Topic: UK gamblers cannot use Credit Cards for gambling from April 14, 2020 - page 4. (Read 981 times)

People I knew who have credit cards exceeded their  credit limits then only pays minimum amount that left them with paying too much interest and been into too much debt. So if it will be used in gambling tendency they will really fall in debt too much as when they lose they have no money to pay in their credit cards. So it's good they will no longer allows it.

I think it's a good decision and rule..  I once fell into a problem like this (using a credit card to gamble) the end I could not return the money I borrowed from a credit card and I only can escape from debt collectors.  many people feel that the money on the credit card is their money when in reality the balance on the credit card is the bank's money (the credit card provider) and users only borrow their money.  The new regulation implemented this will save many gamblers from the pursuit of debt and debt collectors.

But can they use debit cards? I actually agree credit cards are a bad thing. People I know used to apply for credit cards, deposit the max amount on casinos (illegal ones too), and then gamble all in. If they win, they withdraw. If they lose, they call their bank and say it was stolen. A lot of abuse like that makes casino suspect all of us when we withdraw.

OP seems to hit the point that people have to use their own money to gamble. I agree that lending money from others to pay for gambling is a bad choice but I believe most of them learn their lesson after going through a single debt and probably choose not to even look at a casino again. But then there are the low income people who like a little bit of extra earning and go for the games of chance - but these people would not own a credit card would they?

Again there are casinos which thrive on fiat money. So with this enforcement if it comes into play, we might see a rise in the use of cryptocurrency in/for gambling. Since they are better alternative and censorship resistant.

I think accepting credit cards for gambling deposits is wrong. Well it does make convenient but it also puts down a lot of risk for financial institution. TBH I feel like that such type of payment method shouldn't have been allowed at first place. I would give a thumbs up for the decision.

Perhaps, people who like to playing gambling and using a credit card will not like that decision. But for the other people, I think that the decision is right as they don't have to use the credit card which can be too risky for them. We can hope that this can be good news for the crypto gambling site because the gambling site which uses a credit card as the transaction and collaborates with cryptocurrency so their members can still play gambling at their website. Obviously, that can help people to stay away from a new problem that can happen if they still use a credit card for playing gambling.

I love the convenience that a credit card offers (I use one every day like most people here likely do), but I also do find this to be fair as a credit card involves a whole lot of power that people can very easily misuse, especially in activities like gambling where it's entirely possible that you could end up spending money and getting nothing back, unlike perhaps with other physical goods that could potentially be resold for at least a fraction of the money spent initially.

This might also be another event that makes people look at cryptocurrencies as an alternative for gambling with relatively fast deposit times. That's always a great thing in my eyes, and some of those people might also end up using cryptocurrencies even outside of gambling too.

I've already avoided it to the point of a self ban anyway because its viewed as so negative in terms of cash flow or credit rating, the companies go out of their way to ramp up the fees and rates payable on immediate use of  the card for certain categories like gambling.   Outright ban makes little difference at this point to me anyway but I guess it will stop some problem or addiction type gambling from getting stupidly out of control and into debt for no good reason.    
   I always say to gamble with borrowed money is a negative right from the start and even just to buy crypto with borrowed money is a horrible idea when its so possible for prices to move down and shock you into a loss (before then rising back just as much after you sell).   Its just a bad idea to juggle chainsaw while you dance on a rolling log, why would want to do both at the same time when there is no prize only punishment for added danger.

Side note I do think this is some positive for crypto use in gambling as usage here cant hurt your credit rating as its entirely separate system, a separate balance helps book keeping and money management too.   The main usefulness of credit card is cross border hence why I do think crypto would be continuing to rise in its viability for such reasons.

I mean, as long as they don't ban debit cards from gambling as well I don't see a problem.

As a credit card issuer you have the right to stipulate what activities your credit can't be spent on, and gambling is an obvious no go given the fact that it's so dangerous, both from the user's point of view and from a debt recovery point of view.

If this ban extends onto debit cards though there's an issue since you're restricting people from spending their own money, which is never a good thing.

The government wouldn't make a decision if they didn't study it, for sure there's a negative effect on their people lifestyle so they made that kind of decision to ban credit card for gambling so people would really focus on their needs and their debt will not balloon into a big amount that may cause a big problem financially.

Whatever might be, when something gets into restriction automatically people look for more and more alternate paths through which they can enjoy the same convenience as before the restriction. This time it can lead more gamblers to try with cryptocurrencies as they aren't restricted, also these days gambling sites gives much friendly access than the early days.

I think that will help UK gamblers for not using their credit card because that will be too risky if you use a credit card to gamble. You will not know if the third party steal your credit card data or not. They can use a VPN so they can use crypto to continue gambling, and that will be no problem since many VPN available right now. Maybe the prohibition wants to protect their people not to use a credit card for gambling, and their government concern about what will happen if their credit card doesn't have a limitation.

Absolutely makes sense! I didn't know that UK people had such kind of facilities where gambling houses accept credit card payments. It should have been offered at the first place. Because a lot of countries don't allow this and it'sgod ro know that UK has also decided to stop this. In my country, people can't use credit card to even buy cryptocurrencies which is far less riskier than gambling!

They had 2 months more to enjoy the remaining time left before the decision effectively implement. I think that is the right decision of them because they probably have seen that most of their people have been addicted to gambling which is it can ruin their lives. This could be the lesson to them to gamble that they can afford to lose, not just having debt and hoping you will win butr the fact will not. Nevertheless, I am not from the UK and all of my opinions are just speculation. Do you think this will affect the bitcoin price or the entire crypto?

Its even a stupid idea to begin with to start gambling on 'credit' and then when you lose and cannot pay back you build more credit because the credit card company will continue to add interest to your balance thereby compounding your woes but because the gambling sites are also bunch of capitalist that would ensure there is 'excess money' to protect their own bottom line everyday but the regulators are now stepping up to stop that exploitation of the people from time immemorial and it should be a welcome development.

I think this is a good decision, after all "credit card" means you may spend money you don't have on gambling as well which is probably the worst thing that could ever happen. UK gamblers could potentially still buy bitcoin with their credit card and gamble with bitcoin which is a sad situation I know but it could potentially still happen.

On the other hand, I would suggest all nations to follow directly, you should be able to gamble with the money you have, but never should gamble with money you don't have, we have heard so many people who go into big debts over gambling and screw their own life, that is not really something we could really support as a world, some people maybe addicted like drugs or drinking so we should try to help them as much as possible with laws.

I agree with that but I also think from personal experience that whenever I need to top up my balance for gambling with a quick 10-20 Euros there is no better option than the credit card.A responsible person knows how to plan all of his spendings for a month.The only fact that it may impact someone negatively does not convince me at all for this law.

first of all thanks for posting this because i didnt even know that credit cards can also be used when playing gambling if you dont have a spare cash but that gambling are only for physical gambling/offline or it also works online on some site  ?  but i agree with you that this is a good idea to prevent people from playing gambling when they dont have a cash so that their credit bills wont get higher  .  there are still uses that a credit card can be use and they are more worth it  .

It can help you to limit and prevent yourself to overspend money in gambling but what if gamblers decided to withdraw big amount of money before gambling and then they got robbed on their way there? I know this is such a wild imagination but what if? In addition, a casino with a lot of money can be more prone to theft. Even if the government just want to help the gamblers, there's always an other side or a negative side of things we implement.

They can easily use the overdraft on their account to play gambling, if there is anything left of it 😀. Borrowed money for gambling was always a bad idea, it increases your debt trap. It is always better to play with the spare funds or invest those in Bitcoin and play in a Bitcoin casino.