UK Labour Party threatens Credit Card Casino Gambling
End near for online credit card casino deposits in the UK?
The UK Gambling Commission has spent the last four years implementing measures intended to resolve the region’s problem gambling crisis. A recent report shows online gambling is not increasing the rate of gambling addiction. But the UK Labour Party says status quo isn’t enough. They want to reduce problem gambling. And to do it, they’re aiming to prohibit credit card casino gambling.
This month, the Labour Party announced its intent to introduce new, stricter gambling regulations. According to the rest of the world, the UK already implements the strictest regulatory system on the planet. By April 2019, it’s going to get a lot tighter.
Ban of Live, Online Credit Card Casino Deposits
Among the new rules set to go into effect next year, the UK will ban the use of credit cards for gambling; online and on land. That decision follows a report from the UKGC that indicates just how much money people gamble with via credit cards. According to regulators, the figure comes in at approximately £8.6 billion per year in credit card gambling transactions.
Since the dawn of internet gambling, credit cards have been the most heavily promoted form of depositing. Go to practically any iGaming website, and you’ll find Visa and/or MasterCard at the topping the payment options list.
The use of credit cards for gambling is comparable to few other deposit methods. Debit card, bank transfers, web wallets—these all requirement the funds to be present prior to purchase. Credit cards, however, allow the user to spend now, and pay later. This can easily lead to players wagering far more than they can afford to lose, with no viable means of paying it back.
Removing credit cards from the menu won’t sit well with land-based or online gambling operators licensed in the UK. They’re already complaining about the current condition of the regulatory market. They aren’t too happy with impending changes to the KYC protocol, either.
KYC, short for Know Your Customer, regulates how and when online operators must verify the identity of their players. At present, ID verification is a requirement within 72 hours of a new player’s first deposit. When the new regulations go into effect next April, verification will have to take place prior to the first deposit. This will eliminate the current issue of minors being able to spend up to 72 hours gambling online before notice.
Credit Card Casino Gambling Promotes Harm
Tom Watson, deputy leader of the Labour Party, describes gambling addiction as a “public health emergency”. He’s accusing the government of “letting problem gamblers and their families down”; doing far too little to address and alleviate the situation.
“Problem gambling is Britain’s hidden epidemic and we must treat it as a public health emergency,” says Watson.
“Current gambling regulation is not up to the job of protecting addicts and those at risk of addiction. Treatment is patchy across the country,” he continues. “Too often patients are misdiagnosed and not treated by specialists who can spot the signs.”
Watson believes that gambling operators must take more responsibility for the harmful effects of their products. He wants them to contribute more to research and treatment programs, and put an end to predatory advertising. The ASA has been handing out fines and pulling inappropriate ads left and right. Yet it hasn’t put a stop to the ‘accidental’ targeting of youth and encouragement to gamble.
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