Over the 90’s and early 2000’s, people around the world had their lives drastically changed. The emergence of payment cards, in the form of debit and credit, permanently altered the way people went about making purchases. The introduction of chip and pin technology in 2003 enhanced that convenience.
Over two decades on, debit and credit cards remain widely used, but in some sectors, their acceptance has been questioned. In the rapidly emerging online gambling industry, habits and behaviours are constantly being adapted to match society’s needs. While credit cards have been a popular form of payment method for decades, important topics in society are emerging that are sidelining credit cards in some markets.
Greater Levels of Responsibility
Over time, digital processes have continuously enriched our lives. Technological advances continue to streamline our lives and digitally enhance everyday tasks. This applied for online gambling as well. With credit cards, players could instantly and securely top up their accounts. However, as the activity in the digital realm increased, so too did the levels of online awareness and responsibility.
When the first online casinos started to emerge, players were swayed by the convenience of using credit cards to fund online gambling. But as online transactional processes have become even simpler, more concerns have emerged surrounding the ease and readiness of players spending on online gambling websites.
Too risky?
For some markets around the world, credit cards shifted from being convenient to being a risk. Especially to vulnerable players. Therefore, countries such as the UK, Australia, Norway, and Brazil have implemented bans on players using credit cards for gambling purposes. In the UK, around 8% of the online gambling population used credit cards as their primary payment method up until the ban. From 14th April 2020, this was no longer possible for this small population.
The UK Gambling Commission (UKGC), in conjunction with the UK Government, deemed the potential to rack up debt beyond a player’s personal budget too risky. Therefore, a region wide ban on UK-licensed online casinos was implemented. While there are still casinos that accept credit card, a general attitude is beginning to emerge that credit cards are not worth the risk for lawmakers in individual markets.
Remain Aware
However, for the playing population, the advantages of using credit cards remain the same. Although there are additional fees, credit card transactions are still extremely secure and instant. But one myth can be dispelled. Using credit cards on online gambling platforms does not benefit credit scores. This misconception originally led many to use their credit cards for online gambling.
Overall, credit cards remain an attractive option for online gamblers. While the online realm can seem a complicated space, the same rules surrounding the use of credit cards still apply. If players stick to their budgets and keep an eye on their spending, the advantages of credit cards can be maximised.
But with more conversation around mental health and wellbeing in the digital age, players might think twice about depositing with their credit card. With many other payment methods available, it might not be necessary. It remains to be seen how new, innovative methods will evolve. But for now, the classic methods are still used by online gamblers.
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