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Britain bans betting on credit cards to fight gambling addiction; E.U. considering following suit

Britain bans betting on credit cards to fight gambling addiction; E.U. considering following suit

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5 comments

  1. While some may think this is government overreach, I believe that in this particular case it’s the right decision. If you’re gambling on credit that means you have a really serious problem. Remember that if you lose, you not only lose your stake but that loss is now subject to compound interest. When we’re talking about 14-22% or even higher this is a recipe for bankruptcy.

  2. Car notes and mortgages are still ok, right?

  3. This is the best tl;dr I could make, [original](https://www.reuters.com/article/us-britain-gambling/britain-bans-betting-on-credit-cards-to-fight-gambling-addiction-idUSKBN1ZD0PF?il=0) reduced by 76%. (I’m a bot)
    *****
    > Less than a year after Britain slashed the maximum stake that can be placed on popular fixed-odds betting terminals, it said on Tuesday it would ban the country's 24 million gamblers from using credit cards to bet online or offline to rack up debt.

    > The Gambling Commission believes a quarter of those are problem gamblers – people who are addicted to gambling to try to win back their losses.

    > The move would likely hurt Flutter Entertainment the most – it will have under just a third of the UK online gambling and gaming market once it buys Toronto-listed Poker Stars operator Stars Group Inc, according to data from H2 Gambling Capital.

    *****
    [**Extended Summary**](http://np.reddit.com/r/autotldr/comments/eoqjnb/britain_bans_betting_on_credit_cards_to_fight/) | [FAQ](http://np.reddit.com/r/autotldr/comments/31b9fm/faq_autotldr_bot/ “Version 2.02, ~458439 tl;drs so far.”) | [Feedback](http://np.reddit.com/message/compose?to=%23autotldr “PM’s and comments are monitored, constructive feedback is welcome.”) | *Top* *keywords*: **gamble**^#1 **online**^#2 **bet**^#3 **credit**^#4 **cards**^#5

  4. Do British casinos not issue chips? Every casino I went too did so, and only took credit cards for chips to about $2000ish since they wanted to be paid back (and they could get people onto their rewards card by offering higher caps). Credit card defaulting happens so often that casinos know not to trust any joe blow walking in with his wife’s money. Same for more clever men who walk in with their company’s credit card thinking they can pay it all back in one night and pocket the bonus. And every horse track I’ve been to, terminals were cash-only in $20 installments while manned booths could do it at $50 installments.

  5. This really isn’t an issue. People will simply transfer balances from credit to debit cards, or open a Skrill account

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