Tuesday, July 23, 2024

Credit Card Transactions banned in Online Casinos

It is no secret that both the UK and Commonwealth associate Canada have a large gaming fan base, whether it’s sports betting, online gambling, or even hanging around at the local pub enjoying a slot machine. However, a recent law passed by the UK Gambling Commission now prohibits gambling operators from allowing players from placing bets on credit. This is law was passed to encourage players to adopt healthy gambling habits.

While this has been done with the best of intentions, there are a few players who have found a loophole. This loophole comes via adding money into an e-wallet with a credit card. This technicality was enough to go unnoticed for a while and has proven to be quite negligent on the player’s side, but it was also an oversight by the UKGC.

As of now, operators must remain vigilant and take the necessary precautions when allowing players to place bets and simply prohibit the use of e-wallets when placing bets.

Responsible Gambling

Responsible gambling is something that’s been preached since the dawn of time, and as much as operators state that players should always gamble responsibly, there’s only so much that they’re able to do to enforce it. This has led to a variety of campaigns from gambling commissions and operators have invested in responsible gambling safeguards to help players.

The UKGC has stepped in and has started to raise awareness regarding the current practices of gamblers, by aiding players to play in a more responsible manner. This was mainly due to how easy it was for players to place bets with options such as pay-by-phone. This allowed them to place bets via their phones, which are usually on a contract, and this allowed them to bet to their heart’s content.

Operators have stepped in and modified their platforms with features that halt irresponsible gambling before it becomes a serious problem. Most operators have also identified prepaid cards being the best option going forward as it will force players with those issues to put a lid on it; however, there’s no way to completely stop players that have a problem, without them identifying the issue for themselves and seeking help in the form of rehabilitation.

Gambling in Canada

Although in Canada players can use a credit card at a casino, prepaid Visa and MasterCard cards are on the rise and players are being encouraged to use them as prevention from going over their limit when topping up, much like a prepaid mobile sim card which won’t allow you to speak longer than what you’ve paid for. These have become incredibly popular in Canada when players are making deposits, however the downside is that withdrawals are not an option.

As mentioned, the use of credit cards is permitted, but there are only a handful of banks that allow online gambling such as the Bank of Montreal, the Royal Bank of Canada, the Canadian Imperial Bank of Commerce, and Toronto-Dominion Bank. Other financial institutions are not accepting gaming related transactions, so players are forced to switch to alternative banking options, such as e-wallets or classic cheques. There are a variety of methods Canadian players can use to fund their casino accounts if the use of credit cards is declined.

Popular Local Banking Methods

The range of alternatives is huge and even offers many benefits compared to traditional credit cards. They require less bureaucracy and checks, are safe and easy to execute and the payment processing times are way shorter. When it comes to instant banking methods such options as iDebit, Interac, and InstaDebit are extremely popular due to their quick and easy usability. Prepaid cards such as AstroPay, Neosurf, Paysafecard, Flexepin, Revolut, and Vanilla Prepaid, are equally common amongst locals, not just for online gaming but for making small purchases online, buying lunch or going to the movies. With all of these available methods, there’s no reason for anyone to use credit cards, and this indirectly encourages responsible gambling habits as people are forced to top up their cards and use their funds carefully. While there’s no set method of deposit that’s the best, each of them has its own set of pros and cons. Some methods have high costs but quick transactions while others will be free of charge but you’ll have to wait up to 7 business days for the transaction to complete.

Sam Allcock
Sam Allcockhttps://www.abcmoney.co.uk
Sam heads up Cheshire-based PR Fire, an online platform that has already helped over 10,000 businesses to grab widespread media coverage on their news at an extremely accessible price point.

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