After the following events which regard the use of credit cards within online gambling establishments, an issue in this method was found out due to recent findings committed by the Gambling Commission. In response to this research, the Gambling Commission has stated that it will be running consultation over the course of twelve weeks, which will begin in the middle of August.
These consultations will be discussing terms to help either combat this risk or minimize the method entirely. One of the ideas is the banning of using credit cards altogether. However, due to public opinion and the risk of losing a prominent payment method, other options will also be discussed in further detail. This will include simply adding restrictions to credit cards such as limiting the number of times they can be used. Fortunately, no option will be fully endorsed until all methods have been researched thoroughly. This will include gathering the correct amount of data, which is one of the reasons why the meetings will be taken place over a long period of weeks.
Several pieces of evidential points were made which surrounded the risk of credit card usage.
- Risks of alternative borrowing methods may be used if action is solely taken on just the use of credit cards. Harm could be experienced when borrowing money from other firms.
- When making the use of e-wallets, the operators in charge will not be able to pinpoint the original payment method. E-wallet providers will be legally required to take extra action to support these measures.
- The Commission will plan to gather further evidence on the users’ incentive to avail of credit cards.
Executive Director of the Gambling Commission, Paul Hope, issued the following statement: “Gambling with borrowed money is known to be a risk factor for consumers, so we think there is a need for action”.