Ban on credit card deposits about to be announced

[Derek27]

The consultation that led to the commission’s decision included e-wallets, indicating that payment services such as PayPal will probably be included in the ban. The Guardian revealed last year that such providers had allowed problem gamblers to circumvent banking limits and spend up to £150,000 a day.

https://www.theguardian.com/society/202 ... ting-sites

Thanks I read the article and thought, the article is the usual speculation and doesn't do the detail so I went to the Gambling Commision site and read the actual Consultation response and there is no blanket ban on e-wallets as such. Here is the detail with regards to e-wallets:

"E-wallets

3.61 We would remind operators of our position as outlined in the consultation. The condition will impose a responsibility on operators to only accept payments via e-wallets in circumstances where the wallet provider can assure the operator that they can prevent payment for gambling by credit card.

That's good to know, and a reminder not to use the papers as the first port of call. I'm surprised the Daily Express hasn't come up with their usual 40-day apocalyptic storm headlines.

[ilovepizza82]

... there is one significant difference with gambling. It is the only one that is directly linked to financial ruin and debt problems.
Other forms may be partly linked but not directly. Debt and financial problems are a modern day curse, and don't just affect the person who has the debt either - far reaching effects on all society. Debt is a scurge, and credit is the cause.

Really ?
Do you know how many familes have been destroyed because of alcohol ?
Would you like to know how many wealthy people went belly up, how many fell because they sold everything they had just to buy that last bottle ? Because I could telll you quite a few, true stories if you d like.
I recommend you to go to one of the groups of people who experienced that and talk to at least one person.

[stueytrader]

I would never say there aren't other damaging addictions out there, besides gambling, of course there are.

But only gambling addiction has the explicit link to financial ruin for individuals and families.

I remember reading a story about someone recounting their gambling story, some time back so not sure who exactly. They mentioned the fact that they had been addicted to several other forms (drugs, alcohol etc) during their time - but only gambling had damaged them so badly they were not able to recover from it.

Debt is like swimming in concrete, and gambling with debts/credit is basically asking for massive problems.

[Derek27]

Alcoholism can wreak your physical and mental health, as well as your finances. But if you have £5K worth of credit, that would keep the alcoholic going for quite a while whereas the gambler could blow it in 10 minutes.

[stueytrader]

Very true in terms of time-frames Derek - though you could reduce that to about 60 seconds in some cases.

Imagining hypothetically that someone could use all their available credit card balances, they could potentially run up 25k in 10 minutes with a full blowout. Scary really.

[Dallas]

Very true in terms of time-frames Derek - though you could reduce that to about 60 seconds in some cases.

Imagining hypothetically that someone could use all their available credit card balances, they could potentially run up 25k in 10 minutes with a full blowout. Scary really.

Actually it's even scarier than that, in an interview I heard yesterday which prompted this thread a women was saying how she had a credit card with a 94k asset backed limit and blew it all in no time gambling.
And she turned to credit cards trying to recoup loses she had already ran up on her debit cards etc

Also just heard it was coveted on politics live this afternoon Helen Whately Said 25% of people who deposit with credit cards are in the high risk catagory.

Whatever way you look at it this has to be a good thing but more could still be done imo

[Archery1969]

May sound harsh but why don’t they credit check people and if there below a certain score then you can’t open a betting account. I believe anyone with a score below 300 is in serious financial difficulty but they still manage to get a credit card from some dodgy companies. That can’t help either.

[Derek27]

May sound harsh but why don’t they credit check people and if there below a certain score then you can’t open a betting account. I believe anyone with a score below 300 is in serious financial difficulty but they still manage to get a credit card from some dodgy companies. That can’t help either.

Credit cards chase their losses just like gamblers - like the firms that offer credit cards for people who have been rejected for other credit cards.