What comes for online casinos in the wake of the UK gambling regulator banning the use of gambling with credit cards? Stating that the motive behind this ban is aimed to stop people from ‘gambling with money that they do not have,’ its something King Casino takes very seriously, How will the credit card ban for Gambling influence Online Casinos in the near future?
Why did Credit Card Deposits for Gambling got Banned?
The UK Gambling regulators published a statement regarding the use of credit cards with online gambling which read in part that they are “disproportionately used for gambling by individuals who are experiencing harm.” It said that 800,000 people used credit cards to gamble in 2018, equal to 8 percent of all gamblers. The regulator added to this statement any saying that 22 percent of credit card gamblers are problem gamblers.
However, the data used to show this is not completely bulletproof. For example, the latest figures come from a study of 2,000 representative UK adults. In the study, 150 of these adults had previously used a credit card to gamble online, and 22 percent of the 150 were classed as problem gamblers. So, what that means, in other words, is that a total of 33 problem gamblers using credit cards had informed the decision.
The ban seems to influence the US the most
Pretty much the day after the ban was announced in the UK, almost every gambling market that is regulated is now slowly moving toward restrictions on gambling to protect consumers who are potentially vulnerable. So, it is quite likely that a similar ban could be imposed in the US.
In the US, a ban similar to this one would probably have a much greater impact. Between 15 and 20 percent of gambling deposits made online in the US are made via a credit card, which is double the UK number. So overall, what can we expect in terms of how the credit card ban for gambling will influence online casinos?
Will the credit card ban for gambling influence online casinos?
For one thing, we might have to introduce new ways of placing bets. For another, there is some kind of loophole which means that while you can not gamble with a credit card, you can still deposit money into an e-wallet and use that to gamble online. So really, overall, the influence on online casinos is a pretty small one that none of us are really going to notice.
Having said that, all things aside, it could be a very good thing that gambling with the use of credit cards online is banned as long as it has the desired effect of helping to protect vulnerable people and gamblers from spending too much money in a remote setting. Especially if it is money that they do not have in particular. It makes sense that we encourage changes like this as long as they are always beneficial to the consumer and aids in helping those who need it the most.