(Alliance News) - The UK Gambling Commission said on Tuesday it has announced a ban on gambling businesses allowing consumers in Great Britain to use credit cards to gamble.
The ban would affect London-listed bookmakers William Hill PLC, GVC Holdings PLC, which owns Ladbrokes and Coral, and Paddy Power-owner Flutter Entertainment PLC.
William Hill shares were trading 1.1% lower in London at 183.95 pence each on Tuesday. Flutter Entertainment was up 0.2% at 9,234.00p, while GVC Holdings shares were trading down 0.2% at 920.40p.
The commission said the ban, which comes into effect on April 14, follows its review of online gambling and the UK Government's Review Of Gaming Machines & Social Responsibility Measures.
Public consultation was carried out between August and November 2019. This showed that 24 million adults in Great Britain gamble, with 10.5 million of those gambling online, the Commission said.
UK Finance, which provides research on the banking and finance industry, estimates that 800,000 of these gamblers use credit cards to gamble.
Separate research, undertaken by the Gambling Commission, showed that 22% of online gamblers who use credit cards are classed as problem gamblers - with even more at some risk of harm.
The ban, which will apply to all online and offline gambling products with the exception of non-remote lotteries, will provide a significant layer of additional protection to vulnerable people, the commission noted.
Neil McArthur, Gambling Commission chief executive, said: "Credit card gambling can lead to significant financial harm. The ban that we have announced today should minimize the risks of harm to consumers from gambling with money they do not have."
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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