The UK Gambling Commission (UKGC) have announced that all gambling businesses operating in the UK will be banned from offering players the option to deposit and withdraw using credit cards.
The ban will come into full effect on 14th April 2020. The UKGC have stated that the ban will help to ensure players are protected from harm.
Research from the commission indicated that 22% of players using credit cards to gamble are classed as problem gamblers. With the UKGC handing out record fines to gambling companies in 2018, the gambling watchdog appears to be coming down hard on gambling companies who have seen their profits soar.
Denise Coates, the founder of Bet365 has recently been revealed as the UKs top taxpayer. Coates paid £276 million in taxes in 2019. Bet365, as well as many other major gambling companies have seen their UK revenues increase substantially year upon year; such is the demand for online sports-books and casinos within the UK market.
The credit card ban is expected to hit gambling companies hard given it is one of the most popular ways of betting for many players. Of course, these are numerous ways in which players can get around this ban, nevertheless, online casinos and bookmakers will see their profits hit by the UKGCs decision to introduce this ban.
You can read the UKGCs full reasoning behind the credit card ban here.