Revolut Suspends UK Payments

The United Kingdom Gambling Commission has implemented a ban on Credit Card Transactions. It’s resulted in a significant fallout in the UK online gambling market. This extends towards Revolut, one of the most significant virtual banks in Great Britain, to announce that all payments from UK-established betting sites have been terminated. This information followed after a mass email was provided to all customers, indicating that the “Revolut Card” will be inaccessible moving forward.

The Fintech Financial Institution provided a precise and justified reason for their actions. Details in the email mentioned that general betting supported under intermediate licenses wouldn’t have access to the Revolut Card. This extended to consumers playing with a betting establishment that maintains licensing from a remote governing entity. Their justified reason expressed that new regulations are forcing more excellent protection for problem gamblers, ensuring they don’t use credit to fund their addictions. Revoluts sentiments concluded with their apologies towards the responsible credit cardholders that their payment and transaction services wouldn’t be accessible in Great Britain or Ireland anymore.

The UKGC

Governing forces with the United Kingdom Gambling Commission have continuously attacked their own market space. Imposing regulations are released every year, ensuring new challenges to operators. The banning of credit cards come as one of their most significant hits to the online betting space. It should be mentioned that the UKGC doesn’t impose similar regulations onto the British Lottery Corporation, allowing for consumers to fuel their scratchcard addictions with credit card finances. It shows an overwhelming bias that is prompted by jealously.

Brick & Mortar gambling markets in the UK have continuously dropped in revenue since the introduction of online betting. Imposing regulations are created to restrict online movement, forcing consumers back to standard markets. It’s suspected that upwards of 25% of consumers will stop betting with the banning of credit cards. Analysts are hopeful this valuation won’t come to fruition.

The United Kingdom Gambling Commission is also considering banning the usage of Debit Cards. It’d force these online betting sites to create Gift Cards and sell them at retail locations across the UK. Similar banning on betting-related gift cards could also be implemented. Analysts are starting to grow concerned that this gambling commission won’t stop until the online industry is destroyed.