UK Finance, a trade association for the UK banking and financial services sector, has vowed to join the efforts in combating problem gambling, after the UK Gambling Commission had announced the launch of its consultation on using credit cards to gamble.
The gambling regulator has supported the idea that consumers should not have the ability to gamble with money that they do not have, and that gambling with borrowed money is considered to be a key risk factor in harmful gambling.
The Commission is now seeking input from industry stakeholders via a consultation to determine the necessary restrictions to put in place which will effectively limit the risks to customers.
The consultation, set under the provisions of Section-24 of the Gambling Act 2005, will be centred around the industry’s contribution to vital research on prevention and treatments, combined with ‘associated arrangements’ needed to deliver the strategy.
UK Finance, which currently represents over 250 firms across the UK’s banking and financial industries, stated that it would be one of the industry stakeholders submitting evidence to the Gambling Commission before its 16 May deadline.
A spokesperson from UK finance stated: “The banking industry wants to help customers avoid the risk of gambling-related harm”
“The industry continues to liaise closely with government, the Gambling Commission and consumer groups to build on existing initiatives by a number of credit card issuers, including schemes that allow customers to block the use of their card for online gambling.
“We look forward to further engagement on this issue and will be responding to the Gambling Commission’s call for evidence in due course.”
The future of payments in the gambling industry is due to be discussed at SBC’s Betting on Football event from 19 – 22 March 2019. Find out more here.