is constantly increasing. The profit of the gambling industry increased by 10 percent in 2017, compared to the profit of 2016. In total, online casinos earned 4.6 billion British pounds to more than 9 million British gamblers. Because the gambling market is getting bigger, the Gambling Commission is getting busier all the time. The regulator must keep the gambling market safe. Now it appears that the regulator wants to do this by banning or at least reducing gambling with the credit card.
Investigate the consequences of the prohibition first
Before the Gambling Commission indeed forbids the credit card as a means of payment for online gambling, it must be investigated what the consequences of this ban may be. If gamblers switch to a different and possibly even riskier payment method, then a ban is not desirable. Only if the consequences are as positive as the Gambling Commission and proponents of the new law hope they are, will the ban be implemented.
Opponents of the ban are afraid that British gamblers may start taking out flash credits if they are no longer allowed to pay with their credit card when gambling online. To find out if this is indeed the case, the Gambling Commission will first conduct an extensive investigation into the possible consequences of a credit card ban.
Future of credit card with online gambling uncertain
It will be some time before the ban is enforced, if indeed it continues. British gamblers can therefore still pay with their credit card in the short term when submitting online bets. This may be different in the long term.