Credit and Gambling - Lets put a stop to this practice

STOP CREDIT USE IN GAMBLING TRANSACTIONS:

"Stop the use of credit cards (debit cards where the transaction would create an overdraft) to pay for gambling transactions."

The Case:

The global financial crisis serves as a stark reminder to us all of the folly of irresponsible lending. In the end it is society as a whole that is feeling the pinch for the greed of the banking industry that has been able to operate almost unchecked in an environment of lax regulation. As the banks have run into liquidity problems, it is tax payers' money that has been used to bail them out. As the banks have curtailed lending to almost everybody, demand for goods has plummeted along with consumer confidence. As the recession bites, and companies fail or downsize in order to survive it will again be society that picks up the cost.

IT IS IN EVERYBODY'S INTEREST TO FIGHT FOR AN END TO IRRESPONSIBLE LENDING PRACTICES.

@GamblingHurts believes that the time is right to demand the end to the practice of banks knowingly lending money to be used for the purposes of funding online/mobile gambling transactions through the use of payment cards linked to any form of credit. (credit cards, debit cards used to access overdrafts) 

When a transaction is sent for authorisation a merchant identifier is sent with the request meaning that the bank knows the type of transaction being processed. All the banks need to do is block the use of payment cards to merchant type: gambling operators, where the transaction would involve the use of credit. 

REMEMBER THAT WHEN THE BANKS EXTENDS CREDIT FOR GAMBLING IT IS PUTTING YOUR DEPOSITS TO USE IN THIS WAY. 

Summary of campaign grounds:

1. Banks are committed to responsible lending practice. Lending for the purposes of  gambling can hardly be viewed as responsible lending.   
2. Commercial folly to allow people to gamble using borrowed money.
3. To protect vulnerable individuals who have gambling problems from running up huge debts. 
4. It is in the interest of society that this practice should be disallowed. 
5. Gambling operators should be forced to conduct their business in a responsible and ethical manner. This should include the basic principal that gambling as an activity should be funded from an individual's own money.

 

WHY THE NEED?

Gambling operators have taken advantage of rapidly changing technologies in order to maximise their profits. They will do anything to rake in the money and have little interest in where it comes from including whether the person depositing the money is a problem gambler and spending the yearly household budget. Quite simply they are not going to stop taking credit card deposits unless they are forced to do so either by the banks or by government legislation.

@GamblingHurts will collaborate with other groups and campaigners to make gambling a safer place where all steps big or small are taken to keep addicted persons and minors out.