If the UK’s Labour Party has their way, credit card gambling in the United Kingdom may be a thing of the past.
The Labour Party has announced their intention to introduce a new set of gambling laws in the nation that would prohibit UK punters from gambling with their credit cards.
This ban would affect billions of transactions conducted every year in the UK. According to research from the country’s regulatory body, the UK Gambling Commission (UKGC), Brits deposit an estimated £8.6 billion via credit cards annually. As such, if this ban were passed, it would have a massive impact on online gambling companies that operate in the UK.
The Labour Party believes that such a ban would help protect those who are most vulnerable to problem gambling. The reason is by allowing credit card gambling, it is easy for people to spend more than they can afford and accumulate debts.
Problem gambling is nothing new in the UK. Last year, the UKGC published alarming research that revealed over two million persons in the nation either have a gambling problem or are at risk of developing one. Since then, steps have been taken to crack down on the gambling industry in the nation as a whole.
Beyond a credit card gambling ban, the Labour Party also plans to place a full-scale ban on gambling companies sponsoring football shirts in the UK as well as imposing new limits on the number of gambling-related adverts that are shown during sporting events.
If such bans come into place, this will no doubt be a huge blow to the UK gambling industry.