Online gambling has become one of the most popular adult entertainment activities in recent years. You can enter these platforms and enjoy your favorite games while earning cash prizes from time to time. The reliable platforms where you can safely bet on games and enjoy your time here is what we are looking for while discussing gambling platforms. It has both positive and negative consequences. To prevent those negative consequences, local governments and authorities are trying to find ways to eliminate those issues. Recent Gambling news broke the internet. The United Kingdom’s Gambling Commission stated that credit card use as a payment method in online casinos would be banned. In this article, we will cover that story and share our take on the issue.
Since April 2020, the UK’s Gambling commission banned credit card use in online gambling platforms. They stated that the accepted payment methods would be limited to cash deposits, e-wallets, and debit cards. The news broke the internet. Because it is an issue that concerns many people and gambling audiences from the United Kingdom. The argument was to protect and keep safe vulnerable customers.
This ban on credit card use will not only affect the slot machine players. But also it will be applied to every major category. The only exception to the rule is the National Lottery. That cannot be fully considered part of the online gambling business. In the significant gambling news articles about the case, we found out that this decision would be enforced throughout the country. The ones who would not comply with it will be punished strictly.
We can observe that not many customers are happy with this decision in online gambling news stories. The main reason for that is that using credit cards to access their favorite games was easier than some other payment method. The rules are strict, and customers should obey and act accordingly. Gambling newsletter about this case shows several reasons why the UK Gambling commission decided that banning credit cards can protect vulnerable players.
Neil McArthur, the chief executive of the UKGC, stated that using credit cards in the virtual casino platforms could lead to serious issues. So, players can face financial risks through this process. Their main intention is to minimize the risk. And prevent online casino players from playing casino games with money they do not possess. Besides that, McArthur added some statistics to the mixed. That showed us that around 22 percent of gamblers in the United Kingdom are frequently using credit cards for playing online slots.
By looking at that sample size, it is very high considering the number of people enjoying gambling in this country.
Out of those 22 percent of players, most of them have a bad record of financial issues. Negative consequences are rooted in gambling online. It is not a rule that is strictly applied to the customer base. The UK Gambling Commission is also urging online casino software providers and gambling platform operators about the case. It asks them to prevent their customers from using credit cards while playing.
Government and local authorities controlling the gambling business should step up on this issue because of the pressure. Several charity groups were insisting on these bans for years. Some of the prime examples can be Citizens Advice and Gamble Aware. Since 2018, these groups are trying to achieve this ban on credit card use. Now they get what they wanted. They are stating that using so-called borrowed money from a bank account in gambling games is not right. It can create severe issues for customers in the long run.
For instance, if you are a slot game player who cannot resist playing the game but lost all your account funds. If you can access your credit card, you would wager on the reels without actually having money. As a result, it can backfire on you because you would lose your bankroll and calculations while using credit cards for gambling. Not only will you lose the game, but also you should pay for the credit cards for the foreseeable future in that case.
There are many estimations about the exact number. Still, with current statistics on hand, it is possible to say that there are more than 24 million online gambling players who are playing in United Kingdom casinos. Ten million of those players tend to gamble online and use card transfers as the primary payment method. Credit card deposits are one of the most favorable options when it comes to this. Until the ban on credit cards appeared on the gambling news, an estimated 800 thousand players actively use credit cards as a primary payment method. It is stated that from the start of 2019 up to this point, there was 45 million dollars worth of bank transfers between customers and online casinos through credit cards.
So, the UK Gambling Commission raised this issue and rightfully so because, at this pace, it is fair enough to say that the usage of credit cards in online casinos is getting out of control. Many online casino platforms are practicing and preaching responsible for gambling for the past few years. However, it is undeniable that the addictive nature of gambling has destroyed many lives. Add credit card debts and all those issues to the mix, and now you can see that this issue can get very dangerous, especially when authorities do not intervene at the right time.
Not only the local authorities would investigate the case, but also they will closely work on the issue and try to find people who are at risk due to the financial crisis that appeared as a result of playing casino games with credit cards. Gambling news about the case is optimistic about the results. They believe that the problem can be solved if those vulnerable players can be found and identified sooner. For now, one thing is for sure that players would not be able to use credit cards while playing casino games for sale on any UK-based gambling websites.
Using credit cards for playing casino games is one of the popular methods we have in the casino business. Millions of people worldwide use this banking method without even thinking about the negative consequences that it can lead to. These types of gambling news and updates from different countries might create various opinions from the general public. However, the players and casino operators should understand local authorities’ take on these issues and see the risks while aiming at the rewards.
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