Gambling on credit cards will be prohibited because some people are prohibited from using credit cards to place bets, in an attempt to curb the gambling problem, the Gambling Commission said. The ban, which began April 14, came after a government and commission inspection of the industry.
Around 24 million adults in the UK are betting, with 10.5 million of them doing so online. Separate commission research shows that 22%.
Neil McArthur, chief executive of the Gambling Commission, explained: “Credit card gambling can result in significant financial losses. The prohibitions that we have informed today must minimize the harmful effects for customers from gambling with money they do not have, visiting BambuQQ.
“We also understand that there are examples of customers who have accumulated several tens of thousands of pounds of debt through gambling because of the availability of credit cards. “There is also evidence that the costs borne by credit cards can make things worse because customers can try to chase losses to an even greater level.”
Gambling addict police officers explain the problem of the gambling industry ‘ignoring’: How much do we spend in the UK? Culture Minister Helen Whately explained: “While millions of bets were responsible, I have met several people whose lives have been turned upside down by gambling addiction.
“There is clear evidence of losses from customers who bet with money they do not have, so it is true that we take firm action to protect them. One gambler has a problem, Chris Murphy, explained to the BBC if he lost more than £ 100,000.
He’s been trying to quit for more than 10 years, but explaining that being able to bet with a credit card makes it easy to experience fraud. “There was a time when I was bet free for a few months, and borrowed money from explaining payday debt or credit card sites, and woke up the next day after losing all my money and making several thousand pounds worth of debt. “It makes me feel like I’m never free,” he said