UKGC Needs e-wallet Proof In Next Step Of Credit Card Analysis

The UK Gambling Commission (UKGC) has given a notice to industry participants that it will close its call for information on its’ credit card betting review’ on November 6.

On 14 August, the UKGC officially launched its credit card consultation, completing its initial responses on 24 July, setting wagering as a risk factor with borrowed money, as consumers can play with more than they can afford.

110 responses from a range of stakeholders, including retailers, members of the public, charities and financial institutions, were sent to the UKGC’s first phase of its credit card consultation.

For the next research phase, the commission reports that it seeks to gather evidence about the possibilities of either “banning or limiting” credit card transactions across all types of remote gambling.

“The preferred option for most who responded to the call for evidence was to prohibit gambling online with credit cards in order to achieve this aim. We will take the most appropriate course of action in view of any further evidence obtained during this consultation, alongside the data already submitted” – the UKGC details

In its update, the commission notes that it requires evidence from e-wallets to resolve transparency-related issues, as operators do not have any means of using which payment mechanism – ‘ debit card, credit card or separate balance within e-wallet. ‘

“We will be writing to e-wallet providers at the start of the consultation and we encourage them to consider, and provide details of, the solutions they can deliver to facilitate any regulatory change.”

Concluding its statement, the Commission emphasises that it will enforce either a ‘ prohibition or restriction on credit card wagering ‘ to be enforced through changes to the ‘ License Conditions & Codes of Practice ‘ (LCCP) framework of UK gambling, which is likely to be implemented by next April, subject to its review of evidence.