Credit card deposits for bets will be banned from April | Business news

Customers of gaming companies will be prohibited from using their credit cards to bet from April 14.

The announcement of the Gaming Commission, which aims to address gaming problems and protect vulnerable customers, has caused sharp declines in the share prices of the main players in the industry.

All online and offline betting activities will be covered, except for “non-remote lotteries,” such as National Lottery tickets purchased at a store.

The ban is based on other measures to prevent people from becoming indebted, including a reduction in maximum stake in fixed odds betting terminals and advertising bans of whistle to whistle during sporting events.

Although the executive director of the Gaming Commission, Neil McArthur, acknowledged that some consumers use credit cards for convenience, he warned that the risk of harming others was too high.

He said: “The ban we announced today should minimize the risks of harm to consumers by playing with money they don’t have.”

“Research shows that 22% of online players who use credit cards are problematic players, and even more suffer some kind of game damage.

“We also know that there are examples of consumers who have accumulated tens of thousands of pounds of debt through the game due to the availability of credit cards.”

“There is also evidence that the fees charged by credit cards can exacerbate the situation because the consumer can try to pursue losses to a greater extent.”

    A roulette
Image:
The ban covers almost all gaming activities, except face-to-face lottery transactions

The Minister of Culture, Helen Whately, said: “In the last year, we have introduced a wave of tougher measures, which include reducing the maximum bet on betting terminals with fixed odds (from £ 100 to £ 2), which increases Age and identity checks for online gambling and expanding specialized national support through the NHS Long-Term Plan.

“We have also secured a series of commitments from five leading game operators that will include £ 100 million financing for the treatment of troubled players.”

“But there is more to do. We will review the Game Law to make sure it is suitable for the digital era and launch a new addiction strategy nationwide in 2020.”

The commission said 24 million adults in Britain play, with 10.5 million of those playing online.

UK Finance, an interest group in the banking industry, estimates that 800,000 consumers use credit cards to play.

The shares of the listed gambling companies suffered a strong beating when the trade opened despite the fact that the measure was largely expected.

The owner of the Paddy Power and Betfair brands, Flutter, saw that their shares fell 2% in the first offers.

The owner of Ladbrokes, GVC, received a blow of more than 2%, while William Hill shares were 5% lower.

Brigid Simmonds, who chairs the industrial body of the Betting and Games Council, said of the impending ban: “The Betting and Games Council is a body firmly committed to raising standards, safer gambling and change.

“We will implement a ban on credit cards and, in fact, our members will go further to study and improve the early identification of people at risk.”

“The use of credit cards was previously used as a possible marker of damage that could lead to further intervention with customers.”

Those companies with a strong presence on the main street have largely sought the growth of online games and in the burgeoning US market. UU. To connect the coup of the FOBT and other repressive measures in the United Kingdom.

Loss of revenue in the store has resulted in the closure of hundreds of stores and thousands of jobs.

The Gaming Commission is also expected to point to the so-called VIP schemes, which reward gamblers with advantages for their custom, as part of the next phase of their work.

Leave a Reply

Your email address will not be published. Required fields are marked *