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Customers of gambling companies are going to be banned from using their credit cards for betting from 14 April.
The Gambling Commission's announcement, which aims to tackle problem gambling and protect vulnerable customers, has sparked steep falls in the share prices of major industry players.
Founded in 1989 by Rupert Murdoch, Sky News is a British news organization, which operates a TV network of the same name, a radio news service, and distributes news through online channels. Sky News has sister outlets around the world such as Australia, Arabia, and Ireland. Sky News has won numerous awards including in 2018, being named Royal. This blocks access to all online gambling sites and applications. If you're concerned in any way about your gambling, you can get free, independent and non-judgmental advice at BeGambleAware.org. You can also call the National Gambling Helpline, for free, on 0808 8020 133.
All online and offline betting activities will be covered except 'non-remote lotteries' such as National Lottery tickets that are purchased in a store.
The ban builds on other measures to stop people getting into debt - including a reduction in the maximum stake on fixed-odds betting terminals, and whistle-to-whistle advertising bans during sporting events.
Although Gambling Commission chief executive Neil McArthur acknowledged that some consumers use credit cards for convenience, he warned that the risk of harm to others was too high.
He said: 'The ban that we have announced today should minimise the risks of harm to consumers from gambling with money they do not have.
Sky News Gambling Games
'Research shows that 22% of online gamblers using credit cards are problem gamblers, with even more suffering some form of gambling harm.
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'We also know that there are examples of consumers who have accumulated tens of thousands of pounds of debt through gambling because of credit card availability.
'There is also evidence that the fees charged by credit cards can exacerbate the situation because the consumer can try to chase losses to a greater extent.'
Wilson blackjack balata putter reviews. Culture minister Helen Whately said: 'In the past year we have introduced a wave of tougher measures, including cutting the maximum stake on fixed-odds betting terminals (from £100 to £2), bringing in tighter age and identity checks for online gambling and expanding national specialist support through the NHS Long-Term Plan.
'We have also secured a series of commitments from five leading gambling operators that will include £100m funding towards treatment for problem gamblers.
'But there is more to do. We will be carrying out a review of the Gambling Act to ensure it is fit for the digital age and we will be launching a new nationwide addiction strategy in 2020.'
The commission said 24 million adults in Great Britain gamble, with 10.5 million of those gambling online.
UK Finance, a banking industry interest group, estimates that 800,000 consumers use credit cards to gamble.
Shares in listed gambling firms took a beating when trading opened despite the measure being largely expected.
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The owner of the Paddy Power and Betfair brands, Flutter, saw its stock dip by 2% in early deals though later partly recovered to end the day 1.2% off.
All online and offline betting activities will be covered except 'non-remote lotteries' such as National Lottery tickets that are purchased in a store.
The ban builds on other measures to stop people getting into debt - including a reduction in the maximum stake on fixed-odds betting terminals, and whistle-to-whistle advertising bans during sporting events.
Although Gambling Commission chief executive Neil McArthur acknowledged that some consumers use credit cards for convenience, he warned that the risk of harm to others was too high.
He said: 'The ban that we have announced today should minimise the risks of harm to consumers from gambling with money they do not have.
Sky News Gambling Games
'Research shows that 22% of online gamblers using credit cards are problem gamblers, with even more suffering some form of gambling harm.
More from Business
'We also know that there are examples of consumers who have accumulated tens of thousands of pounds of debt through gambling because of credit card availability.
'There is also evidence that the fees charged by credit cards can exacerbate the situation because the consumer can try to chase losses to a greater extent.'
Wilson blackjack balata putter reviews. Culture minister Helen Whately said: 'In the past year we have introduced a wave of tougher measures, including cutting the maximum stake on fixed-odds betting terminals (from £100 to £2), bringing in tighter age and identity checks for online gambling and expanding national specialist support through the NHS Long-Term Plan.
'We have also secured a series of commitments from five leading gambling operators that will include £100m funding towards treatment for problem gamblers.
'But there is more to do. We will be carrying out a review of the Gambling Act to ensure it is fit for the digital age and we will be launching a new nationwide addiction strategy in 2020.'
The commission said 24 million adults in Great Britain gamble, with 10.5 million of those gambling online.
UK Finance, a banking industry interest group, estimates that 800,000 consumers use credit cards to gamble.
Shares in listed gambling firms took a beating when trading opened despite the measure being largely expected.
Sky News Gambling Websites
The owner of the Paddy Power and Betfair brands, Flutter, saw its stock dip by 2% in early deals though later partly recovered to end the day 1.2% off.
William Hill shares were 5% lower in early trading but also fought back - closing 2.5% down.
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Brigid Simmonds, who chairs industry body the Betting and Gaming Council, said of the looming ban: 'The Betting and Gaming Council is a body firmly committed to raising standards, safer gambling and change.
'We will implement a ban on credit cards and indeed our members will go further to study and improve the early identification of those at risk.
'The use of credit cards were previously used as a potential marker of harm which might lead to further intervention with customers.'
Those firms with strong high street presences have largely looked for growth in online games and in the burgeoning US market to plug the hit from the FOBT and other crackdowns in the UK.
The loss of the in-store income has resulted in the closure of hundreds of stores and thousands of jobs.
The Gambling Commission is also expected to target so-called VIP schemes, which reward punters with perks for their custom, as part of the next phase of its work.
