UK credit card gambling ban deemed a positive measure

13 Apr 2020

uk-credit-card-gambling-banIn January the United Kingdom Gambling Commission announced that all players residing in Britain will be banned from using credit cards for gambling. According to UKGC’s stats, 22% of the 800,000 who use credit cards to gamble are considered problem gamblers. The ban will come into effect on the 14th of April and according to the Board Member of PXP Financial, Kamran Hedjri, it is a positive measure.

Nevertheless, he believes that the general impact of the ban is a bit limited, due to the fact that other payment methods are more popular among players. More specifically, according to a research made by PXP Financial into the payment habits of different generations, 55% of those asked believe that the ban will have a long-term negative effect on the industry.

The research was focused on those born from 1997 onwards, on the Millenials (i.e. those born between 1981 and 1995) and on Generation X (i.e. those born between 1965 and 1980). Its results showed that 59% of Generation X gamblers use credit cards, while only 49% of the Millennial gamblers use them as their main payment method.

It is worth noting that, in total, 67% of Generation X gamblers argued that the credit card ban will have a negative impact on the industry. It is also worth noting that, 45% of all respondents across the generations said that they use debit cards as their main deposit method for gambling; whilst 53% use various payment methods.

Consequently, Hedjri characterized the credit card ban overrated, as most of the cards that are being used for gambling purposes are debit cards and only a small amount are actually credit cards. Furthermore, he argued that players will divert to other payments, such as bank transfer and e-wallets. However, he stated that, overall, the ban is a good move for the industry and nobody should bet on credit.

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

1Xnews, the official portal of 1xBet, has announced an agreement with football club Goa of the Indian Super League. The deal is for the 2021/22 season...

Read more »

The Premier League’s football club Chelsea and its partner, the renowned bookmaker Parimatch, have launched their brand new campaign named ‘The Chosen...

Read more »

According to recent research, gambling-related companies are the most common form of shirt sponsors in European football for another year. Over one fi...

Read more »

Despite the new regulation in Germany and the Netherlands LeoVegas, the Nasdaq-listed group, announced a 12% increase of its total revenue in the Q3 t...

Read more »

After the new agreement that the Union of European Football Associations (UEFA) and Sportradar announced, the sports betting data provider will be an ...

Read more »

The government of Sweden announced that the harsh online gambling restrictions that include a SEK 5,000 (i.e. £424/€491/$600) monthly deposit cap will...

Read more »

Entain has created an exclusive content for Formula 1 fans and will cooperate with McLaren. Via its Partypoker Sports brand, the sports betting group ...

Read more »

The Gaming Control Authority, a part of the Ministry of Finance of Lithuania, announced that it issued a warning to every sports betting company opera...

Read more »

The English football club, Queens Park Rangers (QPR) made a new agreement for a sponsorship with Gamstop. From now on QPR will dedicate matchday and p...

Read more »

According to data from the regulatory authority of France L’Autorité Nationale des Jeux (ANJ) the online sports betting sector in the country made a r...

Read more »

LATEST BOOKMAKER PROMOTIONS