United Kingdom Gambling Commission had conducted a gathering of evidence regarding the use of credit cards on online gambling sites in the beginning of the year. Recently, UKGC announced that they will use the results of that evidence gathering by launching a 3-month investigation on the payment methods that are used in online gambling transactions. One of the issues that are going to be addressed is whether the banning of credit cards from the industry will be beneficial for players or not. As a primary measure, UKGC is thinking to restrict their use and discuss the consequences with the gamblers as well as with the operators that run the UK’s online casinos.
The Commission is pre-occupied with e-wallets use, too. Ewallet funds cannot be tracked by the operators, thus they cannot know where the money a player deposits, originates from. For this reason, UKGC is going to ask from ewallet businesses to impose regulatory measures and collaborate with the operators in KYC policies which would include the tracing of the money ‘course’ from the original paying system to the end receiver, the operator.
The Commission commented that they will investigate which are the factors that led the players to make the choice to use credit cards in their gambling transactions. UKGC isn’t downright negative though against the credit card use, as they stated that there a lot of players who opt for this payment method and their money sources come from legal activities.
Paul Hope, Executive Director of the Gambling Commission, expressed the need for decisive precautions against money laundering and also gambling with loaned money. He added that the Commission hasn’t yet reached a strategy plan but he hopes that the 3-month consultation with members of the industry will bring fruitful results.