The ban on the use of credit cards for loading up accounts on online casinos couldn’t have come at a much better time. With more and more people finding themselves with idle time, it’s pretty easy for someone who loves gambling to actually rack up huge debts due to gambling. The move, however, is viewed by some people as fine but not enough.
Financial executives find that while the move is indeed admirable, it is not enough since credit card use isn’t the most popular method for adding funds to an online casino account. This is because only approximately 800k gamblers in the UK actually use their credit cards to gamble with. Of that number, around 22% are considered problem gamblers.
The most popular way for people to add funds to their accounts is via debit cards. Approximately 45% of online gamblers use this method for adding money to their online casino accounts. The remaining 55% is distributed among other top-up methods, with mobile wallets, bank transfers, and personal loan funds part of this percentage.
The move is also seen to have a negative effect on the gambling industry, but only by those who are used to adding funds via credit cards. Of all the generations that are online casino players, Gen X comprises the highest number of people who use credit cards to load up on online casino cash. Millennials tend to use their debit cards more for this purpose than other top-up methods.
Problem gambling is the main reason why this ban is instigated. The move took effect at the beginning of April and results for such a move have yet to be seen. This move was announced by the UKGC at the start of 2020.