The latest move by GamCare to campaign to ban business cards from Ggambling transactions is supported by Casinoplusbonus – here’s why! (Image by Romy from Pixabay)
In the latest gambling news coming out of the United Kingdom, GamCare has been pressuring banks to block business cards from making casino deposits.
The request comes after a business owner’s son gambled the company away, and his losses also cost them the family home.
Now, we rarely cover this type of story here on Casinoplusbonus. I decided it was about time as I’ve read about this scenario way too many times and have also seen it happen through first-hand experience.
The UK’s online gambling sector has been a hotbed of regulatory changes, particularly concerning the use of cards. This trend began in April 2021 when the UKGC blocked the use of credit cards for online gambling deposits.
This year, the UKGC has introduced stringent measures in the land-based casino sector. It has imposed a £100.00 cap on cashless gambling machine deposits. On top of this, the block on credit cards also applies to the UK’s land-based gambling industry.
The next hot debate in the country is the use of business cards to fund gambling. A call by GamCare is echoing loudly on the casino news grapevines as the UK’s National Gambling Helpline’s next mission is to persuade banks to ban business cards from gambling.
I am not one to agree with all of GamCare’s ideas because sometimes the suggestions are too restrictive. Yet, in this instance, I am all for banning business cards from gambling transactions.
Why The Sudden Call by GamCare to Ban Business Cards from Gambling?
The report is from around 10 days ago, and at the time of my writing, this news article is titled ‘How business banks can reduce gambling harm’.
Although I had never thought it would be on the cards (forgive the pun), as soon as I saw that headline, I knew it had to be tied to another business owner sending his or her company into financial oblivion. Not to mention those stealing funds from their employer to fuel their desire to gamble.
I was right because the GameCare news story contained a story covering how a business owner’s son had gambled away not only the business but also the family home.
As per the GamCare new report, unfortunately, neither the bank nor the gambling sites flagged the son’s transactions. Even the business’s accountant seemed to miss the huge sums of money disappearing from the company coffers.
The report also says, “PayPlan, one of the leading debt advice providers in the UK, have reported that clients who are self-employed and disclosed gambling harm end up with more creditors”.
Why I Support GamCare on Its Latest Initiative
It certainly isn’t the first time someone has gambled away their family or boss’s business. I’ve seen it too often as I sprawl through various gambling news stories.
The knock-on effect isn’t just business owners going bust; it also negatively impacts the lives of people employed by the business directly or indirectly. On top of this, the family of the person gambling the business into bankruptcy will also suffer from the consequences.
On top of this, businesses tend to hold large sums of money. If someone has access to these funds and has a gambling problem, they are likely going to take more out to try to cover losses.
We all know that chasing losses is one of the worst possible strategies you can use when gambling. The son perhaps thought that by borrowing more, he could win back his losses, which clearly ended in disaster.
My First-Hand Experience of a Friend Ruining His Business Through Gambling
A friend of mine and Jack Bannon’s in London also sent his business into bankruptcy due to gamble. His brother helped him set up a very successful Indian takeaway store was doing so well for himself. However, right across the street, there is a betting shop.
When things were quiet in the restaurant, my friend would head over to the bookies and play roulette on the gaming machines and bet on pretty much any sport shown on the screens. Now I also used the same bookmakers, and I remember walking in there, and my friend always seemed to be in there gambling on whatever he could.
After heading back to see my family in Canada for a few months, I returned to the UK. My friend’s takeaway was not more, and sadly, I’ve not seen or heard from him since.
He’s inactive on all social media, and his brother has sadly disowned him. It has caused a huge family feud, and my friend’s brother lost a fair amount of money investing in his younger brother.
Final Verdict: GameCare Is Right to Push This Initiative
The dangers of people using business cards where they often have access to huge amounts of cash are just too high in my opinion. It not only creates a higher risk of restricting business owners from trading and improving their business, it can send entire businesses into insolvency.
If a ban on using business cards for gambling transactions reduces the risk of businesses going bust and increases the chances of success, then I am all for this ban moving ahead.
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