UK Gambling Commission bans gambling with credit cards

UK Gambling Commission bans gambling with credit cards

Published on 16/01/2020

UK Gambling Commission (UKGC) has announced on January 14th a ban on credit card gambling within the United Kingdom coming to effect on April 16th 2020.

The restriction comes after most likely another record breaking year of Bookmakers income. As the report states, "24 million adults in Great Britain gamble, with 10.5 million of those gambling online. UK Finance estimate that 800,000* consumers use credit cards to gamble."

With this announcement the shares of William Hill, Flutter and GVC holding see shares drop between 2.8 and 3.3 per cent in a day. UKGC believes the restriction will lead to a reduction in financial harm for a big number of addicted gamblers.

This is however not the end of story. In the previous story we informed about UKGC considering the ban of casino loyalty programs or bonus limitations. A big hit for the industry are also free to play casino games restrictions, which can not be played without age verification since May 2019. We at Spincastle believe the UKGC switched from regulating the business to a witch hunt, harming the industry and supports to label gambling as bad. It is indeed enormously important to regulate, however with the recent approach UKGC supports the notion of others being responsible for our personal happiness.

 

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