ZCZC
BCN-01
BRITAIN-GAMBLING-REGULATE-BUSINESS
UK to ban use of credit cards for gambling
LONDON, Jan 14, 2020 (BSS/AFP) – Britain will from April ban the use of
credit cards to pay for bets, its gambling regulator announced on Tuesday,
the latest clampdown on the industry.
“The Gambling Commission has announced a ban on gambling businesses
allowing consumers in Great Britain to use credit cards to gamble,” a
statement said.
The ban comes into effect on April 14 and follows a measure introduced
last year by the British government to slash the maximum stake on electronic
casino-style games aimed at curbing their addictive appeal.
On banning the use of credit cards, Gambling Commission chief executive
Neil McArthur said 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 said that 22 percent of Britain’s online gamblers using credit
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
said.
“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 Commission noted that 24 million adults in Britain gamble, including
10.5 million online.
“Whilst millions gamble responsibly, I have also met people whose lives
have been turned upside down by gambling addiction,” Culture Minister Helen
Whately said in Tuesday’s statement.
“We will not hesitate to take any further action necessary to protect
people from gambling harm,” she added.
Share prices in British gambling firms slid in early trading on Tuesday in
reaction to the latest measure.
BSS/AFP/RY/1612 hrs