Credit Card Alternatives for UK Gambling

At the beginning of 2018, the UK Gambling Commission announced a plan to prohibit credit card use at online betting websites. As explained, the plan results from the Commission’s desire to provide a safe gambling experience by preventing people to spend more than they can afford. According to the research,10-20% of gaming deposits in the UK come from credit card use. Most companies treat the credit card transactions to betting sites as cash advances, which results in a higher interest rate and accompanying fees.

Reacting to the report, Jeremy Wright from UK culture department expressed a desire to organize the meetings between banks and online betting operators, to clarify the statistical data. The Commission will also seek suggestions from the Responsible Gambling Strategy Board.

Nearly 1/5 of UK gamblers make credit card deposits at online betting sites. Should the commission pass the ban, customers need to choose another deposit method. Currently, UK gaming sites accept a variety of payment methods and users can easily opt for another option.

The Other Options

First of all, gamblers in the UK should familiarize with the operator’s policy. Each website reserves the right to include certain deposit methods. It involves bank transfer, e-wallets, bitcoin, pre-paid cards and similar. Therefore, the gamblers should carefully check out the available methods and the possibility to make both deposits and withdrawals via the same option.

Bank Wire and Cryptocurrency

Regarding the bank transfer, many customers consider the option outdated and unsafe. This is due to the possible disclosure of bank details and a longer period of transaction. On the other side, the most progressive deposit method seems to be cryptocurrency payments. Up to date, there are many gambling platforms which accept cryptocurrency deposits, considering them as safe, swift, cheap and direct. Some of the common crypto methods today are Bitcoin, Ethereum and Litecoin. According to the recent blockchain news, the Binance cryptocurrency exchange accepts crypto payments via credit cards.

E-wallets

Taking a look now at online gambling and shopping sites, we can perceive the increasing trend of e-wallet transactions. E-wallets are considered safe and reliable. The customers which utilize this method don’t need to reveal bank information. These transfers are usually done directly via the bank or via e-wallet system. In the UK ground, users prefer PayPal e-wallet for both deposits and withdrawals. Other significant e-wallets are Skrill, Neteller and ecoPayz. UK gamblers could also consider methods like prepaid cards as PaySafeCard, e-checks, debit cards or Instadebit.

The UK Gambling Commission works on a new strategy regarding credit card use at online gambling sites. We can expect results in April when the Commission will certainly publish the upcoming ban.

Source:

“With the online gambling credit card ban hovering in the UK, what are the options?”, George Miller, europeangaming.eu, March 1, 2019.