Have your say!
Is this the end of credit cards payments as we know it?
The Fixed Odds Betting Terminal (F.O.B.T) is an industrious branch. This government department has recently announced the results of their long and tenacious research. In a surprising move, the F.O.B.T announced made it known that they propose the credit card option of depositing in casinos to be stopped. You have got to understand that this is not just some small fry issue at hand. So, yes, this is absurd and what is even more preposterous is that the idea of scrapping credit cards comes from the highly regarded F.O.B.T. At this point, we have just got to sit around and wait for this impasse law to be passed. The aftermath will be a backlash of riots and mass hysteria, but no one can blame the population.
Presently, there are mass reviews in place to topple and get rid of every casino using credit card payment including Visa and MasterCard. The Digital, Culture, Media and Sports government department is shredding the point raised by the GambleAware charity. In a recent statement, GambleAware charity suggested that the use of credit card should not be promoted as it forces gamblers to spend way more than they really can afford. In other words, credit cards are an enemy to gamblers.
In a move to officialize their actions, GambleAware sent British Culture Secretary, Matthew Hancock their proposed action via a letter. As a reaction to this piece of news, the share prices have been falling all over the industry. Casinos such as William Hill and Ladbrokes have been affected pretty badly with their share price dropping as low as 12%.
A piece of news, this is not just a move, it is a ripple effect that will affect over 21, 000 people who will lose their jobs. The eradication of credit cards is not the only move set to upset the industry. If kickstarted into action, it will be followed by the reduction of maximum cost of each stake from £100 to £2! Let’s laugh together. As a result, this will see the loss of over 8.5 Billion in the space of 10 years. In simple words, lovers of jackpots will now be laid for 10, 000 instead of millions.
At this rate, panicking seems to be the only solution. And with good reason. For as long as many avid gamers can remember, credit cards have been the first choice of banking method when it comes to online casinos. Thus, having them removed at this point is a quick way of stressing and torturing most settled gamblers.
Not to worry, there might just be light at the end of the tunnel. Since casinos will still be able to offer alternative banking methods, the phasing out of credit cards does not close doors that much. The online gambling industry will turn to ewallets and bitcoins. Obviously, with cryptocurrencies, there are independent governing bodies that will control the transactions. Whatever the case, there really isn’t much to worry about. With the death of credit card payment options comes new and better and improved methods.