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

Well, I think it is the right thing the government have done to lessen the problem gamblers from playing gambling using their credit cards because at time like this wherein the pandemic is still on and many people have no work and no income to be generated, it will be a big problem to pay borrowed money that you have used through credit card to play gambling. It will be a hard time to pay it and for sure the borrowed money have interest and once not paid can lead to debt. It is the right thing to do at times like this to prohibit people who does not have money to play gambling and avoid problem related on it to arise. There is nothing wrong with that implementation because it is just a wise thinking for the sake of the people. Better to play only with the money you do have and avoid borrowing money just for the sake of playing because there is a greater chance of loss rather than wins.

Well this is a wisest move I have seen in a while. Not only it will stop people gambling away their life by getting into gambling debt(at least partially), but some people might also look into alternatives like buying cryptocurrencies and playing with them - or maybe taking a loan on them for gambling - which I HIGHLY DON'T recommend.

This decision will take its toll on the gambling industry though.. Curious to see some stats after the law is enforced.

Makes sense, imagine banks getting a lot of clients who goes bankrupt because of to much gambling and the clients do not have collateral to give on their loan, this is something the government and the banks don't want to happen, and by restricting gamblers to use their credit card they save the gamblers to some extend and the banks as well.

Many of them are already in debt, but the government wants that but does not want in their books. So they stop people from using credit card to deposit but does not say anything about non-traditional methods of transaction. No how far they are correct about the gambling scene is beyond our discussion because we all know how truthful governments are.

The gamblers who want to play will play. But these news articles allow people to think that the authorities are doing something good - in effect they are pleasing the crowd.

There are a lot of workarounds for this regulations, the first one is UK citizens are only prohibited to use credit cards, but it doesn't mention anything about cryptocurrency.
Secondly online gambling sites that are based on P2P crypto transactions doesn't require KYC(Know your customer) verification and most of them you can easily sign up.

This law will only make it worse for their people and their economy.

I haven't heard a nation's population relying on gambling as their way of earning for a living. That won't happen because casinos have their house-edge. No matter how small it is, it matters when the volume increases.

Even if someone is just storing its winning money in the bank doing nothing, it can still move the economy. Because banks are the ones utilizing their depositors funds thru various investments.   

In the end, gambling is neither net positive, nor negative for society.

When a player loses their money to a casino, that casinos pays tax on their profits, which are then funneled back into the economy.

Even if the player had kept his money and purchased something with it, the retailer would have paid tax on their profits and the same thing would have happened. The only difference would be if the player kept their money, then never used it for the rest of their life to do anything.

The government it seems have made a study and based on the study so many of their people are very much into gambling and this is a precautionary measures to insure that these gamblers will not go into debt burden, for me it's a good idea and many country might adapt and this is to stopped people go deep in debt because of gambling.

Restricting convenience is always something I think does help reduce addiction and the re-occurrence of bad habits.   Like anyone who wants to eat less should most definitely not then place that food nearby, the easiest tip is to avoid convenience foods at all costs because its gone in a second.   Having to go through the whole process of cooking is the best idea, I dont believe an absolute diet as it can just turn people into binging not controlling emotions.   Same thing applies to gambling, gamble spare cash and credit cards are way too convenient.
   Most of the worlds population should never take out or own a credit card, you have to be the type of person who takes a calculator to the supermarket to say you are better off with one really.

People who do this are most likely addicted especially if they have been doing so for a while. I believe more in the prevention of what causes addiction. Depression, stress, hopelessness etc. Many people around the world are unfortunately addicted to one thing or another, but hardly accept they are addicted.

That is right. If people realize that the credit card is not just for playing gambling, they will not use a credit card to gambling. The danger of credit card is when someone cannot pay the money that has been used for anything they bought with the credit card. So if they spend too much money in a month, they need to pay back the money plus they need to pay the fee, and I am sure that the fee will be too expensive too. Besides that, using a credit card is too risky, especially if we use a credit card on the internet because we heard about stealing data of the credit card owner on the internet. So be careful when you want to use a credit card for buying anything you want.

It is more general than I thought but the traditional banking have hidden hands to control the economy. Gambling money turnover is not an exception, unfortunately. After the latest GDPR rules this was expected to happen. Let's see what's next move.  The restrictions will be the barriers for representing hard access in gaming funds. Even if the gambler has funds in credit card account balance, the long process will be the last chance to continue losing cycle in gambling site. Punters can be harmful to themselves and family members with spending the limits of the CC without thinking future consequences. Kinda debatable theme, everyone has different opinion.

Under the police power of the State, they have the power to regulate and impose such restrictions for the welfare of its people. If the State recognizes the detrimental effects of gambling to its citizens, they can further create laws tending to this problem. Although the restriction was made directly into credit cards, gamblers can still circumvent the law by withdrawing directly the cash from the credit card and gamble with fiat.


Like what most people have mentioned, even if the restriction failed to consider other aspects in which gamblers can still gamble using their credit cards, it is still a good start in limiting their addiction. They would still have to go to an ATM and withdraw their cash instead of directly using to their convenience the credit card for gambling.

This whole issue has two sides.

1. It is never a good idea to gamble with money that you do not have. Each situation has it's own merit though and you might get someone that would run into some money in the near future, but they enjoy gambling and wants to have early access to that money and they would pay it back later when they get it. < A bonus from work or some money left through inheritance etc. >

2. Why should a third party have control over what you spend the credit on? It is also very stupid to think that restrictions like this would stop people from gambling with credit. Example : The gambler might stroll into a Mall and buy a bunch of things on credit with his or her credit card and then pop into a Pawn shop to sell it for cash. They then deposit that into a debit card and then use it for gambling. 

People are very intuitive when it comes to restrictions like this, but I guess a lot of them will be put off by the longer process that needs to be followed to bypass these restrictions, so they might be discouraged to do it. 

It's for the citizen's protection, and also for the banks. It might hurt the demand for these sites, but it's better rather than having a population relying on gambling for living, which not only makes them poor, but also makes the economy slower by having a part of their population not being much productive and fund-wise.

That would be a good way to minimize their gambling activities.

Some might say that it will not be effective but I think it would have an effect to people. As people are used to carry cards rather than their money, people would be having a hard time carrying their cash just to go to a casino. Just imagine carrying all of it, if you ever win, if you are going out a casino.

Well then this is the perfect case scenario and something all CRYPTO fans would want to seeI read not too long ago that in the next couple of years BITCOIN casinos will be more abundant then CASH casinos

what about implementing this universal?when will all the countries worldwide agreed on this(except those who banned gambling of course)

from this Law all gamblers will be more safer for not being dump to credits and from the selfishness of banks also because of not allowing them to use their Credit cards.

my Brother use to be like this one when he become a addicted that all his money spent in gambling and even His credit cards comes to max limit always.

Not just bring a conflict with banks, but a credit card can give another problem to us. We can use the credit card to anything we want, including to buy something but at the end of the month, we need to pay back the money that we have been used before. I would not advise my friends to use a credit card to playing gambling because once we forget how much money we already used, the bills of the credit card will be bigger. That will cause a new problem for us and we will difficult to pay the bills.

Most credit cards would cause some problem for any large amount borrowed to buy Bitcoin.   Its a really bad idea to mix something volatile with crypto and also not have the capital spare to do so, it means we have panic'd holders in the space even before its used for gambling or whatever.
   You can already use credit card to withdraw cash and I generally think thats a bad idea to allow under law while parallel with banning gambling, seems like you are just asking people to go around it via other means anyway.    

But what happens if the users use their credit cards to buy bitcoin and those bitcoins for gambling? Cryptos bring a nice opportunity to avoid this kind of law.

I don't think the UK gov can do anything against this.

I think this plans of credit card would be in conflict with banks, and I am not confident that it's not a good idea when they find out what's going to occur for the long run. However, gambling isn't a wise idea for your credit card spending since you might end up to bottleneck of your purposes. Credit card must be for emergency needs and not dedicated for gambling only.

Good decision, really. A lot of people don't have self control and to be fair this win/loss has huge influence on brain that includes rush of dopamine and other hormones that makes situation out of control and gambler, especially those ones with addictive behavior or with addiction, find easy way: Deposit via Credit Cards that they have in their own wallet or who knows, they may take Credit Cards of relatives and gamble. Easy process is good but in gambling I think this new rule will make it a little bit harder for gamblers to deposit and experience their full rush, it's good for them, good rule.

In my opinion this new law if passed down like many others will limit people's decisions and choices. While I understand that some people might use the credit card to gamble with, and this supposedly will help relieve some of the downstream consequences at the end of the day for these people, I suppose, gambling is an addiction and so they won't stop here. No, they will try harder ways but they'll probably still continue to borrow money and so in the end who wins? That's right the legislation, those in power who think that 1 decision fits all.

If I don't have any money but have the urge to gamble, I'll borrow money from someone and I'll satisfy my gambling needs with it.

I just don't get what's up with these measures - if someone's borrowing methods are limited, the last resort will be asking someone for money. And that's even worse than going on a credit card balance spree, socially speaking.

The first and most important thing they should take care of is helping people fix their addition. If you are so addicted you can't gamble more than you can afford to, that's very bad and becomes a mental issue. Before taking care about the customer's money, take care about their mental health.

I don't understand why many people are frowning on this development but I think it's for their own good. They won't understand but credits card exposure especially using them to gambling online is more reason why cards are hacked. Especially for those who play games.
Every say, gambling sites are set up, some of them pretend to be legit but in disguise they are criminals. It's high time they embrace digital currency for their own benefits.

I think it's a good arrangement because gambling with a credit card is not the right thing, and it causes you to lose money that you do not have in your pocket. These cards, which do not make you feel the money you spend even while shopping, and cause you to spend more, unfortunately, also perform the same function in gambling and help you lose money that is not yours more and faster. Using credit cards during gambling games is definitely a huge mistake for both gambling addicts and people with lost psychology. For this reason, I support this decision taken by the British government and this regulation. I hope this decision will start to apply in many countries and will be the beginning of the ban on the use of credit cards in gambling.

Although it may look harsh the government just want to protect the welfare of the credit cardholders,  this gambling you can lose everything here and you will deep in credit if the gambler loses control and this is what the government is trying to prevent, the credit card holder can understand if the government can explain it properly.

But at the very least, UK government imposing a regulation on using credit cards for gambling will still help them in the long run. Most gamblers, including cryptocurrency gamblers, lose money all the time. They try to make up for their losses by buying more coins to hope for a shot at winning. Which most of the time, as we all know, ends up in vain because of how the gambling industry works.

Now with imposing this ban on credit cards for gambling, this ensures that whatever happens, even if these people make up for their losses by betting again. They wouldn't be in debt with the bank they are in. Further giving them the chances to not be homeless someday. I think despite the negative remarks it receives, it still a good move in UK's end. It shows that they care for their people and wouldn't want them to be in debt.

Why would you call it abusing? They are using their own credit cards to gamble, its not like they are using someone else's credit card to gamble. Even if they try, they won't be able to do so do you ID verification and stuffs. Again, credit cards have limits. There is no way a person can "abuse" his card due to those limits.
Even if crypto gambling is not legal in their country, they can still find their way out to gamble with crypto currencies without any troubles.

It is an exaggeration to say that they were abusing credit cards. They have some limits obviously but for addicted gamblers they are probably hitting these limits very quickly. The news says a later date, there might be some changes before that. Some of them who dont want such a change might cut down on their habits or look for alternatives.

Except that everyone does not own not know about bitcoin and its usage. The online casinos are available in many countries but starting to use them is a new challange and as humans are by nature, they dont like a new thing to learn or change.

Tend to agree, probably this is the time that they will use cryptocurrency like Bitcoin in gambling. This has a good impact on their people, no one will be buried in debt and everyone should learn how to spend money on gambling that they only can afford. Using credit cards just to gamble might become user put into serious debt and cant recover on it until it will long last debt forever until anyone will commit crimes just because of dip debt. Switching is a cryptocurrency that might be happening in this scenario and that will be good news to us as crypto enthusiasts.

Gamblers will not stop gambling cause of this ban
They will find another way to use their credit cards, or move to other markets where is allowed

The government has a need to impose this,m so many people cannot control gambling using their credit card, and this will leads to credit default and problem and will result in frustration to the person, but these people can still find a way because we all know they can use their credit to nuy Cryptocurrency and use Cryptocurrency to gamble.

It will still benefit those gamblers who are abusing their credit cards for gambling but they will surely still find another mode of the transaction just to pursue playing. As long as crypto gambling is legal in their country, no one could stop players to gamble because there are still alternative ways except for credit cards.

@TheUltraElite you have a valid point out here and there’s no doubt that once you’re addicted to something it’s very difficult to give it up, and it’ll be interesting to see what alternative these gamblers will seek once the regulations are implemented.


@magneto you’re absolutely correct because not all gamblers know when to stop and some like me will keep on chasing their losses, and in that process incur unnecessary high debts too hence banning credit cards for gambling is a good idea.

This may actually be a positive development.

Gamblers who are inclined to bet on credit probably don't have the rational mindset that are needed to make decisions in the first place. Anything that they gamble on casinos with credit is likely gonig to result in longlasting losses that they can never dig out of.

That is obviously bad both from the perspective of the gambler, and the card issuer - by explicitly banning this act everyone benefits.

You know the reason why people get attracted to something that is forbidden? It the curiosity that why they are forbidden to do something. That is why censorship never works. Being open minded and allowing people to know things and decide for themselves is more healthy even though the bad effect can be dire in this approach.

Removing credit card payment from gambling would not stop gambling but increase it because those who are gamblers will not be able to douse the fire in them for gambling addiction. So they will go for more circumvention methods. Maybe they will go for bitcoin or seek a overseas dealer and pay them to deposit money on their account.

It took so long before this gets implemented in the UK. In some gambling hotspots in the world, AFAIK you cannot buy credits/tokens in the casino with your credit card since it is borrowed money, and sometimes it always gets defaulted in the end. Also, I believe that credit card companies don't also allow this kind of activity since it always results into the credit card being cancelled the next day after the purchase/buy-in is found out. Good decision in order to save the lives of the chronic gamblers and the credit card companies as well.

Such a correct decision that is needed to be implemented in more countries all over the world.
It is a great way to protect people from losing all their money in gambling spots. Wealth is protected along with economic stability.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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?

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?

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.

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!

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.

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?

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