UK gamblers cannot use Credit Cards for gambling from April 14, 2020 - page 5.

swogerino

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Quote from: Kasabus on January 15, 2020, 07:21:19 AM

That seems to be a positive news as that could help reduce the gambling addiction.

There's a rule that's popular which is only gamble only what you can afford to use, and credit card could be a good weapon to break that simple rule.
I am not saying everyone who gambles with credit card is bad, because I know credit card is also good for convenience but people who are prone to addiction might use their cc for gambling negatively.

That may be somewhat true but a credit card really in most cases is a relief.Whenever we run out of money we use that as a mean to buy goods and pay the debt every month to the bank.The fact that may impact someone in a negative way is not a convincing argument that this should be banned.In Europe most of the gamblers gamble exactly with that payment method and maybe other countries follow UK making difficult for many people to gamble.

Ryker1

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Well, I think this is good news for the crypto enthusiasts and for sure it will give a boost to crypto price because of those gamblers who will be looking and find ways just to gamble. Of course, they will use crypto if they cant use their credit card to gamble. It is a piece of bad news for them if there is no gambling site that accepts crypto. But this is good news to those who addicted and those buried in debt will probably reduce.

Kasabus

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That seems to be a positive news as that could help reduce the gambling addiction.

There's a rule that's popular which is only gamble only what you can afford to use, and credit card could be a good weapon to break that simple rule.
I am not saying everyone who gambles with credit card is bad, because I know credit card is also good for convenience but people who are prone to addiction might use their cc for gambling negatively.

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I wasn’t aware of this but it’s a good thing. It stops people messing up their finances & getting into debt gambling. It won’t stop every obsessive gambler because those kind of people always find a way but it’s a good start.

CodyAlfaridzi

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Quote from: Pmalek on January 15, 2020, 05:15:07 AM

Many gambling providers allow deposits with Skrill and Neteller. Would that also apply to these payment options or will people be able to fund their Skrill/Neteller accounts with the credit cards and move that money to a gambling platform?

I know that with Neteller you have to tick if the deposited money will be used for gambling or not. If you tick that you wont use the money for gambling, you wont be able to deposit it with a sportsbook. Not sure if Skrill has that option as well.

Skrill does have that option as well. A few days ago I deposited to Skrill with Visa debit card and asked whether the deposited money will be used for online gambling or not. I think this requirement comes from the payment processor (Mastercard, Visa) so this applies to every legit digital wallet (Skrill, Neteller, Ecopayz, etc). So no, they would not be able to use their credit cards to fund Skrill/Neteller for gambling purposes.

Pmalek

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Many gambling providers allow deposits with Skrill and Neteller. Would that also apply to these payment options or will people be able to fund their Skrill/Neteller accounts with the credit cards and move that money to a gambling platform?

I know that with Neteller you have to tick if the deposited money will be used for gambling or not. If you tick that you wont use the money for gambling, you wont be able to deposit it with a sportsbook. Not sure if Skrill has that option as well.

When it comes to Paypal, many sites don't accept Paypal deposits or withdrawals at all.

Ailmand

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Gambling with a borrowed money is not even a good habit. I guess this would limit people from Australia from going beyond their budget when gambling which is also limit them from gambling too much. I am sure some people will not be happy about it, but it is a good move from their government.

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Quote from: Juggy777 on January 15, 2020, 03:07:23 AM

There’s a new regulation for gamblers who reside in UK i.e. from April 14th, 2020 you’ll can’t use your credit cards for online gambling. Now on paper this rule does seem harsh, but when I read their reasoning behind this decision I felt they have taken the right approach and it’ll help UK’s citizens. The key reason why I’m saying that this decision is correct because this move shall force people to gamble only with the money they have, but I’m sure many will not like this decision hence you’ll can post below and tell the community why you didn’t like this decision.

Source:

https://www.bbc.com/news/business-51103006

for me this is one perfect move to prevent people becoming Broke and deeply in credits because we knew how addicting gambling is and with our credit cards we are confident that everytime we run out of money then we can run using cards?

this must be implemented worldwide for the benefits of every gambler,maybe this is not approve for others but in time they will realized how this can help.

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Quote from: CodyAlfaridzi on January 15, 2020, 04:15:10 AM

I didn't know until now that most people gamble using credit cards. The ban is certainly a good thing. People who gamble using a loan are clearly addicted and should be prevented in doing so. I don't even know this was even a big thing duh. Why don't people use debit cards instead?

Quote from: Ucy on January 15, 2020, 03:36:57 AM

Well, it is not a good idea to take big risk with borrowed money. The lenders are probably worried or protecting themselves knowing that the chances of the borrowers paying back on time or even atall is low.
People could guarantee they'll pay back on time before borrowing. That guarantee could come in form of collateral. But who will take such a risk? If no one, why then take big risk with people's money?

On credit cards, the lenders are bank and I don't think they take any collateral. I guess people are doing it because they're so addicted to gambling and have easy access to money that they don't have in form of credit cards.

Thats the danger of credit cards where you can spend out directly and even it do have limits but still a devastating thing.
Its a good decision for UK government for them to stop out uncontrollable spending of gamblers online.Did they included Debit cards?
And also this would be an opener for u gamblers to switch to crypto if they wont have any options left.

o_e_l_e_o

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Someone from the UK can correct me if I'm wrong here, but didn't the UK ban people from buying cryptocurrencies with their credit cards a while ago, because they said it was too risky? It's a fairly easy progression from that to banning gambling on credit cards.

As much as I hate banks telling you what you can and can't spend your money on, and part of the reason we need a uncensorable currency like bitcoin, I actually don't have an issue with this, because credit cards are not your money. As the name suggests, they are a line of credit from the bank. You are spending the bank's money on gambling, and it's entirely reasonable for them to say no to that, since the risk of you defaulting on your repayments is very high. Further to that, if you lose when gambling on credit cards, then you are immediately in debt and that debt will rapidly increase with compound interest.

The article doesn't mention anything about PayPal though. Are they banning that too? Can people not just deposit to PayPal with their credit cards and then top up their gambling account that way?

CodyAlfaridzi

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I didn't know until now that most people gamble using credit cards. The ban is certainly a good thing. People who gamble using a loan are clearly addicted and should be prevented in doing so. I don't even know this was even a big thing duh. Why don't people use debit cards instead?

Quote from: Ucy on January 15, 2020, 03:36:57 AM

Well, it is not a good idea to take big risk with borrowed money. The lenders are probably worried or protecting themselves knowing that the chances of the borrowers paying back on time or even atall is low.
People could guarantee they'll pay back on time before borrowing. That guarantee could come in form of collateral. But who will take such a risk? If no one, why then take big risk with people's money?

On credit cards, the lenders are bank and I don't think they take any collateral. I guess people are doing it because they're so addicted to gambling and have easy access to money that they don't have in form of credit cards.

Darker45

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I am not from the UK but it looks like this new policy is for the benefit of the UK gamblers themselves. If I were a UK citizen, I would be supporting this regulation, or perhaps a trimmed down version, one which is not going to be as harsh as this. How about putting a cap or a limit instead of disallowing it altogether?

I actually would want the same regulation to be implemented in my country as well, not just in gambling but also in shopping. No pun intended! Wink

swogerino

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Quote from: Juggy777 on January 15, 2020, 03:07:23 AM

There’s a new regulation for gamblers who reside in UK i.e. from April 14th, 2020 you’ll can’t use your credit cards for online gambling. Now on paper this rule does seem harsh, but when I read their reasoning behind this decision I felt they have taken the right approach and it’ll help UK’s citizens. The key reason why I’m saying that this decision is correct because this move shall force people to gamble only with the money they have, but I’m sure many will not like this decision hence you’ll can post below and tell the community why you didn’t like this decision.

Source:

https://www.bbc.com/news/business-51103006

A lot of gamblers will not like this decision at all.It heavily limits one person ability to add funds to his favorite gambling site.For people playing with bitcoin they don’t care much but I think most of UK residents play exactly with credit cards.This decision will make quite a few casinos change their way of accepting payments in a radical way.I hope that people can upload money to Skrill and pay with Skrill and hope this is not forbidden.

Ucy

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Well, it is not a good idea to take big risk with borrowed money. The lenders are probably worried or protecting themselves knowing that the chances of the borrowers paying back on time or even atall is low.
People could guarantee they'll pay back on time before borrowing. That guarantee could come in form of collateral. But who will take such a risk? If no one, why then take big risk with people's money?

Juggy777

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There’s a new regulation for gamblers who reside in UK i.e. from April 14th, 2020 you’ll can’t use your credit cards for online gambling. Now on paper this rule does seem harsh, but when I read their reasoning behind this decision I felt they have taken the right approach and it’ll help UK’s citizens. The key reason why I’m saying that this decision is correct because this move shall force people to gamble only with the money they have, but I’m sure many will not like this decision hence you’ll can post below and tell the community why you didn’t like this decision.

Source:

https://www.bbc.com/news/business-51103006

Topic: UK gamblers cannot use Credit Cards for gambling from April 14, 2020 - page 5. (Read 981 times)