Credit Cards To Be Banned For Casino Transactions
This was in discussion for quite some time if credit card should be allowed to be used for online casinos payment. At least in Australia most of the banks don’t allow credit card for gambling. In UK as well UK
Gambling Commission (UKGC) announced that it will not allow credit cards for gambling transactions
starting 14th April 2020Reason
The reason behind this move is the underlying assumption/survey data that close to 30% of people who use credit card for gambling transactions are actually problem gamblers and allowing credit card for as payment mode here can lead to serious damage to their financial health.
UKGC chief executive Neil McArthur reported to have said “The ban that we have announced today should minimize 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”
Users however can recharge other online wallet through their credit cards and make the payments.
Effect on operators
- Once the ban is in place, operators will have to self-exclude themselves under Gamstop which is part of their licensing conditions.
UK is said to have liberal rules around gambling for last 15-20 years which is being tighten by current government.
WatchMySpin believes and supports responsible gambling too. We have a number of payment options which can be used while playing online casino slots responsibly.