You know that in the United Kingdom players are unable to use credit cards to fund their casino accounts and gamble. In other words, you cannot use this method for deposits anymore. The ban has been with us for a few years and it is an appealing one for most users. What this means is that there is someone carrying about gamblers and trying to make gambling safer. In the United Kingdom, this is UKGC! Anyway, let’s see the main benefits of this ban.
Why Credit Card Ban Happened?
The ban was mandatory to happen. In the United Kingdom, 800.000 people used a credit card to pay off their debt. Keep in mind that the total number of gamblers at the time of the survey was 10.5 million. This means that a lot of gamblers used a credit card for something it wasn’t designed for!
The numbers were increasing every single year. If we add that the number of online gamblers increased as well and the options you have to bet or gamble at increased, we can imagine the outcome. And the statistics so far confirm that the majority of casino sites with credit card payments receive more and more customers every year. This trend would have a catastrophic effect on gamblers and an indirect one on the gambling industry. As such, the ban had to take place.
Benefits Players Appreciate
Most gamblers agree with the fact that this ban is beneficial. All we can add here is that there are 2 main benefits why UKGC did this and why so many players like it.
Preventing Gambling Addiction
The first reason is the most obvious one. Using bans on credit cards in the gambling industry will theoretically make online gambling addiction less common. If you cannot afford to play you cannot gamble. A while back players would use a credit card which allowed them to play with the money they don’t have. With the ban in place, they cannot do this, hence they can play only with the money they can afford to lose.
The thing we have just mentioned here is the base of responsible gambling and the thing that will have a huge effect on online gambling. As some of you know already, using a credit card allowed gamblers to play with the money they do not own and banks don’t block credit card deposits to casinos by default. They would borrow the money from the bank and they would have to pay it back with interest. This just made things worse and made whole gambling a big issue for some players. Without credit cards, there is no such risk and fewer players would be at risk of developing a gambling addiction.
Lower Financial Vulnerability
Here we have another benefit that is impressive and had a huge effect on overall gambling. Players who used credit cards to gamble usually didn’t know that there were hidden fees, additional costs and so much more present that would add up at the end of a month. They just wanted to fund the account and play. Many believed that it is the same as using a debit card. There are massive differences as we will have mentioned below.
Anyway, gamblers would end up in debt and they would need more money to recover and more money to pay off the debt which made all things even more complicated and more problematic. With the ban, this became a thing of the past. Players now use methods that are more transparent when it comes to fees and expenses which made things better the lack of a better word.
Credit Cards and Debit Cards Are Not The Same
We have mentioned earlier that some people believe credit cards and debit cards are the same when used for online gambling. They aren’t. The debit card allows you to use the funds you already have in your bank account. The pretty same situation as with virtual credit cards and It can be your salary, savings, or something else. It is like using money from your wallet hence there are no fees and there is no need to pay the money back.
Using credit cards is different. They allow you to directly borrow money from the bank, the one you will have to pay back later on. Here we can also see interests, additional fees and so much more. No matter how much you spend, you will have to give much more back. Due to these fees and many additional elements players would typically have to pay much more than they used for gambling. One fact you need to know is that when using a credit card to fund a casino account, the bank will treat it the same way as when withdrawing funds from ATM, which is expensive.
The Final Word
The credit card ban for gamblers had a lot of additional benefits and the ones that are a combination of the two we have revealed above. All you have to know is that these benefits are important for gamblers and they made online gambling special for lack of a better word. Even gamblers like this ban and they appreciate the outcome.