Cryptocurrency
With the online gambling credit card ban hovering in the UK, what are the options?
In March 2018, the UK Gambling Commission stated that it would consider banning the use of credit cards at online gambling websites. The announcement of a potential credit card ban came following the gambling authority’s report into how to make online gambling safer, deeming the removal or restriction of credit card payment options being a viable course of action to help restrict the possibility of people accruing gambling debts or gambling more than they can afford. The UK Gambling Commission found that between ten and 20 per cent of all deposits made to gambling websites are done so via the use of a credit card, which means that as much as one-fifth of online betting and gaming in the UK is being done with borrowed money. The problem is exasperated when it is considered that most credit card companies treat transactions to gambling websites as treat cash advances, which do not come with an interest-free period, entail a higher interest rate, and often incur a handling fee.
The culture secretary, Jeremy Wright, intends on holding meetings between major retail banks and online gambling operators to discuss the concern that as much as 20 per cent of deposits to gambling sites are made with credit cards using money that the players don’t own. The UK Gambling Commission seeks clarification on the statistic. They will be launching a call for evidence in February and are welcoming suggestions from the Responsible Gambling Strategy Board, which may result in increased credit card regulation or a complete credit card ban.
Up to one-fifth of online gamblers in the UK use credit cards to place deposits at online gambling websites. It appears to be very likely that the UK Gambling Commission will regulate a credit card ban, which will lead to a large number of players needing to adopt a new payment method. Online gambling websites that offer their services in the UK often accept many different payment methods, so those who are expected to soon be without their preferred method of making a deposit or withdrawal should be able to find another option which is safe and suits their needs.
Gamblers’ other options in the instance of a credit card ban
The vast majority of online gambling websites allow for the use of credit cards as a means of making deposits, and some allow for the method to be used when making a withdrawal, but not all sites will accept the entire range of other payment methods or payment services. The acceptance of specific e-wallets, instant banking methods, cryptocurrencies, payment gateways, and pre-paid cards is at the website’s discretion, so those looking for a new service with which to make payments will need to check which services can be used at each website as well as if the website allows for both deposits and withdrawals through the same service.
One of the more traditional methods is that of the bank transfer. Some players perceive the method as unsafe due to the assumption that the transfer would reveal bank details, but bank transfers do not disclose this information and also allow players to deposit very large amounts. The downside to the payment method is that it takes much longer than other methods, with players often waiting several days before the funds appear in their gambling account. Wire Transfer allows users to make deposits and withdrawals at some online gambling websites, and iDeal caters for bank transfer deposits.
The most modern method which is also deemed to be the safest due to its use of blockchain technology is that of making a cryptocurrency payment. Cryptocurrencies have become popular over the last couple of years, leading to many online gambling websites allowing for the use of different forms of crypto. Due to the decentralised nature of cryptocurrencies that utilise the public ledger system of a blockchain, users trust that their crypto and details are safe with each transaction. Crypto is tamperproof, safe, fast, cheap, and it removes the middleman between the player and the operator. The most commonly used of the cryptocurrencies is the blockchain originator, Bitcoin, but others such as Ethereum and Litecoin can also be used as payment methods. Cryptocurrencies could become the next choice for current credit card users following the news that Binance, one of the world’s largest cryptocurrency exchanges, is now accepting credit cards for crypto payments, creating a way for players to use their credit cards via cryptocurrencies at online gambling websites that accept the payment method.
At online gambling websites and across online shopping websites, e-wallet services have become commonplace, and many people who are looking to make payments online seek vendors who offer e-wallet payment services, particularly if said customers are worried about the safety of their bank details. E-wallets allow for payments from the e-wallet account or directly from a bank account online without the need to input bank or card details. PayPal is the most popular e-wallet service in the UK, with the vast majority of online gambling sites that allow for the payment method accepting it for both deposits and withdrawals. Other services such as ecoPayz, Skrill, and Neteller are also popular, but it’s more common for online gambling sites to not allow withdrawals to these e-wallet services.
People seeking alternative payment methods, should the credit card ban come into force, can also turn to pre-paid cards like PaySafeCard, electronic fund transfers through the use of debit cards or e-checks, and payment services providers like Instadebit.
The UK Gambling Commission is expected to publish its new strategy concerning the use of credit cards on gambling websites in April; the authority looks set to ban the popular payment method, so current users will need to find a new way of making deposits and withdrawals at online betting and gaming sites.
Rainbet is excited to announce the launch of its new online crypto casino that has been expertly designed to cater to both new and experienced players. With a range of new and exciting casino games and classics, such as online slots, roulette, and blackjack, Rainbet provides an unforgettable betting experience.
Crypto casinos are online platforms where players can place bets with cryptocurrencies like Bitcoin and Ethereum. Unlike regular casinos, online crypto casinos offer instant transactions that are much faster than conventional banking methods. Rainbet uses blockchain technology to guarantee the highest security for its players and, through its combination of speed, diverse game catalog, and reliable transactions, delivers an engaging gaming platform.
With a commitment to offering the best user experience, Rainbet ensures safe online practices and a fair and transparent gaming experience for all its players. “Rainbet is a safe and legitimate platform, with games created using a provably fair system,” said a spokesperson for the online casino. “This ensures that all games are fair and transparent, reinforcing player trust and confidence in the platform.”
Whether players are searching for classic casino games, such as online slots, blackjack, baccarat, and roulette, or are interested in eSports and live sports betting, Rainbet offers a diverse selection of the latest games with industry-leading technology and graphics.
Rainbet provides a comprehensive gambling experience that places a focus on fairness and legitimacy by adhering to rigorous standards and using advanced technology. This approach is highlighted in the online casinos’ easy and hassle-free deposits that enable players to confidently deposit real money to receive Rainbet currency, as well as the platform’s seamless and secure withdrawals.
Additionally, the crypto casino boasts an extensive array of online promotions and bonuses that are available across the platform’s most popular games. Rainbet also has a weekly 10% rakeback, which rewards players by returning part of their losses, reducing losses, and extending playtime.
“Compared to online Bitcoin casinos, Rainbet has more to offer, such as more games and exclusive promotions to make gambling more exciting. With daily, weekly, and monthly bonuses, players always have something extra to look forward to. These promotions, combined with an easy-to-navigate interface and a wide range of games, make Rainbet a top choice for crypto gamblers,” furthered a spokesperson for Rainbet.
Rainbet invites both new and experienced players to visit its website today to view its full catalog of games and the latest promotions.
As the European crypto community prepares for the implementation of the MiCA, Kyrrex is organizing an online X panel to discuss the potential impact and future trajectory of the industry under this new regulatory framework.
The panel “Is MiCA that Bad? The Future of Crypto in Europe,” will take place on November 14, 2024, at 12:00 CET on X Spaces.
This event aims to offer an in-depth examination of the challenges and opportunities that MiCA presents, drawing on the expertise of industry leaders and stakeholders.
Key speakers for the discussion include Mike Romanenko and Kevin Plumpton from Kyrrex,
Tomer Warschauer Nuni from Kima Network, Andrea Zapparoli Manzoni from H4ckManac, Thanos Tsavlis from Cyberscope, and Anoop Nannra from Trugard Labs. Their insights will help attendees understand how MiCA may reshape the crypto landscape and what this means for different segments of the market.
“As MiCA ushers in a new regulatory era for the crypto industry, open discussions are crucial for navigating this transition effectively. By bringing together voices from various sectors, we aim to foster a deeper understanding and proactive approach to the opportunities and challenges ahead,” said Mike Romanenko, CVO & co-founder of Kyrrex. “Engaging in conversations like these helps ensure that the community is informed and prepared for the future of crypto in Europe.”
The panel will be structured to encourage interaction and participation, allowing attendees to submit questions and engage in a discussion with the panel. Topics are expected to include compliance, innovation, and strategies for navigating the evolving regulatory environment.
This event offers professionals, enthusiasts, and stakeholders an opportunity to gain a clearer perspective on what lies ahead as MiCA begins to take effect. It will also provide a space for dialogue and knowledge-sharing, fostering a greater understanding of the potential impacts on the crypto sector in Europe.
Panel “Is MiCA that Bad? The Future of Crypto in Europe” details:
- Date: November 14, 2024
- Time: 12:00 CET
- Platform: X Spaces
Cryptocurrency
Armchair Online BV Launches CryptoCasino.com and $CASINO Token to Disrupt Blockchain Betting
Armchair Online BV, an experienced online gaming firm, are ready to revolutionize the world of blockchain gambling with their groundbreaking CryptoCasino .com platform and $CASINO token.
Led by an experienced team that has built multiple successful iGaming operations in the world of sports betting, poker, and affiliate services, CryptoCasino will deliver an unmatched betting experience for crypto users.
A World-Class Crypto Casino
Partnering with the largest gaming studios in the world, CryptoCasino will feature over 6,000 online slots and table games, a live dealer casino, premium sportsbook, eSports betting hub, racebook, and more, all available to be bet on with 25+ of the largest cryptocurrencies in the world.
To cater to the future of crypto betting, the site will allow for both traditional registration and Web3 connectivity. By connecting instantly with wallets such as MetaMask or Trust Wallet, players can seamlessly deposit and withdraw funds within seconds.
With a player-first focus, the site also includes 24/7 live chat support and an industry leading VIP program that offers a wide range of loyalty incentives that reward players on a daily basis.
Set to Be the World’s #1 Telegram Casino
CryptoCasino is catering to the over one billion unique Telegram users by building a Telegram Casino integration that allows anybody to immediately join and begin playing with just one click.
With Telegram gaming growing rapidly, CryptoCasino’s integration with the platform will offer a direct connection to millions of players around the world. The integration will provide the perfect blend of security, seamless connectivity, and social gaming that can rapidly grow into one of the best domains in online gaming today.
The $CASINO Token Offers Benefits to Holders and Players
To complement the launch of the CryptoCasino betting platform, the business is also launching an ERC20 token called $CASINO that will serve as the basis of the ecosystem.
With the $CASINO token sale launching October 15 at token .cryptocasino .com, buyers will be able to purchase their tokens directly from the secure Web3 sale site by connecting their wallets.
There are several benefits to buying and holding $CASINO tokens.
Buy Back and Burn: Each month, 50% of the net profits from CryptoCasino will be used to purchase $CASINO tokens from the open market. They will then be burned, decreasing supply and creating scarcity for the token.
Staking Rewards: Holders will be able to stake their $CASINO tokens each month for an APY up to 10%, allowing them to gain a passive income stream directly through the staking platform found on the site.
Exclusive Player Bonuses and Airdrops: Holders will be able to use their $CASINO tokens on the CryptoCasino platform to receive incentives such as a 200% deposit bonus, 15% cashback on bets made, and much more.
Partnerships with the Best in the Industry
Having grown several iGaming businesses over the past two decades, the CryptoCasino team understands that the key to rapid growth comes from partnerships with trusted names in the online gaming business.
That is why CryptoCasino has partnered with several major names in betting and blockchain including Pragmatic Play, Evolution Gaming, Betby, Oddin.gg, Decubate, Covey, Fireblocks, and others.
As a fully licensed platform under Curacao and Anjouan gaming authorities, the platform will provide the highest level of player safety and security, complying with all regulatory statutes for the best crypto betting experience possible.
$CASINO Token Sale and CryptoCasino Platform Launching Soon
The $CASINO token sale will begin on October 15, with a special VIP round available to those using a password that can be found on the social channels found below. Unrestricted access will be available to all on October 17.
The CryptoCasino .com platform will be launching on November 19th for both the online and Telegram casinos.
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