You may not be aware but from 14 April 2020, The GB Gambling Commission’s ban on using credit cards to fund gambling.
What does it mean in a nutshell?
The new requirements mean that UK gambling operators cannot accept credit cards or payments made through e-wallets such as PayPal or Revolut.
However as Gambling Commission clarified, gambling operators will ultimately be responsible for only accepting e-wallet payments where it is satisfied that the provider will take action to prevent payments by credit card once the ban comes into force on 14 April 2020.
The ban comes after the Gambling Commission’s review of online gambling, and the Government’s Review of Gaming Machines and Social Responsibility Measure.
According to the research a total of 24 million adults in the UK gamble and over 10 million of those doing so online. It also highlights that 22% of online gamblers using credit cards are classed as problem gamblers.
The aim of these new regulations is to help protect those most at risk from gambling money they do not have.
What does it mean to you as a trader?
First of all, do not risk more than you can afford to lose, as trading is a high-risk activity.
If you are a newbie, you have to focus on the learning process and use small stakes. Debit cards would be enough to transfer a few pounds for this purpose or you can use training mode.
If you are an experienced trader then you do not need credit cards too, as your aim is to withdraw money from betting exchange.
However, If you are worried that you spend more than you should on gambling you can call the National Gambling Helpline on 0808 8020 133 for free advice on how to stay in control or get support: https://www.begambleaware.org/
