UK gamblers cannot use Credit Cards for gambling from April 14, 2020

[audaciousbeing]

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

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.

[DoublerHunter]

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?

[avikz]

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

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!

[ethereumhunter]

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.

[AjithBtc]

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.

[Kasabus]

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.

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.

[hello_good_sir]

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.

[STT]

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.

[leowonderful]

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.

[maydna]

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.

[Avirunes]

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

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.

[TheUltraElite]

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.

[slaman29]

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.

[Chrystora123]

snip..

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.

[iram3130]

I think the most important line from the article is

Credit card gambling can lead to significant financial harm. The ban that we have announced today should minimise the risks of harm to consumers from gambling with money they do not have.

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.

[Ahimoth]

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.

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.

[robelneo]

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

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.

[Cherylstar86]

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.

[acroman08]

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

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.

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.

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

[DarkDays]

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

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.