In April 2020, a ban on gambling with credit cards will come into place. At the moment, there will be people who choose to bet using their credit card, but that will have to come to an end. It is likely that many online gamblers who use credit cards will remain gambling, but they are going to have to find an alternative payment method to use when depositing and withdrawing funds.
A Switch from Credit Card to Debit Card
This is the easiest way that punters will be able to deposit and withdraw their funds after the ban. It will involve doing exactly the same as you do now, depositing via a card and withdrawing any winnings back onto that card. The difference is that it will be a debit card, not a credit card but other than that things are the same.
For those who wish to keep things simple and as close to what they are doing now, this is the best way to go.
Using an e-Wallet for Gambling
Many bookmakers, casinos and other gambling websites accept a variety of e-wallet payment methods from their customers, and this is something that credit card gamblers can change to if they wish. An e-wallet is an electronic way of paying, the most common are Paypal, Neteller and Skrill, and these are accepted by a lot of different gambling websites.
One of the key advantages of e-wallet payments is that you don’t need to give out your card details to the people you are paying. This is especially good if you have multiple accounts and are worried about security. You can deposit into your multiple accounts by using an e-wallet, and the only company to hold your card details is the e-wallet company.
This gives you the chance to add a layer of security to your online gambling while making the change from betting with a credit card to using an e-wallet payment method.
This is one way in which you can continue to gamble with a credit card, although it does involve going out to buy a pre-paid card. These pre-paid cards are ways in which you can spend online without having a bank card to do so. The cards are loaded with funds and then used to pay for things online, such as depositing money into your betting account.
When you buy one of these pre-paid cards you can pay for it using your credit card. Although you are adding a new element to your betting by using this card, you are still effectively betting with a credit card, if this is what you wish to continue doing.
The one downside to these cards is that you cannot withdraw winnings onto them, they are for making payments only. This means if you were to go this way, you would have to use pre-paid cards to deposit your funds but then find another way to withdraw winnings out from your account should you win.
Why is the Ban Coming In?
This is a step from the UK Gambling Commission to help problem gamblers. While not all credit card gamblers are classed as problem gamblers, those betting with money they don’t have are more likely to be problem gamblers. To try and solve this problem, the UK Gambling Commission has decided to bring in a blanket ban on betting with credit cards.
It is certainly expected to help, and this is the only way in which punters can gamble without having the money available to do it. Should those who are already needing to borrow money from a credit card to gamble go on to lose, their situation is only going to get a whole lot worse.