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The Challenges Facing the Online Gambling Sector with the Possible Impending Ban on Credit Card Transactions

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The Challenges Facing the Online Gambling Sector with the Possible Impending Ban on Credit Card TransactionsReading Time: 3 minutes

 

The Gambling Commission (GC) is currently considering whether to ban the use of credit cards in online gambling transactions, so turbulent times may lie ahead for online operators. The culture secretary, Jeremy Wright has voiced plans to haul bookmakers and major retail banks into meetings to discuss the use of credit cards being used for gambling purposes, and his proposal comes on the back of startling statistics which reveal as many as 20% of deposits are coming from consumers who do not directly have access to the funds in which they’re using.

The Labour Party has also stated that should they gain power in the next general election, they would impose a ban on gambling with credit cards. GC requested evidence from numerous operators at the start of 2019 and later confirmed that they’d be holding a twelve-week consultation which began sometime in August. Several key interest points were detected around the use of credit cards in gambling online and these included:

  • Alternative forms of gambling to determine whether consumers are borrowing in the form of overdrafts or loans and if this was the case, both financial and gambling sectors would need to work together to protect customers from harm.
  • E-wallets: many operators have no means of knowing where the funds have come from when deposits are being made through this funding source. Future proposals would require those e-wallet services to take necessary action if regulatory measures are introduced.

Harry Christodoulou, the founder of Bingofind, who’s been covering this issue with other publications said: “We’ve been talking to affiliates from the iGB community trying to see how they plan to handle this potential issue, but they don’t seem to be that worried, for now.”

Any Impact on Land-Based and iGaming Operators?

There is one major advantage when it comes to using a credit card for gambling transactions and this is the fee that consumers face when making a deposit. The vast majority of players seek the methods which allow them to bypass this fee and this means alternative deposit methods such as debit cards and e-wallets, both of which require there to be funds in the account or you can’t use them. There is a mass speculation surrounding credit cards and problem gambling with many charities worrying that gambling with credit cards can encourage people to gamble beyond their financial means. A shocking statistic from Totally Money and Defaqto revealed how consumers had raked up a staggering £23.8 million solely in interest and transaction fees by the use of credit cards during the 2018 World Cup. Britons wagered £2.5 billion on the football tournament and 20% of this sum derived from credit card payments.

A period of uncertainty is circulating the gambling sector and as a result, PayPal, one of the world’s leading e-wallet services has pulled their services from German online casino players, will they do the same here in the UK? We’re fortunate to have one of the most regulated markets in the world, so the likelihood of this happening is slim. A domino-effect could take hold across Germany; if one e-wallet has shut down their services, many others a likely to follow suit; PaysafeCard etc could follow suit and the German gambling market could come under close scrutiny once again.

Regulations are there for a reason and most operators welcome them, even if they could hurt them in the long run, but if they stop under-age gambling and put an end to problem gambling, then they can’t be all bad. The outcome of the GC consultation on the use of credit cards in gambling is due to surface mid-November.

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: The Challenges Facing the Online Gambling Sector with the Possible Impending Ban on Credit Card Transactions

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Zitro’s Illusion And Allure Arrives At Caliente Casino

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Casino Caliente have installed the two new Zitro cabinets. “Thanks to operators like Caliente. We are grateful to them to have given us the opportunity to demonstrate the brilliance of our products, so we are eager to celebrate with them and our friends the success that will be the new cabinets and games in their rooms ”comments Johnny Viveiros Ortiz, Founder of Zitro.

ILLUSION and ALLURE are the new Zitro cabinets that standout for occupying less space in the room. While ILLUSION presents the world novelty ‘Bashiba Link’, ALLURE is loaded with two spectacular games ’88 Link Lucky Charms ’and ’88 Link Wild Duels’. As for its aesthetics, ILLUSION is a pure spectacle, with an impressive 43” full HD curved monitor, a 21.5” LCD topper and the ‘SmartDeck’ digital keypad. For its part, ALLURE is elegance and fun in equal parts with its three 27” Full HD screens and a multimedia system integrated in the upper screens that act as a sign of the next generation.

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Zitro’s Illusion And Allure Arrives At Caliente Casino

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Local Authorities in Bratislava Introduce New Restrictions on Gambling

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Local authorities in Bratislava have introduced new restrictions on gambling in the Slovak capital. Changes to the National Gambling Act which came into force earlier this year have allowed municipalities to take action against the dangerous vice.

As per the latest restrictions, gambling halls can no longer operate within 200 meters of schools or other educational facilities, institutions servicing children and youth and treatment centres for non-substance addictions.

Bingo, board games, gambling machines, video game terminals, technical equipment operated directly by players, or other technical equipment used for gambling will be completely banned from use on certain dates – most notably during national holidays.

Currently, a petition for a complete ban on gambling in Bratislava is underway and it has already gathered over 100,000 signatures. In September, Matúš Vallo, mayor of the Slovak capital announced the creation of a new working group that will be communicating with citizens and civil association and trying to answer their concerns.

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Local Authorities in Bratislava Introduce New Restrictions on Gambling

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BTG Launches its Millionaire Mystery Box Slot

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Big Time Gaming has launched its Millionaire Mystery Box slot exclusively with the Gaming Innovation Group’s Rizk.com online casino.

This 5-reel game has 243 different ways to win with mystery boxes thrown in. Inside the mystery boxes, you’ll discover any possible symbol, including special symbols such as the wild and scatter. Hitting the scatters will transport you into the hot seat, where you can win up to 24 free spins and a multiplier of up to 50× for the chance to win big money.

“Who Wants to Be Millionaire the TV show lends itself well to slot adaption because it already contains gambling elements coupled with the chance to win dizzying amounts of money. We retained the core elements that made Millionaire Megaways a hit, but we’ve added rich new features and a fun element of surprise. We know Rizk players are already loving it, but what would you expect from the thought leaders of modern slot development,” Nick Robinson, BTG’s CEO said.

“I’m delighted by the launch of Big Time Gaming’s newest blockbuster, Millionaire Mystery Box, exclusively on Rizk. The game has been a big hit with our players and, because it’s a household name and has excellent artwork and mechanics, it has provided some excellent marketing content. We want to extend a big thank you to Nik and all the team at BTG for coming up with another smash hit,” Ross Parkhill, Managing Director at GiG said.

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: BTG Launches its Millionaire Mystery Box Slot

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