UK Gambling Transactions Under Regulatory Scanners
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The UKGC announced a ban on gambling businesses that allow punters to use credit cards for gambling. 24 million adults in the UK gamble and 10.5 million of them prefer online gambling, of whom 800,000 use cards. 22% of online gamblers who prefer credit card for the gambling are problem gambers.
Neil McArthur, the Gambling Commission chief executive, believes that credit card gambling has led to significant harm in the UK. He mentioned that 22% of online gamblers who use credit cards are problem gambers. The ban was brought about to control gambling harms.
The gambling sector in the UK generated a GGY of £14.3 billion during 2018-2019. The total for gaming and betting receipts add up to £164 billion between 2022-2023.
The GGY during 2020-2021 was £12.7 billion. The total number of betting platforms in the UK stood at 8625 during that period. Remote betting sector increased 18.4% due to the new payment options like the cryptocurrencies such as Bitcoin. Brick-and-mortar casinos declined by 62.5% because of the Covid-19 pandemic.
