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Online Casino firms fear more regulation from the UK Gambling Commission

 

The UK Gambling Commission is famous for the firm manner in which it monitors the online casinos and bookmakers. Those who apply for a license from the UK watchdog need to abide by the strict standards imposed by the regulator. If they fail to uphold their end of the deal, they expose themselves to heavy fines and even the suspension of license. In recent years, the UK GC has stepped up its game and online casino firms are concerned by the prospect of even more regulation in the years to come.


E-wallet and credit cards restrictions


In 2020, the UK GC design with that it is time to take a stand against credit cards and e-wallets. These are some of the most popular financial instruments at online casinos but they can no longer be used to gamble at licensed casinos which can be found at sites like newcasinosites.me.uk who review and verify them. The decision to restrict the use of these payment methods was prompted by the arrival of the coronavirus pandemic and subsequence lockdown. Having said this, the UK regulator considered the prospect of banning credit cards for quite some time to protect vulnerable players.

Credit cards have the uncanny ability of allowing players to spend significantly larger amounts than what they can afford to lose. Having access to additional funds is reassuring, but there are obvious problems when the money can be used for online gambling. Essentially, players are only one click away from reloading their account after suffering significant losses. With problem gamblers being known for chasing losses, using borrowed money to play further is particularly risky.

The decision to ban credit cards for gambling makes perfect sense under these circumstances, but e- wallets were also excluded. PayPal, Skrill and Neteller can no longer be used at UK casinos to gamble, which is a bit surprising. The reasoning behind this decision is slightly different and has to do more with accountability than preventing addiction. Setting up an e-wallet account takes only a few minutes and there is less information that players need to share.


Maximum bet restrictions are looming


The UK Gambling Commission is also pursuing different avenues when it comes to regulating online casinos. One of the decisions that is particularly frustrating for Internet casinos is the one to limit the maximum amount that players can wager on slots. The proposed changes would prevent players from betting in excess of £2 when spinning the reels of slots. This will bring the online games in line with the betting limits that currently apply to their counterparts from land-based casinos.

The UK GC claims that such restrictions are needed to limit the amounts players lose over a short period of time when spinning the reels of slots. Meanwhile, online casino firms fear that more regulation from the Gambling Commission would only encourage players to choose unlicensed operators. They claim that when players are facing strict limitations, they get creative and find ways around these prohibitive rules. For the time being, it looks like the UK Gambling Commission doesn’t hesitate to act decisively when it feels that certain measures are needed to protect players and maintain a secure gaming environment.


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