Topic: UK gamblers cannot use Credit Cards for gambling from April 14, 2020 - page 3. (Read 981 times)

I remember the credit card companies restricting bitcoin and crypto deposit when there was a huge rally last time as many invested in bitcoin using credit cards and some maxed out their cards to purchase bitcoin and when the market started falling they were not able to repay the credit debt and hence these kind of restrictions are good to safe guard users going broke.

The reason you convey is very plausible. There could also be a report from the credit card service provider about the transaction that occurred and there could be a lot of arrears because of the impact of the gambling. So it is more for the interests of the company I think than the personal interests of credit card users.

People should have control of their funds and money but I think UK is right in implementing this, the data is very high and if they cannot control this, they will have many of their citizens' victims of excessive gambling and addiction and they will need to set up a lot of rehabilitation center.

I'm pretty sure convenience increases the rate of spending, the majority of people I know whatever the job or income are not great at the money management and ultimately it has cost to it  vs the effort and some patience required in correct allocation.  The main reason is the effort required to save money or do things differently.
   Credit cards are about making every bill easy to pay short term with a long term accumulation of debt, at expensive rates quite often though some cards can be ok.   Also the credit card firm I think do charge more for any cash type transaction, it would be classed as higher risk.   A car loan is secured on the car, its still a loan at risk but there is a chance for recovery and I could be reading too much into it but I think they do categorise spending a bit like credit scoring.  
   If we refer back to the bank bailouts of 2008, its not that surprising a move to trim the highest risk debt on a banks books.   In Uk the national government still own or carry the debt to balance one of the worlds largest banks, its been continually unable to restore its fortunes.   Other banks less involved with speculative activity and more conventional business dare I say house secured lending have returned all debt paid back to government and have become fully private again in the 11 years since failure.

Or aside from that, this move can actually limit gamblers to spend while online and prevent them from incurring huge debt from their credit card providers. And this will actually be on their favour. Spending what they can afford only and not taking a loan via their credit cards. I equate taking a loan when using credit card. Because if you will use debit card, you can only spend what you have. A smart decision actually that will benefit both sides.

I don't think addiction can be saved by others. but only we ourselves can do it. Maybe the British government is just trying to protect credit card users from being targeted for burglary. Because I'm sure a lot of transactions from credit cards are transferred to gambling

great Job from the governments from UK because they are saving their People from Drowning too much from Gambling because this is really addicted.

this is not a really the right way to Play gambling having money from credit cards because this is why people will lose everything from him .

imagine if the person involved will always gamble up to the credit cards limit?does this mean He had nothing to fed his Family?and everything will come to gambling?so this is perfect move from the government and i am saluting their laws about this.

Anyone who uses his credit card has a real problem and to me it's the same as borrowing money from someone to gamble. Gamblers like this will continue to rake up debts on their credit cards to the extent that they will be no way that they will be able to pay them back . This ruling will protect both the gamblers and the lenders.

Uncontrollable loss of money is also the effect of using credit cards in gambling. As you start spending money out of credit cards then it is very hard to stop as you want to recover all your losses. If that happens, self-discipline will help you to prevent that. Practice self-discipline and controlling your emotions will do. Credit cards in gambling will make you more addictive and can bring you stress. Gambling should help you entertain yourself and relieve your anxiety, not to give you problems. Try to use fiat so that you can easy to manipulate it rather than wasting it.

It's not a problem actually, because as long as a player who used the credit card is capable enough to pay for his debts, using credit card on gambling isn't a big deal. That only needs to be managed according to the limit of the credit to avoid having out of funds on your account at any gambling site.

Totally agree that till the time it does not effect the debit cards system and you can play using debit cards it should be fine beacuse playing gambling through credit is like playing on someone else money . But now we would like to see does this have a cascading effect on other countries too .

not all  . some people use credit card because they accidentally end up thier money but can still limit thier self  . gambling addict are the ones that have an issue  .


that also what i think of  but isnt that sounds good  ? not unless if using a credit card to buy crypto is also restricted  because crypto is somehow anonymous and they think that crypto can be easily use as alternative to play gambling

This is a wrong extrapolation. People use credit cards because they want to use that as a short term loan. That is what a credit card is, they provide credit in quick real time and take an interest fee for their service.

For a gambling deposit, it like buying chips on poker. There is no difference. Those who want to spend money will spend it, you cannot stop them. For example consider shopping for something: gambling is also like shopping to the bank. The bank never asks for the "reason" of your spending.

You all are making wrong conclusions from the news, I daresay it.

I am not in the UK so this does not affect me however this seems to make sense, this will bother me if the restriction was on debit cards as well since that will mean they are restricting you to use your money as you want in something that is legal, but since this is about credit cards and the money you can get from them is not yours to begin with and it needs to be repaid to the bank then it makes sense they have a say on what you can do with that money.

To be honest, I like the idea.

Anybody who is gambling on credit likely has an issue. Borrowing money to play is almost always a bad idea, since the odds are almost always against you. As such, these people are likely to end up worse than they started.

However, I do believe that this will eventually lead these people to trickle over to crypto gambling, since they'll be able to buy cryptocurrencies with their credit cards and play at the myriad crypto casinos.

So overall, this could help promote crypto adoption further.

by limiting their people's option to gamble online this could also force them to look for alternatives (i.e cryptocurrency which is most likely to happen if the person is addicted).
but on the other hand, I think the U.k Government made the right choice to do this. sometimes, gamblers need to be forced to stop or limit their options to gamble in order for
them to recollect their thoughts and realize the negative effect it has on their lives.

I agree, and that is why in my opinion they made the right choice.

The decisions of UK government was not justifiable if the people would be ask, and they felt it wasn't a fair decision. However, it looks like it was just a temporarily suspension of credit card as part of their gambling regulations. In due time this issues will be addressed properly, once final reviews will be conducted by their government authorities.

UK knows the condition of their citizens when it comes to gambling, 24 million is such a huge number, I'm against regulation when it comes to people would want to spend but I think UK is just doing the right thing that people will not go to debt because of gambling, we all know that huge debt can lead to depression and, and people sometimes commit suicide or become mentally unstable because of debt brought by gambling.

This isn't fair for banking management, because gambling isn't high profitable source of funds, and the worst is that they tend to waste all of that money. Cheating is more likely to happen and a person who is addicted will just bet on gambling extremely without even thinking of charges on his/her bank credits. With this implementation of UK, the regulations takes an effectivity to reprimand these credit card users in prevention of the possible abuse that could erradicate more often.

I think the most important line from the article is
Gambling with the money they do not have.... Greed is the major reason why most of the gamblers try to do this, credit cards are not for gambling purpose and I welcome the idea behind this as this will definitely stop harming new credit card users.