Gambling News: Credit Cards Ban For Online Betting

Gambling continues to make the headlines in one shape or form and new laws are constantly being introduced to adapt to the current gambling climate. Even though gambling has been around for centuries, the effects it has on society and individuals is constantly changing and those in power have to alter the laws to move with the times.

Gambling Brought To The Masses

Gambling can be seen as harmless fun or a hobby that can spiral out of control. In recent years gambling has moved to online platforms like wizardslots.com and exploded in popularity. This is mostly down to the fact that it is more accessible than ever and the public can now bet at home anonymously.

This has attracted curious punters who may have never bet before but always wanted to. The inconvenience of having to visit a betting shop or casino has been removed from the equation.

Another major draw is online casinos and they have proved to be a massive hit with the public. There are a huge number to choose from and all you need to access them is a computer or mobile device, that can hook up to a reliable internet connection.

This has brought games such as slots and popular table games like Roulette and Blackjack, to people that were never before interested in gambling. Curiosity has also got the better of these individuals too.

When Things Go Wrong

However, with more gamblers come more winners and losers and gambling addicts. This is the problem when gambling has mass appeal and becomes mainstream, the problems become mainstream too. There are some signs and symptoms that many people display that has caused the UK government to act.

If gambling and the need to gamble is the number one thing that occupies your mind, then you are heading for a head-on collision with gambling addiction. If gambling eases the realities of life that you cannot deal with, such as stress, depression or bereavement, then you are heading towards being a problematic gambler.

Life is hard and full of traumatic events that need to be dealt with, but we all need some escapism for are own sanity and the thrill of gambling is the choice of many individuals.

The temporary buzz that gambling gives you that makes you forget your troubles can, in fact, lead to compulsive gambling behavioural patterns. Whenever you feel down or lose control, chances are that you will turn to gamble to feel better. Eventually, you will need to gamble with increasing amounts of money to get a rush and this will lead to financial problems if you keep losing.

Lying to conceal the fact that you are gambling and continuing to gamble even when you lose continuously are also signs that help should be sort. Otherwise, you will spend hours gambling instead of completing the important things in life.

Many people have displayed this behaviour and they have found new ways to fund their addiction. It is not always the fault of the individual, as we have no control over what happens in our lives a lot of the time. Acting this way can be a natural response to escape events such as bereavements.

Science also plays its part and studies show that when you gamble your body releases adrenaline and dopamine floods the brain. Players can literally get a high from gambling that makes them feel good temporarily, until the chemical release subsides.

With all this in mind, it is clear to see how many people lose control and this is the reason why governments have to sometimes step in and help us.

Law Changes

The easiest way of doing this is by changing the laws that revolve around gambling. Despite gambling being highly regulated in the UK, the government has seen it fit to tighten controls even further still.

Even though online casinos cater to all budgets, they need to attract high rollers and this is seen as problematic. Organizations worried about vulnerable individuals rallied together and approached the government regarding high stakes gameplay. 

Following a long consultation by the UK government with the relevant bodies, they made the decision to lower the maximum bet from £200 to £2 on B2 Fixed Odds Betting Terminals that are found in betting shops up and down the UK. 

This was announced on 17th May 2018 and implemented in October 2019.  As expected the betting shop industry is bracing itself for large drops in revenue, possible store closures and job losses. 

Hot on the heels of this comes the decision to ban betting with credit cards. The UK Gambling Commission announced a ban on businesses that allow consumers to use credit cards recently and this law comes into effect on the 14th of April 2020. 

It is thought that 24 million adults regularly gamble in the UK alone and over 10 million gambles mostly online. UK Finance estimates that 800,000 individuals gamble with credit cards. Research from the UK Gambling Commission suggests that 22% of online gamblers using credit cards are in fact problem gamblers. 

The government is hoping that this move reduces the number of people at risk of financial harm due to credit card gambling. They also hope that the knock-on effect will be an increase in more responsible gamblers. 

Final Thoughts

This latest law change is no doubt another big blow to the gambling industry. Revenue from gambling will be effected and smaller online casinos may not be able to take the hit, unlike larger establishments. This new law along with the possibility of changing the betting limits on online slots to £2 as well may deter betting organizations from opening businesses in the UK at all.

These two recent law changes will be a great help in controlling problem gambling and this will force individuals to budget the betting habits better. Applying low betting limits on online slots is just the next logical step and it’s only a matter of time before these new laws are introduced here in the UK too.