With online gambling becoming more and more popular, the UK Gambling Commission (UKGC) has been taking steps to reign in the sector. It wants strict controls in place on the likes of betting sizes and game features, as well as curtailing the available payment methods.
In April 2020, a ban came into place on the use of credit cards for gambling purposes. This means that players can no longer add funds to their online casino account or make withdrawals with a credit card. This article will take you through the reasoning behind this change and some alternative options that are available to you if you still want to use a credit card for gambling purposes.
Why did the UKGC Ban the Use of Credit Cards?
The UKGC has been clamping down on problem gambling in recent years. It has already introduced numerous restrictions, such as curtailing bet sizes and banning game features like autoplay on slots and slowing down spin speeds. More significant changes are on the way.
The use of credit cards for gambling purposes was seen as being a danger to those who cannot control their gambling. These cards would allow people to use credit to gamble with money that they did not have. This led to people often getting in over their heads and going into debt. Therefore, the UKGC decided to implement a ban on the use of credit cards for online gambling transactions.
Prepaid Cards and Debit Cards
If you are looking for a way to add funds to an online casino account without potentially getting into debt, then debit cards and prepaid cards can be a good option. Both of these options see you being able to make deposits only with funds that you currently have in your possession. Therefore, you can’t really build up a major negative balance.
Nearly every online casino accepts major debit cards like MasterCard and Visa, as well as prepaid cards such as Paysafecard. Deposited funds normally hit your account straight away, so you can get started with your playing session. Not all prepaid cards can be used for withdrawals.
E-wallets are like digital wallets, they store funds for you in an online environment. They allow for quick transactions and are becoming widely used. Among the most popular e-wallet options include Neteller, Skrill, and PayPal. Most online casinos will offer some sort of e-wallet option to players.
One of their main advantages is their speed. Both deposits and withdrawals will usually process significantly faster when using e-wallets when compared to the likes of debit cards or bank transfers.
E-wallets also act as an extra level of security as you are not revealing any key bank information or card details to the online casino. These accounts can be easily managed through mobile and desktop platforms, with the sending of funds taking almost no time at all.
Bitcoin and Other Cryptocurrencies
Cryptocurrencies such as Bitcoin, Ethereum, and Litecoin are becoming more widely available payment options at online casinos. As more people start to use these digital currencies, more operators will start to support them as viable options.
Many UK-licensed platforms are still somewhat hesitant to embrace cryptocurrencies, but they are very commonly used on non-UK casinos. There are even some casino sites that only accept cryptocurrency.
There are a number of major benefits associated with their use. Transactions can take place very quickly, and cheaply, while also being very secure. People can send funds anonymously through cryptocurrencies, meaning that important financial information cans be kept safe and sound.
Are Credit Cards Best Left at Non-UK Casinos?
There are pros and cons associated with using credit cards for gambling reasons. They offer an easy way to add funds to an online casino. As credit cards allow you to canceltransactions if something nefarious occurs, it provides people with an extra layer of protection as opposed to using the likes of debit cards. Building up a good credit score can also be achieved through the regular use of credit cards, once repayments are always made on time.
The dangers associated with the use of credit cards are obvious. Problem gamblers can quickly rack up significant debts if they have high credit limits. They are not only losing the money they have, but they are also sinking into the red. Therefore, people who use non-UK casinos like those listed at casinonotongamstop.net should only use credit cards to conduct transactions if they are in full control of their gambling.
A lot of people don’t like having extensive constraints on the types of games that they can play, the size of their bets, and the transaction methods that they use. Therefore, they gravitate towards those casinos that are not UK-licensed. People can then remain financially responsible while getting a more well-rounded casino game experience when using non-GamStop sites.
The UKGC’s aim is to make sure that gamblers are kept protected from errant operators and themselves. The regulator is regularly beefing up restrictions on players in an effort to
Protect problem gamblers. This includes the introduction of the credit card ban. Numerous other payment methods remain available to those people who want to continue using UKGC-licensed platforms.
If you are someone who is in control of their gambling and is financially responsible, then you may still want to use a credit card for your online gambling needs. The solution is to use a non-UK casino platform in order to do so.