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Credit Cards Ban in Casinos: Advantages for Players

Credit Cards Ban in Casinos: Advantages for Players

The Gambling Commission of the United Kingdom banned credit card usage in casinos for gambling and betting. The ban was effective from the 14th of April 2020. The ban affected all UKGC licensed gambling sites, except credit card casinos that are based outside the United Kingdom. UKGC licensed sites are regulated by the commission, preventing fraudulent activities and offering high-quality SSL encrypted security.

According to the Chief Executive of the Gambling Commission, this ban should reduce risks and financial harm to credit card users. The ban is hoped to improve the situation of addictive gambling by restricting credit card usage that offers unlimited funds to the users.

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Reason for The Ban

In a report, it was revealed that 22 percent of gamblers use a credit card to pay off their gambling debts. Moreover, UK finance estimated that out of 10.5 million online gamblers, 800,000 use credit cards to clear the debt. Multiple studies have been conducted that prove that usage of credit cards catalyzes the process of addictive gambling. With more and more sectors getting added to the gambling industry such as esports betting, TV games betting, different themed slot games, people of all age groups are getting indulged in it. The lockdown due to the global pandemic of COVID 19 has worked in favour of the industry.

According to critics, at this crucial stage, this action of banning credit card usage for gambling was much needed to save the worldwide population from gambling addiction and never-ending credit card debts. There were multiple reasons behind the ban, the most important being protecting the loss of individuals due to addictive gambling. Credit cards allow a transaction to a certain limit which is often more than one’s income. Gamblers often forget that credit card money is not their own money rather it is borrowed money that needs to be paid.

This action will also ensure the practice of responsible gambling on licensed websites. The ban will also prevent underage gambling as parents often tend to lend their credit cards to kids who later may use them to gamble. Overall, this ban will prevent the financial drain of individuals due to gambling to some extent.

Advantages of the Ban for Players

The law has been made to prioritize the protection of gamblers, at any cost. Although it might come as a shock and upsetting to many gamblers, especially punters, it will prove to be beneficial to the players in the long run.

Disadvantages of the Ban

While the ban is undoubtedly advantageous for a player in the United Kingdom and safeguards their funds, it has been proven detrimental for the gambling industry and also might affect the government.

Conclusion

There are several stories of people who have lost not only their money but also their loved ones due to addictive gambling. Credit card debts due to gambling have shaken the financial stability of many users, thus this ban was much needed to save such people who tend to exploit the allowance given by the credit card.

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