DCMS calls for a review & evidence on credit wagering

Jeremy Wright, the UK Secretary of State for the Department of Digital, Culture, Media and Sport (DCMS), is set to review gambling’s relationship with debt/credit transactions.

In a move to develop a more socially responsible sector, Wright and DCMS will summon gambling and retail banking leadership, discussing government and social concerns on debt/credit funded wagers.

UK news sources report that government officials are concerned by estimates that a fifth of UK online gambling deposits are placed using credit cards.

“Gambling operators must step in and act when people are showing signs of risky gambling,” Wright told UK Media. “Their licences are at risk if they do not.”

Assisting its upcoming review, the DCMS has demanded that the UK Gambling Commission (UKGC) launch a ‘call for evidence’ open to all industry stakeholders on credit/debt wagering.

“We should also ask if it is right that people should be able to gamble on credit and this is an area that the Gambling Commission are going to look into,” it added.

DCMS actions follow UK high street banks Barclays, Santander, Lloyds and RBS announcing this December that ‘gambling block’ components had been launched across all digital verticals, allowing customers to have greater control of their spending habits.

Last week, the UKGC announced its 2019 guidance on combating money laundering and criminal funding activities, in which credit and ID checking were highly cited.

In previous updates, UKGC governance has warned industry leadership of potential review of credit transactions.

Check Also

consultation

UKGC orders Greentube to pay £685,000 AML settlement

The UK Gambling Commission (UKGC) has taken regulatory action against Greentube Alderney, demanding the operator …

DCMS hears athlete feedback on National Lottery’s accountability concerns

A DCMS Select Committee has heard the lived experiences of Olympic and Paralympic athletes supported …

Government backs PSTI safeguards to end use of default passwords

Gambling leadership has been alerted to the government-backed Product Security and Telecommunications Infrastructure (PSTI) Bill …