Revolut to Ban Credit Card Deposits to Gambling Sites

Revolut to Ban Credit Card Deposits to Gambling Sites

Revolut, a financial technology company, plans to prohibit credit card payments to gambling websites in Ireland, following a similar action taken in the UK a few years back.

Why May Revolut Ban Credit Card Deposits at Online Casinos?

A gambling block function that instantly limits credit card transactions to gambling providers like wagering outlets, new gambling sites, and sports wagering applications may have already been enabled by users in their mobile applications. However, more precautions are planned.

Revolut is preparing to prohibit the utilization of credit card payments on online casinos in Ireland, strictly as they undertake in the United Kingdom. This is to supplement the 48-hr gaming block that everyone may now trigger individually, as told by Revolut's representative. 

What Happened?

Revolut informed its UK customers in April 2020 that, due to an examination of the nation's legalization of web-based gambling, they were not permitted to utilize their Revolut credit cards for fast transactions related to gambling, whether it be conducted via the web or offline.

According to a UK Gambling Commission ruling, wagering operators are prohibited from taking credit cards or payments processed via e-wallets.

The goal behind the ban, according to Neil McArthur, then-CEO of the Gambling Commission, is to "minimize the likelihood of harm to clients from gambling with funds they do not possess" . Card-based gaming can cause "significant financial harm," he added.

Why Won't Revolut Let me Gamble?

Similar to the UK's provision, Ireland already started tightening their gambling rules and regulations, especially in the card payment sector. As an action to these changes, Revolut initiated banning the use of credit card deposits when gambling online. This is due to the recent analysis made by the commission that gambling operators are taking advantage of this form of payment. Therefore, to protect the interests of the players, Revolut wants to impose a ban on credit card payments. 

Although Ireland would much rather have credit cards completely banned from usage in gaming, third-party alternatives are acceptable. Thus, transactions sent to gambling websites using Google Pay, Apple Pay, and other services aren't prohibited.

This does not indicate that government actions won't eventually bridge the gap. When the new gambling regulation is prepared, it will be granted more control over transactions. This will provide it with the option to either forbid or permit the use of third-party payment methods including transactions made with credit cards.

Conclusion

This move by Revolut will indeed affect a lot of Irish players who leverage the use of credit cards. However, it has a decent reason why it should be banned since it is used to take advantage of the players' eagerness to hit the jackpot as per the assessment of UKGC. Therefore, players can find other payment methods that are more favourable for them the moment this credit card ban is implemented.

John Gold