Fintech bank Revolut announced recently that it has suspended all types of payments coming to and from gambling sites based in the UK. The decision is being taken to abide by the British Gambling Commission’s guidelines.

UKGC measures implemented

Fintech bank Revolut will suspend all payments to British gambling sites. It is following the review of online gambling by the UKGC and the Government’s Review of Gaming Machines and Social Responsibility Measures. The requirements suggest that gambling companies in the UK cannot accept credit card payments. It also prohibits payments made via money service businesses, which will include firms like Revolut.

In an email to its customers, the startup said,

“From 14 April 2020, our UK customers won’t be able to use their Revolut cards for any online or offline gambling payments in the UK.”  It added, “This applies to all non-remote general betting, pool betting and betting intermediary licenses, and all remote licenses. While many people gamble responsibly using a credit card, the aim of these new regulations is to help protect those most at risk from gambling money they do not have.”

Why opt for the ban?

Ban on credit card gambling will help in protecting consumers from gambling harm. By gambling with money that they don’t own, problem gamblers may create great financial hardships for themselves. Interest rates on credit cards are very high and they are very easy to access and use because of which problem gamblers could be enticed to spend more than they can afford.

The ban on credit card use for online gambling was announced by the UKGC and the Department for Culture, Media and Sport in January this year. It came into effect on April 14. The ban is not applicable to non-remote lotteries like the National Lottery and scratch cards available at retail outlets. E-wallets will remain banned on gambling platforms if they allow payments via credit cards.