Casino Deposits with Credit Cards not allowed
October 18, 2019
Credit cards could be banned online in the UK for casino
Just when you thought the regulations in the UK started to slow down. The UK Gambling Commission (UKGC) drops a piece of huge news regarding payments. This after receiving reports back in February about the connection between credit cards and self-gambling harm. They are now considering banning the use of credit cards when gambling online. The topic and its discussion will commence in the middle of August. Where they will consult all types of stakeholders, including the general public.
Suitable action will follow
One of the main points UKGC adds to the discussion is that “borrowing” money to place bets or play casino online links directly to risk. And some action needs to happen on the subject matter. Which this consultation hopefully will figure out. But the UKGC also points a finger to e-wallets, meaning that. If action is only taken on credit cards, users will find a way to circumvent it. And fin other means to it fund their accounts, like e-wallets. Although, one could argue that the UK operator licence agreement already has this covered. And in full swing, with the operator’s obligation to conduct numerous security and fund checks. Such as a source of funds and a source of wealth, plus the normal KYC procedures. So, is this just another attempt to please the lawmakers?
Far from being final
Before you say “enough with regulations.” You need to remind yourself, this is only brought up due to raised concerns, and nothing is certain. And before any type of decision can fall under the gavel, more evidence needs to find the scrutinizing eyes of the UKGC. Which will include asking online customers why they use credit cards and what are the benefits of keeping them as a transaction option. The UKGC also indicate that the impact of removing the alternative is only benefiting one segment of players, the one experiencing gambling harm. While players that can control their gambling will suffer. In the end, no matter the regulations and restrictions, players will find a way to deposit money if they want to. So, stay tuned, as this story keeps unfolding and the outcome will be interesting reading.
KYC before Deposit
There has also been information going around that UKGC is suggesting that customers need to verify their account before they can start to play. This means that sending in a copy of your passport and proof of address to verify your identity. This would mean that even if you want to play for free spins before you make a deposit you will need to verify your account.