UKGC confirmed credit card gambling ban from April 2020

20 Jan 2020

ukgc-credit-card-banThe UK Gambling Commission has announced that it will ban the use of credit cards on all gambling activities taking place in Great Britain from 14 April 2020 onwards. It has been decided that this measure will be implemented following a public consultation on this issue, that took place between August and November 2019.

Estimates show that among the 24 million active gamblers in Britain, 800,000 of them use credit cards in order to fund their accounts. UKGC conducted a research indicating that 22% of those using credit cards in order to gamble online, are considered problem gamblers.

According to the Gambling Commission’s CEO, Neil McArthur, credit card gambling may lead to serious financial harm. Thus, he stated that the ban they have announced is projected to minimise the risks of harm to individuals from gambling with money that they do not have.

Furthermore, he argued that there are several bettors who have gathered tens of thousands of pounds of debt through gambling, all due to credit card availability. He also added that there is evidence that the fees that are being charged by credit cards can worsen the situation, due to the fact that punters may chase their losses to a greater extent.

Nevertheless, he pointed out that the UKGC is aware of players who gamble responsibly with the use of a credit card, implying that the regulator is planning to evaluate the measure regarding this matter.

It is worth mentioning that the share prices of big UK operators have fallen significantly, since the day that it was first reported that the ban will take effect in three months from now. More specifically, the share value of GVC Holdings has dropped from £9.42 to £9.14; while Flutter Entertainment’s share price has dropped from £94 to £91.94. At the same time, William Hill’s shares decreased from £1.94 to £1.83.

It is also worth noting that the decision taken by the UKGC to ban credit card gambling has made an impact all across Europe and the Spanish authorities seem ready to follow its example.

A positive development is that the impending ban will open up the UK gambling market to innovative mobile payment solutions like Boku and Zimpler.

Join and grab exclusive bonuses, daily offers and free bets!

Lay hands on exclusive daily bonuses for members only. These promos are limited and are not advertised on the website.

Yes, I have read the Terms & Conditions and I consent to receiving emails from Bookmakers.bet regarding betting promotions, betting guides and news.

BOOK SPY

UK online gambling operators’ claims of a growing black market are being denied by the UKGC ahead of the government’s review of the country’s ga...

Read more »

Kaizen Gaming has signed a deal with the website optimisation company LeanConvert to enhance its on-site player conversion and UX disciplines across i...

Read more »

Betfair introduced its sports betting exchange to the Italian market aiming at expanding its betting offering in the country. However, the Italian gov...

Read more »

Entain has made an offer to acquire the Baltic operator Enlabs putting on the table $341.6m. This offer means that Εntain (formerly known as GVC Holdi...

Read more »

The Malta Gaming Authority (MGA) is willing to appoint a new chief executive. In its job post, MGA stated that it’s looking for a “dynamic, passionate...

Read more »

William Hill has announced the acquisition of Alfabet S.A.S., a Colombian gambling operator. The globally known betting company William Hill stated th...

Read more »

Russia’s online bookies have received a postponement from the proposed regulatory changes; hoping that the government will change its mind regarding t...

Read more »

The ATP Tour has lifted the two-year ban on men’s tennis tournaments signing deals with sports betting operators. The ATP Tour reached the decision to...

Read more »

The Spanish minister of Consumer Affairs, Alberto Garzón, is about to start a public consultation on a new draft Royal Decree designed to make the cou...

Read more »

Skrill and Neteller have informed sportsbooks that they will not be processing online gambling payments in Norway anymore. Both e-wallets will stop ac...

Read more »

Latest Betting Offers