Connect with us
SIS

Cryptocurrency

With the online gambling credit card ban hovering in the UK, what are the options?

George Miller

Published

on

With the online gambling credit card ban hovering in the UK, what are the options?
Photo Source: Dmitry Moraine on Unsplash
Reading Time: 4 minutes

 

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.

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

Continue Reading
Advertisement
Comments

Cryptocurrency

MetaVault announces expansion into the Isle of Man

George Miller

Published

on

MetaVault announces expansion into the Isle of Man
MetaVault co-founder Justin Short
Reading Time: 2 minutes

 

MetaVault, a company offering secure storage of cryptocurrencies such as Bitcoin and Ethereum, has opened a new office in the Isle Of Man.

MetaVault is a digital asset custody provider, offering insured and uninsured safe custody of assets up to $100m. It means financial institutions such as banks and exchanges can store cryptocurrency with peace of mind with protection underwritten by A-rated London-based insurers.

With the office opening, MetaVault is responding to the growing demand for gaming, exchange and financial institutions to be able to accept and store digital assets securely.

MetaVault co-founder Justin Short said: “The decision to expand into the Isle of Man was a logical step in our business growth strategy. 

“The Isle of Man boasts gaming and financial services regulators proactively engaging with blockchain enterprises.

“Supporting player protection mechanisms, exchanges and financial institutions with secure, insured and uninsured digital asset custody provides confidence in the technology for regulators, businesses and consumers by removing significant risks from the ecosystem.”

Lee Hills, director of MetaVault, said: “The Isle of Man has been at the forefront of developments in blockchain technology and this expansion recognises that. MetaVault is ideally suited to mitigate risks and remove barriers between blockchain businesses and financial institutions. We are excited by this next chapter and look forward to long and mutually beneficial relationships with our Isle of Man partners.”

Lyle Wraxall, Chief Executive, Digital Isle of Man Executive Agency, said: “Blockchain Isle of Man is very pleased to welcome MetaVault to the Island. 

“The Isle of Man prides itself on its superior player protection regulation in e-Gaming and being a centre of excellence for finance, the services offered by MetaVault will assist in maintaining that high standard. It is fantastic to see that the Island is continuing to attract diverse technology-focussed businesses, and we look forward to MetaVault adding to our already rich digital ecosystem.”

 

Continue Reading

Bitcoin

Infographic: Crypto Thefts and Trends That Will Blow Your Mind

George Miller

Published

on

Infographic: Crypto Thefts and Trends That Will Blow Your Mind
Reading Time: 1 minute

 

As it turns out, too much freedom is not a good thing, or so the misuse of Bitcoin and other cryptocurrencies now shows. Brush aside the fact that hackers lurk at every corner of the Internet and you are left with even more startling facts Criminals have been happy to use the anonymity of cryptocurrencies to trade arms, traffic humans, launder money, and more.

For better or for worse, cryptocurrencies today are a conduit of illicit activity, and a lot of government oversight is required to uproot the bad practices that have become the norm. While lawmakers are hard at work to figure out the right legal framework for cryptocurrencies, here are some of the most mind-blowing thefts in the crypto world to read up on:

Continue Reading

Cryptocurrency

Infographic – Libra: Cryptocurrency By Facebook (In 5 Minutes)

George Miller

Published

on

Infographic - Libra: Cryptocurrency By Facebook (In 5 Minutes)
Reading Time: 2 minutes

 

It is very difficult to believe that there are still some people out there who don’t have access to basic banking needs and 31% of the population is still unbanked and 85% of transaction happens in the form of cash even at this extent of modernization where digitalization completely took over the world.

The idea of designing a currency which enables access to currency and empowers the whole world is ignited by considering all these circumstances and finally it happened.

One of the most reputable and popular social media giant FACEBOOK has taken a step to improve the financial conditions and infrastructure and introduce Libra.

Libra is a decentralized cryptocurrency build on blockchain technology, it ensures the safety and enables access to everyone no matter where you are from or who you are.

Libra is for everyone, you may be in one corner of the world and you want to send money to another corner, with Libra it is possible within seconds and there is no reason to worry about transaction charges because the transaction charges are very minimal.

A reserve is made for Libra which prevents it from falling into speculation theories and to keep the value of Libra stable.

There are massive fluctuations in the value of other cryptocurrencies, but in the case of Libra it is different, even a common will guess what will be the value of Libra coin in the future.

Reserve is backed by a set of stable and liquid assets, it works with a competitive group of exchanging platforms, which boosts up the confidence of consumers that they can resale their Libra any time they want at a good value.

Although the developer of Libra is Facebook that does not give the right to control and authorize the operations. They have formed an association named The Libra Association. The members of the association are formed by the validator nodes of the network, any institution that controls a validator node and claims stake can become founding member.

As Libra is powered by Blockchain technology it prevents attacks on Libra with the help of LibraBFT (Byzantine fault tolerance) and it is allocated in a way to control both ownership and transfer of Libra.

The Move is a new programming language used in Libra. It executes custom transactions and smart contracts. The significant feature of Move is that a means can never be copied it can only be transferred among program storage locations.

The safety of Move allowed to execute important parts of Libra Protocol in Move, inclusive of Libra coin, validator management and processing transactions.

The organizations that wish to become a founding member should meet a specific list of criteria, once they are in will be offered with Libra Investment Tokens, incentives and transaction refunds.

Considering all these factors one can clearly say that Libra will definitely revolutionize the digital currency field and it will help millions of people to experience the money in a never before way.

Checkout the following infographic on – Libra: Cryptocurrency By Facebook (In 5 Minutes) – Developed by Karthik at MrBTC.org.

Libra: Cryptocurrency By Facebook

Continue Reading
Advertisement
NSoft

Global Gaming Industry Newsletter – Weekly Digest (sent every Wednesday)

Please select all the ways you would like to hear from European Gaming Media and Events:

You can unsubscribe at any time by clicking the link in the footer of our emails. For information about our privacy practices, please visit our website.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here. Read more about European Gaming Media and Event's Privacy Policy and Terms of Service.

Subscribe to our News via Email

Enter your email address to subscribe to our news and receive notifications of new posts by email.

Latest by author

Trending

Notice for AdBlock users

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.