In the ever-changing online casino landscape, there is often regular change occurring in different markets across the world in an increasingly competitive industry. Nowadays, there are many facets that contribute to the overall operation of an online casino and one of the key components is found in the range of payment methods available to players.
With the finance world also evolving and the importance of certain currencies or payment avenues shifting, it is only natural that this would have a knock-on effect on the online casino industry and the behaviour of players when it comes to making deposits, arguably one of the most crucial elements for online casino players and operators alike.
One of the more discussed payment methods in recent years is the use of credit cards on these platforms. For decades since the credit card was invented in 1950, credit cards have formed one of the pillars of payment. People became familiar very quickly with the concept of building credit to be eventually paid off before a deadline and the wider introduction of credit cards in the 60’s and 70’s gave people worldwide another way to structure their finances.
Therefore, when the first online casino emerged in 1994, it made logical sense for credit cards to be included as a primary payment method. Back then, credit cards had the added benefit of offering a faster and more secure way to make transactions and although they still offer those qualities, the narrative over the use of credit cards on online casino platforms is slightly different in the present day.
Almost Too Convenient
One of the main advantages of using credit cards for purchases is the speed of transfer. So long as you are aware of the need to pay back any debt accumulated and your personal budget, credit cards are a convenient payment method. However, in the eyes of the UK Gambling Commission (UKGC), the method was almost too convenient and for vulnerable players, the use of credit cards was a path to financial trouble and gambling addiction that the UKGC wanted to safeguard UK-based players from.
Therefore, a ban on the use of credit cards on online casino platforms was introduced in April 2020. Since then, other markets have followed the example set by the UK, including Brazil, Australia, and Sweden, while a host of European markets are also looking to implement this regulation.
Emergence of Alternative Payment Methods
Despite the ban in several markets across the world, it is still possible to play at credit card casinos. With more freedom and accessibility to explore international markets, even UK players can play on these providers. However, even though the jurisdiction changes, behaviours around the use of credit cards do not.
The presence of online casinos that accept this method has diminished, but that is also largely down to the emergence of other payment options such as e-wallets and the continued use of debit cards to fund online casino play. Payment methods could witness further change in the future as the landscape in the iGaming industry continues to change with new technologies set for integration. But despite the change in attitude towards credit cards in the online casino industry, there are still operators that accept the method and come with their own benefits.
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