Using your Credit Card for gambling could soon be a thing of the past
The Culture Sccretary, Jeremy Wright, has expressed concerns over gamblers using their credit cards to fund deposits and is looking at potentially banning them for gambling altogether – a move that would affect billions of pounds worth of bets every year.
It is estimated that around 20% of all gambling deposits are made using Credit Cards – effectively people are gambling with money that they don’t actually have.
Banks step in to help problem gamblers
Banks including Lloyds, Barclays, Santander and Royal Bank of Scotland all offer the ability for people to ban gambling transactions – many of these offer this through their online banking apps.
Labour has previously stated that they would ban the use of credit cards for gambling, and we would assume that in time this will be a reality for many gamblers currently using credit cards.
The Government and the Gambling Commission have been working on many different initiatives to help problem gamblers and those that may take out or use credit to fund their play – these include the launch of the Gamstop programme as well as reducing the FOBT maximum stake to just £2 for all games.
The Government has also recently announced the launch of specialist NHS Gambling Clinics around the country. All of these steps have been bought in to help gamblers across the country ensure that play remains fun and entertaining and not a way to make money.