Following a ban on credit cards from the UK Gambling Commission (UKGC), Fintech ‘neobank’ Revolut has reported that it has suspended all payments to and from UK gambling sites, transacted through its famous app.
Revolut told its users this week that UK customers ‘won’t be able to use their Revolut cards for any online or offline gambling payments in the UK’.
Fintech Bank’s Statement read: “This applies to all non-remote general betting, pool betting and betting intermediary licences, and all remote licences. While many people gamble responsibly using a credit card, the aim of these new regulations is to help protect those most at risk from gambling money they do not have.”
The announcement follows the review of online gambling by the UKGC and the Government’s Review of Gaming Machines and Initiatives for Social Responsibility, whereby the regulator enforced its outright ban on credit card wagering for all vertical gambling.
The expected ban on all credit transactions was approved this January, marking the first industry-wide regulatory compliance action by the Commission for 2020. The credit ban extends to both vertical online and offline gaming except non-remote lotteries including physical National Lottery tickets and scratch cards purchased at retail outlets.
In announcing the ban on credit cards, the UKGC emphasised that ‘22% of online gamblers using credit cards to gamble are classed as problem gamblers – with even more at some risk of harm’. The UKGC and its policy advisors have pointed out that they believe the regulation would reduce gambling factors that cause problems.