UK financial giants join responsible gambling strategy

Leading UK credit organizations have promised to play a role in minimizing the problems associated with gambling after the Gambling Commission (UKGC) announced the start of discussions on the use of credit cards in gambling.

The UK gambling industry regulator encouraged stakeholders, including gambling operators and financial institutions, as well as debt relief organizations and individual consumers to share their opinions and arguments regarding the use of credit cards in gambling.

The Commission, which has already stated that in principle it supports restrictions on gambling with loan money, stated that the results of the consultation will be used to consider the need for regulatory measures, such as restricting or banning gambling with credit cards.

UKGC is now requesting data and evidence to help complete the picture in order to examine the scale of the problem and the associated risks.

UK Finance - an organization that represents more than 250 firms in the financial and banking sectors of the UK - said it would actively participate in the discussion and present its own arguments before the deadline - May 16.

“The banking sector wants to help customers avoid the risk of harm from gambling,” - a company spokesman said. “The industry continues to work closely with the government, Gambling Commission and customers to prevent emerging issues, including with regard to the use of credit cards for gambling.”

In turn, GambleAware Charity, which this week launched a new campaign for safe gambling, reiterated its call to ban the use of credits in gambling.

“We have long urged to ban the use of credit cards in online gambling,” - said Mark Etches, executive director of GambleAware. - "Gambling using credit money increases the risk that consumers will spend more than they can afford. The risk is even greater due to the fact that there are no statutory restrictions on bets and winnings on the Internet, as well as for other forms of gambling in Britain.”