The UKGC released a report at the end of 2020 stating that it is dangerous to use credit cards for players who are vulnerable to gambling addiction; because they will bet money they cannot afford to lose!
On April 14, this ban has already entered effect! This means that not all British players will be able to use credit cards to make transactions at British casinos. In fact, this legislation is challenging one of the strongest consumer habits. Also, it is driving casinos and sports betting sites to look for other solutions to keep their customers!
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What Is the Impact of this Ban on UK Payment Service Providers?
In fact, this ban will not only negatively affect the players, but it also affects the payment service providers who will lose a large segment of the users. So, each bank must be innovative and offer its customers other methods that they can use freely in online casinos.
Mobile wallets may be a viable option to counter the UK's decision. Although the popularity of mobile wallets is still limited, every bank can contract with a network that works in the UK to provide payment solutions to users,
In addition, prepaid options may also be effective. Although they limit users' freedom in compare with the credit cards.
Besides, British banks need to change their policies and issue more debit cards. Currently, users cannot get a debit card and a credit card linked to the same account. Furthermore, banks encourage their customers to get credit cards by promoting points programmes and discounts; Because credit cards are more profitable to banks than debit cards.
Besides, this procedure isn’t 100% effective! Because there are hundreds of casinos outside GameStop that UK players can play at using their credit cards.
Other Payment Options
There are 4 other options that British players can use to make their deposits and withdrawals from online casinos, namely:
- Debit Cards
Debit cards are the same as credit cards, the main difference is that credit cards lend you money from the bank. While debit cards deduct money directly from your bank account balance. Thus, you are guaranteed not to use funds that you cannot afford to lose.
- Prepaid cards
There are a lot of banks and financial institutions that offer prepaid cards. Unlike credit or debit cards, these cards are not linked to your bank account and are pre-charged through ATMs or online. Then, you can use these cards in online casinos or shopping sites. The main advantage of the prepaid cards is that they make you able to control your spending and not go over your budget.
- E-Wallets
You may have thought of linking a credit card to an e-wallet to make your deposits and withdrawals in British casinos. However, of course, this is not possible! As the credit card ban also extends to e-wallets.
You can use e-wallets to make deposits and withdrawals at online casinos and sports betting sites if you link it to your debit card or bank account.
E-wallets are one of the most used methods at online casinos because they allow users to make their deposits and withdrawals quickly and without problems.
- Cryptos
Although UK casinos do not support cryptos, players can use them at new casinos not on GamStop. These currencies provide players with the highest possible level of privacy and security as none of the user data is shared with the bank, regulators or even the casino! This makes it one of the safest and most secure methods for users.
Conclusion
Although this regulation may not be appropriate for most players, it can be useful for vulnerable groups. However, the UKGC has taken a lot of decisions that restrict players' entertainment at online casinos.
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