Key facts on credit card gambling

In the ever-growing online casino industry, there are now several payment methods to choose from. From the beginning, there were debit cards before technological evolution paved the way for onlineThere are occasions when we here at ReadyBetGo want to bring you interesting facts about the gambling industry  When something catches our eye, we will publish it for your enjoyment. 
  options such as e-wallets and bank transfers. Nowadays, payments services provided by tech giants, Google and Apple, enable individuals to load their personal cards onto an app to make tokenised payments without transferring any personal information.

However, amongst all the payment methods listed so far in this piece, there is one major option missing. That is of course the credit card. Online casino operators have constantly been evolving and introducing new options in all domains that make up the overall package; on the virtual gaming floor, in the number of languages offered on a platform or the customer support options.

However, one thing has remained consistent from the beginning, the ability to use credit cards to fund online casino game play. That is until now. For those looking to use credit cards for gambling purposes, here are a few important things to note.

No Longer Universally Recognised

For decades, credit cards were accepted as a recognised payment method on all online casinos. However, with attitudes towards wellbeing, especially on gambling, shifting in society, more markets are banning the use of credit cards on online casino platforms. The United Kingdom was the first leading market to ban the use of this payment method, putting these restrictions in place in April 2020. 

Since then, other countries around Europe are looking to do similar, with bans already in place in Sweden, as well as international markets such as Brazil and Australia. It is certainly worth checking which payment methods are accepted before registering with a provider if credit card is your preferred choice.

Watch Out for Fees

While there are many advantages when using a credit card such as speed of transfer and high levels of encryption security, using this method often triggers fees charged by credit card companies. Depending on the online casino platform, this could range between 2.5% and 5%. Reputable online casinos will not withhold this information, and it is often listed when attempting to make a payment for what is effectively a transaction fee.

Credit card issuers add on this value as a cash advance fee and generally, interest is applied immediately. Reputable, licensed credit card casinos will also have more information on the role of credit cards on their platforms in their Terms and Conditions section, with links usually located at the bottom of each online casino webpage.

Play Responsibly

Across the online casino market, the number of online casinos where credit cards can be used has reduced over the years. With e-wallets, wire transfers and even cryptocurrency emerging as recognised payment methods, alongside the increasingly important topic of mental health and wellbeing, markets worldwide are erring on the safe side and applying caution to the use of credit cards for online casino play. 

Despite that, credit cards are still a viable and popular payment method in many markets. Identifying them has become more challenging though. Nevertheless, online casino enthusiasts are still swayed by credit cards due to rewards linked to depositing via such a method. Credit cards might have an impending expiry date on online casino platforms, but until then, players in certain markets will continue to reap the benefits.