Outcomes of Credit Card Ban for Gambling
When playing different free spins games online, one of the reasons why this has been so popular with people choosing to play online is because they have so many different options in which they can deposit money to be able to play. But the options they have are soon to be limited as there have been so many financial issues occurring due to the fact that so many people choose to place bets via the use of credit cards.
With credit cards enabling gamblers to place higher bets and deposit higher quantities of cash than any other payment method, the ability for players to end up in serious financial crisis because of this is growing every year. This is because there is no limit as to how much can be deposited into an online gambling account via a credit card.
With research having been undertaking and the results finding that 22% of all gamblers online who use credit cards are seen as “problem gamblers”, there is little wonder why the Gambling Commission has taken it upon themselves to do something about this issue to try and protect players from further financial harm. With over 24 million British adults enjoying gambling and 10.5 million of those being online participants, something needed to be done to increase the financial safety of those involved.
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Why will credit cards be banned in online casinos?
Credit cards are going to be banned from being a deposit method in online casinos because they have no limit on them, which means that players cannot be prevented from depositing money which they do not actually have. This means that they end up getting themselves into huge amounts of debt because credit cards give them finances easily and readily available with the gamblers having to pay the price at a later date.
The knock-on effects of this are huge, with many cases being reported of problem gamblers and gambling addicts having severe mental health problems and even with the stress and worry of gambling debts leading to suicides. This is not at all helped by the fact that credit card companies charge the user fees to be able to deposit or use their services, which, in turn, increase the debt that the gambler is in and makes their already difficult financial situation even worse.
Being in situations such as these and then being stuck for cash means that problem gamblers then need to look for a fast way out and it is often a negative spiral. Left unable to pay their bills, mortgages, and in worst-case scenarios, not able to put food on the table, these gambling addicts then look for the fastest solution to assist them in their financial crisis.
This often results in them turning to things like payday loans, which help instantly because it is quick cash, but the interest rates are so high that they actually end up just increasing the debt of the gambling addict in the longer term.
Which options exactly will be banned?
The use of credit cards to participate in gambling will apply to all gambling associated pastimes both online and offline but there will be one exception. This is any form of lottery. However, the way in which the lottery can be paid for will have to change as the regulations tighten to protect the players.
Tickets for the National Lottery, for example, will still be able to be purchased and accessed easily, but you will not be able to just enter a shop and buy only this. You will have to buy your Lottery ticket at the same time as you buy other items, such as at the same time as you do your weekly shop or when you pick up your newspaper from the newsagents. This is thought to help the supermarkets and other retailers continue to flourish in the ever difficult retail market but also it is thought that this method will prevent gambling from becoming a problem to the people who purchase Lottery Tickets.
This does, however, seem a little strange that such impressive levels of protection are being put in to place to protect people who play the National Lottery or any such equivalent when they are the people with the lowest rate of gambling problems recorded in the latest research study.
Helping yourself with gambling problems and addiction
Whether you have an issue with gambling through the use of credit cards or gambling in general, there is always help at hand you should seek help immediately if you do not feel as if you are able to gamble responsibly or if you feel as if you are out of control. There is a certain scheme which many gamblers are already and will be able to turn to more readily once the credit card ban comes in to play fully, which can be fully accessed as of the 31st March.
Gamstop is a scheme which helps gamblers recognise that they have an issue with gambling for themselves and they are able to self-exclude themselves from gambling websites. Players who feel as if they have an issue are able to sign up to the site and it will prevent them from being able to access any sort of app or website associated with gambling linked to the UK.
Gamstop and the ban on Credit Cards for Casinos
As it is in the interests of the online casinos to protect their players as well as their legal responsibility to do so, many online casinos have already signed up to be a part of the Gamstop scheme as it has been recognised as so highly important that credit cards, financial crisis and debt are so damaging to the lives and health of people who suffer in this situation.
With online casinos having to tighten their security levels and checks before enabling anyone to access their sites or play their games, this will also help with limiting the damage that can be caused by gaming. Though some of the professional gamblers are frustrated with the credit card ban, it seems a much safer option for the 10.5 million average players who play online every year and the 14th April ban date can’t come soon enough!
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