Online gambling

Benefits of Banning Credit Card in Online Gambling

You should know that using credit cards to fund your casino account is no longer an option. This affects all UKGC casinos and most banks will no longer allow you to make these transactions. However, there are still casino sites that accept credit card deposits and there is a lot of information described in This article how and why it is still possible. Here we will have to discuss why this is the case and what benefits players will get. As you can imagine, there are disadvantages too, but that’s a different topic.

Prevents gambling addiction

The use of credit cards has been one of the most common payment methods for casinos. Players like these have been using all sorts of credit cards for ages. For lack of a better word, these are quick and ideal methods for this genre. You can always make a trade you like and you can deposit money when nothing else is working. All of this suggests that you can gamble when you can’t afford to gamble. It’s a big problem.

Players will generally deposit more and place much higher bets in order to recover or win back the money they have lost. This creates a big problem and can be a huge problem here. Credit cards use different from debit cars. The first option means you can use money that doesn’t actually belong to you or is subject to many rules and requirements.

Since credit cards are a common form of payment for gamers, this has raised a lot of issues with family members and loved ones. Banning them made it all less serious and now players can’t play with money they don’t have. It simply decreases the risk of developing addiction and this reason is impressive.

Why did the ban take place?

The first thing here is to explain why the ban had to take place. Well, there is an important reason for this. 22% of gamers in the UK used a credit card to pay off their debts, they gambled online. This is a huge problem. In other words, out of 10.5 million players, 800,000 of them use a credit card for this purpose. Keep in mind that this is money they have to pay into the bank and they will also pay the interest and additional charges without getting any benefits like loyalty points etc.

Here we can see that the use of credit cards greatly increases the risk of developing a gambling addiction. This means that because players can use a credit card and they can use it at any time, they can play longer. They can lose more and they can use the card to pay back that money which again allows them to play. This means that players will develop a desire and ability to gamble longer when they shouldn’t and therefore risk developing addiction. Everything we have said is not speculation. There were countless studies in the UK that all got the same results. As such, the ban was meant to happen and it is hugely important and beneficial to most gamers in the country.

Financial benefit

Most of the banks that allowed the use of credit cards for deposits in online casinos have taken advantage of this payment method. In other words, they were charging huge fees and interest which was much higher than when using debit cards. Add in the fact that these banks treat all gambling-related transactions like ATM withdrawals and you can see how much more money you’ll be paying.

There are a lot of additional and related issues here. For example, banks charge much higher interest and there is no grace period. You also don’t get loyalty points when you use credit cards to make a deposit at an online casino. The bottom line is that using credit cards to deposit funds into an online casino was attractive but far from affordable.

More bans

It must be added that this is something that has been in development for a long time and is moving forward at this very moment. Although very profitable for banks, more and more of them prohibit the use of credit cards to gamble online. You can see that a transaction will be declined. No matter what you do, there is no way to approve it and make the deposit. This is because the bank will forbid the transaction, obviously. Some banks are even cooperating with UKGC in the UK and GamStop to make it all more possible, easier and to avoid all sorts of serious problems.

The last word

Using credit cards to deposit at online casinos used to be possible, but not anymore. If you’re looking not to gamble, you need to look at the alternatives. There are many of them and each has its pros and cons. All we can add here is that using credit cards for these purposes was not ideal and there were more problems than benefits. Thanks to the ban, online gambling is much safer and we can expect to see a massive decrease in gambling addiction worldwide.