Adam Hancox, head of gaming at TransUnion in the UK, comments on the UKGC announcement: “Banning the use of credit cards in gambling is seen as a positive step in minimisng the risks of harm to consumers who are potentially gambling with more money than they can afford. It’s a testament to the industry’s commitment to protecting those that are most vulnerable from gambling harm that these measures are being implemented. Whilst some may simply be using credit cards for convenience, the risks for harm are significant. Research from the Gambling Commission shows that more than one in five online gamblers using credit cards are problem gamblers, and this new regulation is aligned with what has already been an industry-wide move to step up controls.
“It’s essential that gaming companies use all the tools available to help them ensure that customers are gambling responsibly; ranging from using the relevant identity and verification checks to cutting-edge analytics that can provide an assessment of the individual’s financial standing. We already work with many of the UK’s leading operators across the gaming sector and have seen continuing demand for solutions to boost consumer protection.
“This particular ban will help minimise some risk for consumers and operators, although the industry will recognise that risks will evolve and change over time. In the current climate of uncertainty, with our own research* showing that three out of five (59%) UK households are already being negatively financially impacted by COVID-19*, it’s more important than ever that consumers aren’t stretching beyond their means, highlighting that the implementation of this ban comes at a pivotal moment.”