Prohibition Of Credit Cards For Online Gambling
One of them is online financial transfer. Without having to leave home, we can pay our maintenance bills, make online purchases, but there is also the possibility to access online gambling. The gambling industry is very popular in many countries and occupies an important part of the daily lives of many people. Towards the end of 2017, the UK Gambling Commission began discussing steps to move to safer games and betting. Some measures have already entered into force , and one of the topics discussed is a ban on the use of credit cards on online gambling sites.
Why Are These Measures Needed?
Gambling fans know that the UK is the country with the most popular online bookmakers. There, the industry sets the pace for all other markets. For this reason, all the news regarding gambling singapore sports betting and all possible regulations that may be imposed appear on the Island. One of the ideas for strengthening player protection measures is related to credit cards and their use on online operators’ websites. Currently, there is no online casino that does not accept credit card deposits. The British company Betfair, which also operates in Romania, reports a fairly large percentage of bets that are credited to the player’s account on a credit card.
The UK Gambling Commission wants to completely limit such a depositof funds, because credit cards provide a player with the necessary condition to lose more than he can afford. If this idea becomes a fact in the UK, then other markets will undoubtedly follow the trend. This means that if credit cards are currently one of the main methods of depositing, they could soon be completely excluded. There is no doubt that the gambling industry is a profitable business, but at the same time, the concerns of regulators are related to the protection of gamblers and the prevention of the development of gambling bookie singapore addiction. The consequences of such an addiction can be really unpleasant.
How Successful Would It Be To Exclude Credit Cards From Betting?
At first glance, the idea seems very good, because at the moment, taking a loan for a small amount is relatively easy. Many people can take advantage of this, but the problem is when they do it to bet. The danger arises if you lose this money , as happens in most cases. Then, the person who lost the money suffers, but also his relatives, who may be affected by the consequences. The question is: how successful would a credit card ban be in reducing losses?