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How the UKGC Ban on Credit Cards Affected Payment Provider Industry and Consumer Habits

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Impact of UK gambling ban on industry payments
Impact of UK gambling ban on industry paymentsReading Time: 3 minutes

 

The UK Gambling Commission ban on the use of credit cards has challenged consumers and businesses, seeking to adapt to the new requirements. 

On April 14th, the new UKGC ban came into effect, prohibiting the use of credit cards to top-up online gambling accounts: the measure was instituted in an effort to mitigate financial risks for consumers and prevent them from gambling with the money they do not possess. The new regulation challenged some of the prevalent consumer habits and pushed payment vendors to expand the scope of their services.

Agnė Selemonaitė, Deputy CEO at ConnectPay, shared her insights on the impact it had for both sides of the market.
Impact for payment service providers

According to Ms. Selemonaitė, current changes the industry is going through will affect not only the bettors’ spending habits, but also payment gateway providers, aiming to supply the market with flexible, as well as compliant, solutions.

“Our focus has always been on being proactive towards any new developments in the market. That’s why even amidst lockdown we pivoted towards integrating more payment methods into our Merchant API to provide gambling vendors with more options to facilitate payments,” explained A. Selemonaitė.

According to Selemonaitė, more and more gambling sites are getting into partnerships with payment service providers, seeking to streamline settlements for their regular bettors and provide a greater on-site experience. As ConnectPay aims to continue growing its payments selection, Selemonaitė encourages operators to look into how leveraging diverse solutions could help better match their clients expectations.

As the opinions on the policy are two-fold, A. Selemonaitė noted that every decision, with the goal of mitigating risks for consumers, should be a welcomed initiative. That said, it is important that alternative solutions rolled out into the market would meet both vendor and consumer needs, but with added safety, while being compliant with the new measures. “In order for business to welcome new measures, regulators need to stay focused on setting up such an environment that fosters the development of a holistic system and doesn’t hinder scaling opportunities,” she added.
What are the alternatives for consumers?

The operators’ commitment to enable clients to continue enjoying their favorite pastime while spending within reason led betters to get accustomed with various other payment options.

Visa and Mastercard debit cards

Using a debit card is almost identical to using a credit card, with the main difference that with the prior, the funds are taken directly from the checking bank account, rather than being charged to a line of credit to be paid for later. This ensures that the bettors themselves verify payments, and help protect the account from scammers’ malicious intent.

Prepaid cards

Many providers, such as ConnectPay, issue prepaid cards, which, unlike debit, are not linked to a bank account to draw money from. Instead, the customer is spending money that has been loaded onto the card beforehand. Prepaid cards are limited by default, therefore one can only access the amount of funds that have already been vouched for.

E-wallets

Although the credit card ban extends to e-wallets, they can still be used for gambling-related payments with the exception that the service does not support credit lending. Similar to prepaid cards, e-wallets require money to be loaded prior to any transaction. It is an appealing alternative as it offers faster payouts and enables switching back and forth between different gambling sites with ease.

Cryptocurrency

Another method to deposit money is using a cryptocurrency, such as bitcoin. It provides total anonymity, as no personal details are shared with the site, making it one of the most secure alternatives. Although many do not understand the inner workings of the crypto industry, it remains a viable option for all tech-savvy betters.

Even though some may still be unconvinced about the necessity of the new legislation, it is shaping up to be a sound solution, which could lead to heightened industry transparency, as well as provide consumers with more payment options to choose from. However, its true impact on the industry will show only after some time.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: How the UKGC Ban on Credit Cards Affected Payment Provider Industry and Consumer Habits

George Miller (Gyorgy Molnar) 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.

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Lottery.com Enters Into an Agreement with Ritzio International, as it Seeks to Enter Various European Markets

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Lottery.com Enters Into an Agreement with Ritzio International, as it Seeks to Enter Various European Markets
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Lottery. com, a leading platform that allows users to play the lottery online, has signed an engagement letter with Ritzio International (“Ritzio”) in relation to an expansion of Lottery. com’s business into European markets.

Ritzio is a leading gaming brand for outstanding customer service, profitable strategy, and leadership. Its gaming venues are primarily small and medium-sized properties located in urban areas throughout Europe. Their stable gaming network provides visitors with flexible access to a growing portfolio of gaming venues, entertainment services and strict standards of quality and safety.

Europe’s gambling market is estimated to be approximately €23 billion ($27.4 billion). The addressable market in the countries that Ritzio covers includes 96 million people.

“This partnership is an important inroad as we expand our overseas operations and offer our products to new markets,” said Lottery. com CEO Tony DiMatteo. “Ritzio’s established presence and experience in the gaming industry is phenomenal and aligns well with our growth strategy.”

The deal demonstrates Lottery.com’s recent efforts to increase its international expansion and presence, with Ritzio operating more than 150 gaming halls across its Germany, Romania, and Belarus divisions, exceeding 3,800 gaming terminals and €90 million ($107 million) of annual revenue. Ritzio brings more than 15 years experience in this market. More information about Ritzio can be found on their website https://ritzio.eu/

On February 22, 2021, the Company entered into a definitive agreement with Trident Acquisitions Corp. (Nasdaq: TDACU, TDAC, TDACW) to become a publicly traded company on The Nasdaq Stock Market.

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Voodoo Ranger Becomes Official Beer Partner of Dignitas

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Voodoo Ranger Becomes Official Beer Partner of Dignitas
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Voodoo Ranger has become the Official Beer Partner of the esports organisation Dignitas.

The partnership marks the first in esports for Voodoo Ranger and features community-centric social, digital, and future on-location activations with the goal of connecting Dignitas’ vibrant fanbase through the organisation’s content creators and athletes.

Through the partnership, Voodoo Ranger and Dignitas will collaborate on exciting new content to celebrate Dignitas’ passionate esports fans and community. In Voodoo Ranger Community Game Nights, streamed live on Twitch, Dignitas athletes and content creators will square-off in battles of bragging rights and brews. Dignitas will also hold a series of fan-focused Happy Hours and release original content, celebrating the special connection between gaming fans across the world and the future of the global esports community. Dignitas and Voodoo Ranger will continue to connect gaming fans and athletes at live, in-person events in the future; offering opportunities for tasting, sampling and celebrating.

“Our partnership with Dignitas is an amazing chance to support a team and community that loves beer and all things gaming and esports but includes the community support and initiatives that we as a brewery also hold extremely close to our hearts. Cheers!” Patrick Morgan, Voodoo Ranger Community Manager, said.

“Aligning with a brand that values bringing people together as highly as we do makes Voodoo Ranger a natural fit. Community is the lifeblood of esports and gaming, and we’re proud to partner with a brand dedicated to uplifting and celebrating the lives and moments we all share together,” John Spiher, Vice President of Partnerships at Dignitas, said.

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BLAST Premier extends broadcast reach for 2021 season with eight new media deals

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BLAST Premier extends broadcast reach for 2021 season with eight new media deals
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Media deals include linear TV channels SportsMax, Nordic Entertainment Group and BOLT+ after increased viewership in 2020

Esports tournament BLAST Premier has extended its international broadcast reach with eight new media rights deals for the rest of the 2021 season.

TV channels SportsMax, Nordic Entertainment Group and BOLT+, among other new deals, will take the world’s leading Counter-Strike tournament series to a number of new regions around the world, including: Latvia, Estonia, Lithuania, Iceland, Canada, Kosovo, Pakistan, Sri Lanka, India and the Caribbean.

The new rights partnerships will extend the esports media network’s portfolio of media rights to over 35 partners, meaning BLAST Premier will be shown in 18 different languages and across 157 territories.

The announcement highlights a period of growth for BLAST’s TV and online distribution footprint after a year of increased viewership for esports. Newszoo’s 2020 report estimated a year-on-year increase in the total esports audience by 11.7% to just short of 500 million people, while revenue from media rights and sponsorships ($822.4m) was expected to account for three-quarters of the total market.

Last season, BLAST Premier enjoyed increased viewership and more than 83 million hours of content watched across all seven of its Counter-Strike tournaments while posting the most watched CS:GO online match of all time during the Global Final.

Alexander Lewin, VP of Distribution and Programming for BLAST, said: “We are thrilled to see so many new partners join the BLAST network of leading TV and online channels. These deals will offer even more fans the opportunity to tune in to watch BLAST Premier from around the world, which is now accessible in over 150 territories and 18 languages. We expect to continue our path of expansion during an exciting period of viewership growth at BLAST Premier and in esports.”

BLAST Premier is a global Counter-Strike tournament series that unites all major events, offers opportunities to all regions across the globe and crowns the world champions of CS:GO. Up to 32 teams will take part in the seven BLAST Premier events this year with a combined prize pool of $2,475,000 on the line.

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