The statistics on gambling in the UK suggest that the British spend around £3 billion each year on casino games. That includes the massively popular slots, of course, which account for a fair proportion of that total amount. It’s little wonder that more and more investment is being made in online casinos, and slot developers are spending much of their time coming up with new and innovative games to give people a thrill and entice them to spend their money – click to visit.
But although it’s the casinos and the game and app developers who have taken notice of the huge amount of money people are spending, so too has the United Kingdom Gambling Commission (UKGC). This regulatory body has spotted that online gambling is growing at a very fast rate, and it is concerned about the spending that is happening. Of course, not everyone is overspending, but it is sure that some are since that is an immense amount of money, and this means people are getting into debt to play their games.
Because of this, the UKGC has put some additional safety measures in place to help people curb their spending where possible. The main new idea (new as of April 2020) is that credit cards cannot be used to play online gambling sites anymore. The aim of this change was to ensure that people only used their own money, and didn’t borrow to play. So is this a positive or negative move? Let’s see.
The credit card ban for online gambling sites definitely has some positives to it. For those people who might have been getting carried away when it came to their gambling, the fact that credit cards can no longer be used is a good thing; it means they can stop and think before playing, and budget accordingly. For these people, the casual players, it has helped them to play sensibly and only use money they can afford to lose.
This is great news; there will be no unnecessary debt incurred and, with this budget in place for playing, their finances should be unaffected (as long as the budget is a good one).
At first glance it might seem that there are no negative points when it comes to banning the use of credit cards at online casinos; it’s helping people and stopping them from adding to their debts. This is true for the majority of people who place, but for some it’s a very bad thing that won’t have helped them at all – in fact, it will have hurt them more than anything.
For someone with a serious gambling addiction, the credit card ban will only have meant they have to source their funds elsewhere. They won’t be content with just using the money in their bank account (and using more than they should, potentially meaning they can’t afford to buy food or pay bills), they will be looking elsewhere for cash to play with. They will try to borrow money from others, perhaps get a loan from a bank if their credit is good. If their credit is bad… well, there are always unscrupulous people who are keen to lend for a high price. And since the money is going towards gambling, repaying these debts is going to become impossible at some stage. Every win which might have helped to pay some money back is going to be used to gamble with, leaving the player with less than they had before.