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

[South Park]

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 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.

[TheUltraElite]

Gambling with the money they do not have

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.

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.

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.

[shoreno]

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.

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  .

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.

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

[onrise]

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 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.

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 .

[Soots]

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 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.

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 .

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.

[AniviaBtc]

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?

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.

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.

[yoseph]

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?

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.

[rodskee]

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.

[akmal1984]

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.

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

[Twinkledoe]

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.

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

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.

[STT]

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.

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.

[Saisher]

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

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.

[akmal1984]

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.

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.

[uray]

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.

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.

[Naida_BR]

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.

[dothebeats]

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.

[TheUltraElite]

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.

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.

[magneto]

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.

[Juggy777]

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.

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.

@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.

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.

@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.

[Genemind]

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.