The UK Gambling Commission (UKGC) has urged e-wallet and digital payment providers to submit evidence on the next stage of its review of ‘gambling with credit cards’.
Last week the Commission issued an industry notice reminding diverse stakeholders that its 12-week consultation on credit wagering will close on 6 November.
On 24 July, the UKGC closed its initial consultation on the matter, in which it determined that ‘wagering with borrowed money’ should be regarded as a risk factor for UK consumers, who could ‘gamble more money than they can afford’.
Closing stage 1 of its consultation, the Commission disclosed that it had received 110 responses on credit wagering from diverse stakeholders including operators, members of the public, charities and financial institutions.
Establishing new research frameworks, the UKGC underlines that it will require evidence from e-wallet and digital payment services providers, addressing concerns related to transactional transparency – as operators cannot distinguish if payments have emanated from a debit card, a credit card or a separate balance within the e-wallet system.
“We will be writing to e-wallet providers at the start of the consultation and we encourage them to consider, and provide details of, the solutions they can deliver to facilitate any regulatory change.”
Detailing the importance of its consultation, the UKGC underlines that evidence submitted will determine whether it moves to restrict or prohibit outright credit wagering, through new enforcements added to the UK gambling’s ‘Licence Conditions-& Codes of Practice’ -LCCP‘.
