The ban will be initiated on the 14th of April this year, after a series of reviews within the industry by the commission and the government.

The ban will apply to all online and offline gambling products except lotteries that are run for good causes. These lotteries will have to provide a significant layer of additional protection to vulnerable people.

The Gambling Commission said that tickets for these lotteries, as well as for the National Lottery, can be bought using credit cards in supermarkets and newsagents as long as they are purchased alongside other products, the BBC reports.

A total of 24 million adults in Britain gamble, with 10.5 million of those doing so online.

Separate research has revealed that 22% of online gamblers using credit cards as categorised as problem gamblers.

Neil McArthur, Gambling Commission chief executive, said: “Credit card gambling can lead to significant financial harm. The ban that we have announced today should minimise the risks of harm to consumers from gambling with money they do not have.

“We also know that there are examples of consumers who have accumulated tens of thousands of pounds of debt through gambling because of credit card availability. There is also evidence that the fees charged by credit cards can exacerbate the situation because the consumer can try to chase losses to a greater extent.”

Helen Whately, culture minister, added: “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.”