When it comes to depositing funds from an online poker site, players commonly choose to use credit cards. Most sites will accept Visa and MasterCard as well as American Express from time to time for depositing needs. Most every player has a credit card, so it makes the option a convenient one. However, in the United Kingdom, the option may soon be void as the Gambling Commission is considering a ban of the financial method when connected to gambling.
Discussions are supposed to begin this month within the Gambling Commission on credit card use and the appropriate course of action to take to protect players. Stakeholders as well as the public will be consulted to discuss possible restrictions regarding credit cards among other options.
Back in February, the Commission first began the discussion involving credit cards and asked for evidence about the use of such cards in the online gambling world. The Commission would like to see a review of e-wallets and how credit cards are used. They are calling for any future proposals to take on the issue of e-wallet funding and offer quality solutions.
The Commission is fearful that players will use credit cards and then use other methods of borrowing cash, such as loans, to be able to cover debt. The regulator would like to continue to provide player protections no matter the deposit method used.
The Commission has also requested that more evidence be provided as to how credit cards are used for gambling and what benefits there are to using them. In the past, a call for evidence in this regard failed as enough data was not provided to show the benefits of using this method.
According to the Executive Director of the Gambling Commission, Paul Hope, gambling with borrowed money is known to be a risk factor for consumers. The Commission feels there is a need for action and the upcoming consultation will help the group decide what action should be taken.
We should see in the coming weeks or months a decision or at least more information regarding the Commission’s thoughts on the topic. If credit cards are eliminated, it will be interesting to see what formats players will opt for instead.