Friday 1 May 2020

Ban on credit card: How it can influence slots players

The data on gambling in the UK claims that the British invest around £3 billion every year on casino games.

This consists of the hugely popular slots, and these account for a good proportion of that total, staggering, amount. It is little wonder that increasingly more funding has been invested in internet casinos, plus slot designers are spending a lot of their time developing innovative and new games to offer folks a thrill and entice them to play (and pay) at SlotsUK even more.

But although it's the casinos and app developers that have taken notice of the massive sum of money folks are investing, so too has the United Kingdom Gambling Commission (UKGC). This regulatory body has spotted that online gambling is developing at an extremely rapid rate, and it is worried about the spending that's taking place. Naturally, not many are overspending, but it's certain some are since £3 billion is an enormous amount of cash, and this means some people have to be entering into debt just to enjoy some games. Put like that, to most people it just wouldn’t be worth it, but for those in the middle of the problem, it is definitely an issue.

Due to this, the UKGC has placed several additional security measures on online casinos – and slot games – to stop people from spending too much. One of these ideas, as of April 2020, is that credit cards can no longer be used to bet with. The money has to come instead from a debit card or, in some cases, cryptocurrency although this is not yet a universal payment method for online casinos. So is this move a good one or not?

The Positives

The credit card ban for internet gambling websites certainly has several benefits to it. For all those individuals who might have been getting carried away when it concerned their gambling, the fact that credit cards can no longer be used is a great thing; it means they're able to stop and consider before playing, and tailor their budget appropriately. For these individuals, the everyday players, the credit card ban has helped them to be much more sensible, and not get carried away.

This is great news; there is going to be less unwanted debt incurred plus, with a good budget installed for playing, no one’s finances should be affected.

The Negatives

At first glance it may appear that you'll find no negative factors with regards to banning using credit cards at internet casinos; it is helping folks and preventing them from adding to their debt. This is accurate for the vast majority of people who play online games, but for many it is a really terrible thing that will not have helped them whatsoever – in fact, it will have hurt them more than anything.

For somebody with a really serious gambling addiction, the credit card ban will have meant they have to source their cash elsewhere. They will not be content with simply using the money in their bank account (and making use of much more than they have to, possibly meaning they cannot pay for food or even pay bills), and instead they will be looking for other ways to obtain money. They are going to try to borrow cash from others, maybe get a re-mortgage from a bank. If their credit is bad… well, there are always unscrupulous folks that are willing to lend money for a hugely inflated interest rate. And since the cash is being used to gamble, and everyone always loses more than they win, paying the money back might just become impossible. Lives could be ruined all because a credit card has been banned online.