Tom Watson, the deputy leader of the Labour party has stated that if Labour win the next general election, they would propose a ban on using credit cards for gambling purposes. Although the next election isn’t due until the year 2022, their findings are based on their review of gambling regulations which has taken a year to compile.
Blanket ban
Labours full list of proposals are said to include a blanket ban on the use of credit cards being used for wagering. Earlier this year, according to the Gambling Commission, the amount of online gaming deposits made via credit cards were between 10%-20%.
Tom Watson stated – Gambling addiction is this country’s hidden epidemic, but there are too few protections to help people who are suffering or at risk. “Debt-financed betting on credit cards is wrong. It allows people to bet more than they can afford and particularly affects gambling addicts. Labour will ban it.” It has also been confirmed by the Government that there will be no delays in the restriction of maximum stakes on fixed-odds betting terminals (FOBT’s) being reduced to £2 from £100.