UKGC Banned Credit Cards on Online Casinos By: Emmanuel Asiamah 0 comments UKGC
The online gambling industry has witnessed a huge boom during the 2020 year.As the lockdown in the UK drove many players to discover the online gambling realm.
So, the UKGC has taken a set of resolutions on online casinos and sports betting sites.Given that the conditions of tension and fear enhance addictive habits.
For instance, the commission introduced restrictions to delay the slots spins and cancel the bonus features in slots games.Because they make losses look like wins.From a marketing viewpoint, these features are extremely fruitful! However, from a moral perspective, these features can be very harmful to vulnerable players who are at risk of gambling addiction.
In April 2020, the commission took the most controversial decision in the year which is banning all credit cards from be using at the UK gambling portals.While it is the most used method among UK players!
This decision received mixed reactions from players; Some saw it as an effective decision to protect users from exceeding their gambling budget.While others saw that this decision was unfair and prevents them from enjoying the game and encourages players to use eWallets that charge large fees! Given that all eWallets can be linked to credit cards easily! The Background of the decision First, it worth noting that online gambling doesn’t have many studies.
So, the UKGC studies the problem gamblers behaviours to conclude the patterns that enhance the gambling addiction.
Then introduce restrictions and decision to help players who are on the edge.So, you can expect that the committee will take more decisions in the long run.
It is very similar to the laws related to cigarettes; In the beginning, there were non-neutral studies funded by tobacco companies that concluded that smoking is healthy and thus sold normally.Then, the subject and neutral studies proved that it is very harmful to health.So, governments implemented heavy taxes on cigarettes, forbid smoking in public places, and banned tobacco sale to underage.
You may ask why taking all these decisions, while they can forbid it completely as drugs; The answer is: “taxes”! All governments need taxes and fees.
Because it is the only income source for them.However, they also must protect the citizens’ interest; For that, in the cigarettes case, they saw that increasing taxes will prevent smokers from buying more cigarettes, and will increase the government income also.
Thus, get two for the price of one!
The case of online gambling is very similar.The only missing element is there are not enough scientific studies to rely on to make good decisions.
So, the (DCMS) launched the UKGC in 2007 to conduct scientific investigations, monitor online gambling portals, and take all necessary measures to protect players from falling into gambling addiction.Why Were Credit Cards Banned? The restriction of the credit card was introduced to meet many goals, namely: Prevent players from wagering with money that they don’t own and can’t recover.Given that problem gambler will play with any money he can reach, whether if he owns it or no, this can be very harmful to the player as well as the financial institution that issued the card.As part of its vision, the UKGC seeks to reduce the excitement and convenience of the online gambling experience.So, when players don’t be able to use their credit cards, they will take time to get familiar with an alternative method.
The UKGC report indicated that 20% (more than 800,000 players) of credit cards users are gambling addicts.Some gamblers argue that this condition is unnecessary considering that licensed casinos apply many conditions to deposits and withdrawals such as: Apply daily, weekly, and monthly limits for deposits and withdrawals.Auto suspension of a player’s account if he is betting high.Applying the KYC protocol which imposes that player must make his withdrawal with the same method used to deposit.
Implementing the anti-money laundering protocol.In addition, if the player doesn’t pay off his credit card debt, the bank has procedures to deal with such cases.The direct result of this decision is that a lot of British players have already switched to casinos outside UKGC that have licenses from other countries.
You can know more about these casinos from https://justuk.club/payment-methods-online-casinos/ portal.What are the Accepted Payment Methods at UK casinos? At the current time, players can use debit and prepaid cards.
They can also use E-Wallets and crypto currencies.We will give an overview for each method to be able to choose the suitable one.1.Debit and prepaid cards All the UK casinos accept Debit cards prepaid cards.The main difference between them and the credit cards is that they already hold possess funds.
But the credit cards give you funds in advance to be paid afterwards! Prepaid cards are charged with money previously just like your phone SIM card, while debit cards are linked to your bank account.
Therefore, the prepaid card can be the best choice for the player who wants to play with a fixed budget without exceeding it.However, the only disadvantage of these cards is that they don’t accept withdrawals.So, you must contact customer care to tell them to implement the withdraw to your bank account.While the visa debit cards accept deposits and withdrawals with no problems.2.
E-Wallets The biggest evidence of the popularity of E-Wallets is that they are available on all websites.As they are the easiest method of financial transactions on the Internet! Certainly, you have at least one account with a popular E-Wallet like PayPal, Skrill, Netteller, EcoPayz, MuchBetter! However, you should shop around to know the best method regarding fees and acceptance at the online casinos that you want to play at.
3.Crypto currencies In fact, crypto currencies and GamStop don’t mix! Since these the digital currencies were made to overcome the barriers of regulations and surveillance.Also, there is no way to apply KYC and Anti-money laundering on players who use these currencies! So, if you want to play with crypto at one of the online casinos, you should search for a non GamStop site!.