Statistics from the Gambling Commission found that 22% of online gamblers who use credit cards are classed as having a gambling problem. Research also shows that 24 million people in Britain gamble with 10.5 million of those gambling online.
From 14 April 2020, people will be banned from using their credit cards to place bets following reviews of the industry by the Gambling commission and the government.
Mental health issues can come about as a result of gambling and a survey carried out by Citizens Advice in 2018 found that 85% of people felt stressed after starting to gamble and 66% of people felt isolated and lonely.
In an interview with the BBC, culture minister Helen Whately said: “Whilst millions gamble responsibly, I have also met people whose lives have been turned upside down by gambling addiction.
“There is clear evidence of harm from consumers betting with money they do not have, so it is absolutely right that we act decisively to protect them.”
Speaking about the new legislation, Daniel Grinsell, finance assistant at BHSF said: â€œI think it is good news because it restricts people using credit to fuel their addiction and chase losses with money they donâ€™t already have.
â€œDeposits being available from credit cards creates a highly dangerous avenue for vulnerable people with a gambling addiction. Â
â€œWhilst the new rules are a good approach to limit online gambling, people who still want to use credit cards to gamble may just go to the casino and betting offices to place bets so this needs looking into for all methods of gambling.â€