Benefits From Credit Card Ban In Online Gambling
You need to know that using credit cards to fund your casino account is not an option anymore. This affects all UKGC casinos and most banks will not allow you to make these transactions anymore. However, there are still some casino sites that accept credit card deposits and there is a lot of information described in this article on how and why it is still possible. Here we will need to discuss why this is the case and which benefits players will get. As you can assume, there are some downsides as well but this is a different topic.
Prevents Gambling Addiction
Using credit cards has been one of the most common payment methods for casinos. Gamblers like these have been using all sorts of credit cards for ages. For the lack of a better word, these are fast and ideal methods for this kind. You can always make a transaction you like and you can deposit money when nothing else works. All of this suggests that you can gamble when you can’t afford to gamble. This is a big problem.
Gamblers will usually deposit more and more and they will place much higher bets in order to recoup or win the money they have lost. This creates a big problem and can be a huge issue here. Credit cards use different from using debit cars. The first option means that you can use money that is not actually yours or comes with a lot of rules and requirements.
Because credit cards were a common payment method for gamblers, this raised many problems with the family members and loved ones. Banning them made all of this less severe and now gamblers cannot play with the money they don’t have. It simply decreases the risk of developing the addiction and this reason is impressive.
Why Did The Ban Occur?
The first thing here is to explain why the ban had to take place. Well, there is one important reason for that. 22% of gamblers in the United Kingdom used a credit card to pay off their debts they made gambling online. This is a huge problem. In other words, of 10.5 million gamblers, 800.000 of them use a credit card for this purpose. Keep in mind that this is money they have to pay off to the bank and they will also pay for the interests and additional fees without getting any benefits such as loyalty points or etc.
Here we can see that using credit cards made the risk of developing gambling addiction much higher. What this means is that because players can use a credit card and they can use it at any given moment, they can play longer. They can lose more and they can use the card to pay back that money which once again, allows them to play. What this means is that players will develop a desire and have the ability to gamble longer, when they shouldn’t do this and therefore the risk of developing the addiction. All of what we have said is not some speculation. There were countless studies in the United Kingdom that all got the same results. As such, the ban had to happen and it is extremely important and beneficial for most gamblers in the country.
Most banks that allowed the use of credit cards for deposits at online casinos took the advantage of this payment method. In other words, they charged massive fees and interests that were much higher than when using debit cards. Add the fact that these banks treat all gambling-related transactions like ATM withdrawals and you can see how much more money you will pay.
There are a lot of additional and related issues here. For instance, banks apply much higher interests and there is no grace period. You also don’t get loyalty points when using credit cards to deposit at an online casino. The bottom line is that using credit cards to deposit funds at an online casino was appealing but far from affordable.
More and More Bans
We must add that this is something that has been in development for a long time and it is advancing as we speak. Although it is highly profitable for banks, more and more of them are banning the use of credit cards for gambling 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 ban the transaction, obviously. Some banks even cooperate with UKGC in the United Kingdom and GamStop in order to make all of this more possible, and easier and prevent all sorts of severe issues.
The Final Word
Using credit cards to deposit at online casinos was possible but not anymore. If you are looking to play not, you need to look at the alternatives. There are a lot of them and each one has pros and cons. All we can add here is that using credit cards for these purposes wasn’t ideal and there were more issues than advantages. Thanks to the ban, online gambling is much safer and we can expect to see a massive decrease in gambling addiction all over the world.