Credit Cards For Gambling – The UK Ban And Possible Solutions
UK Gambling Credit Cards Are Banned
Over the last few years, the UK Gambling Commission has taken a more aggressive approach to legislation and regulation. As a result, many people were not surprised when payment providers were hit with a new law that essentially bans the use of credit cards for gambling. This affects gamblers, both at online casinos to win the jackpot, as well as offline gambling activities. The only exception to this new rule is the National Lottery.
From Credit Cards to Debit cards
From April 14th 2020 all gamblers ceased to be able to use their credit cards for any gambling activity. This meant that gamblers who wished to continue using cards had to use their debit cards. Exactly how useful this change remained to be seen. But the government is under a great deal of pressure to address issues related to problem gambling. Especially across online gambling casino sites. But do keep in mind, that it’s just another form of payment you can’t use. It has no effect on the possibility of being able to win the jackpot online. If you head over to Bet365 Casino, you’ll see that they accept a huge number of different methods of making deposits into your online casino account.
Controlling Gambling Addiction
As you’re probably well aware, here at Jackpotfinder.com, we are of the opinion that gambling should be, first and foremost, fun and enjoyable activity. To that end, we applaud any moves that the UK government makes. We support anything that can have a positive influence on controlling problem gambling. Over the last few years, research has shown, again and again, that around 22% of gamblers use their credit cards for gambling activities. Obviously, the problem with taking credit for gambling is not conducive to helping those with any sort of gambling problem or addiction.
That’s a Lot of Credit Cards
In real terms, this meant that around 800,000 people were gambling with credit cards. If we look at the relevant banking data we can see that around £46 million worth of credit card deposits were made from around 165,000 customers in just a single month. Neil MacArthur, who is the UK Gambling Commission chief executive officer, said that the ban should help “minimise the risk of harm to consumers from gambling with money they do not have.” We think everyone can get behind such a stance.
Credit Cards: Easy For The Debts to Mount
Unsurprisingly, the stock market took a dim view of these new regulations. We could see that the shares in big providers and brands, such as GVC, Ladbrokes, and William Hill have already reported substantial losses in the following weeks since the announcement. Obviously, such rules will affect the profits of these companies. Along with the dividends paid out for investors and shareholders. But one should step back and consider just how easy credit is available via credit cards. Though we don’t know the exact figures, we’re sure that many players will have accumulated huge debts. And will not have the possibility of paying them back.
The Family Suffers
Gambling addiction has a severe effect on families. One of the major issues with players who have a gambling problem is that they often continue with the habit without the knowledge of the family. In many ways, the introduction of mobile gambling has only exacerbated this trend. Going back a couple of decades, the problem gambler would still have had to make its way to the High Street betting shop. But since the introduction of online betting and casinos, the whole process can be done with little effort without leaving the home. Not only that but since the introduction of internet gambling, the game’s design and gameplay are specially made to encourage players to spend more. This is done with the clever use of bonuses and incentives.
What Is The Government Doing About Problem Gambling?
Two major charity groups, Gambleaware and Citizens Advice, have been putting pressure on members of Parliament to introduce stronger legislation to help problem gamblers. And part and parcel of this strategy is the banning of credit cards. In early 2018 the Responsible Gambling Strategy Board For Gambling petitioned to introduce restrictions on players being able to use “borrowed money” for the purposes of gambling online. In 2019, The Parliamentary Gambling Watchdog took evidence on the matter. As they said, “to explore the consequences of restricting or prohibiting the use of credit cards in gambling.”
OBT Maximum Wagers Lowered
This was the second blow to gambling businesses. The first being that the government recently introduced a regulation affecting fixed-odds betting terminals. This mandated a reduction in the maximum bets. Wagers were cut from £100 to just £2. As you can imagine, this has had a huge knock-on effect on the bottom line of companies using these odds betting terminals. As well as not helping increase your jackpot winning chances.
Methods to Bypass Gambling Credit Card Ban
First things first, we fully understand the purpose of this new regulation. But we should like to point out that there are many gamblers out there who are able to gamble without putting themselves at risk of falling into debt. They are able to control their spending and have no problem keeping up with their credit card repayments. So, in many ways, it’s unfortunate that this new law will in some ways punish them. Even though they have done nothing wrong. Nevertheless, there are still various methods of depositing funds into an online casino. These can bypass this credit card gambling ban. Let’s have a look at some of the most popular methods.
You can always top up your mobile phone with your credit card. Then look for an online gambling site that accepts Pay by Phone or Boku.
Also, you can head over to Skrill and top up your online account with your credit card. Then look for online casinos that accept this payment processor.
Use Cryptocurrencies
If you head over to a popular cryptocurrency exchange, such as Bittrex, Binance or Kucoin, then you’ll find you can use your credit card to buy cryptocurrencies. These can include such coins as Bitcoin, Ethereum and Litecoin. Once purchased, simply transfer the coins into your online wallet. Today most online casinos will happily accept cryptocurrencies for all their casino jackpot games. You’ll also find that some payment processes such as Skrill will also accept crypto.
You can make cash withdrawals on credit cards. Before you do you should consider this as your very last option. It’s not something we would recommend. Simply because you’ll need to pay hefty interest on any amount of cash you pull out this way. You can then deposit this amount into your debit card account. This can then be used for online casino gambling. A site like Bet365 Casino will happily take your cryptocurrencies, and you’ll still receive a nice welcome bonus.
Asking Friends And Family
On a more personal level, you can simply pay friends or family to purchase goods using a credit card in exchange for cash. This is an easy and practical solution to get around the credit card ban. But once again, it’s not something we would recommend. The reason is that it’s very easy for the frequent asking of favours to become a habit. Very quickly this will fall into the realm of gambling addiction. The fact that you have been using a family member or friends will also add to your problems further down the road. They may well feel you haven’t been totally honest with them. This will possibly lead to the breakup of these relationships. As well as having built up considerable debts.
Look For Help
As a rule, only ever bet with money you can afford to lose. And as the saying goes, “when the fun stops, it’s time for you to stop.” If you find yourself unable to control your gambling urges, please understand that this is a medical matter. There’s no shame in reaching out for help. Any of the organizations listed at the bottom of our front page will be happy to help you.
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