Adapting to Change: How Online Casinos Respond to Credit Card Bans
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There are a few things that this ban did to online casinos. The first one is decreased revenue. Casinos started making less profit, originally as soon as the ban became active.
Most operators and players started looking for alternative payment mentors. In particular, the popularity of casinos that work on these conditions with cards is growing. Such credit card casinos are available on NonGamStopBets and it makes it easier for players to gamble in ways they want. Obviously, credit cards aren’t the safest payment method when we talk about gambling, but people like it and casinos try to adjust their banking options to players’ demands.
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Some players opted for cryptocurrencies. This was a logical choice due to the fact cryptocurrencies are more and more popular today and most sites will accept them. Other players went for other payment methods. The irony in all of this is that you can use a credit card to fund an account in an e-wallet and use that e-wallet to gamble.
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All of these affected bonuses and promotions. At first, the bonuses started to decrease and they became less appealing to players. Most operators changed the offers they had available and they started to limit them or add them when a player uses another payment method.
On the other hand, we can see that some operators started offering massive bonuses when a player uses cryptocurrencies or some other payment method. We believe that operators will find a way and they will still make sure that online gambling is fun and rewarding.
Gamblers’ Perspectives: Adjusting to a World Without Credit Card Gambling
If you ask someone about credit card gambling ban, he or she will probably dislike it. The main issue for that is related to convenience. Now it is not possible to use a credit card and fund an account in some casinos. Obviously, gambling with a credit card has its own pros and cons, but the full ban only pushes players to find new ways how to use it. You will have to use some other method which means you need more time to set it up and make it work. If a player needs 2 minutes to deposit with a credit card, he will need a lot more time the first time he wants to do this. He will need to set up a new payment method, fund the account, and more.
The ban changed the spending habit as well. This is one thing that is very interesting. Some players decreased how much they spent on gambling. Others increase it. They started using other payment methods that are even safer and faster than credit cards.
The last issue here is the effect on the card rewards. Because a user cannot use the card for the things he wants, he will not get the rewards. The same applies to loyalty points the bank will pair with the card in question.
Consequences for Credit Card Companies
While the ban may look like a perfect thing, it is far from that. First of all, banks and credit card companies are losing money. In a country where over 36 million people gamble, the total loss on fees and transactions is massive. The same thing affects casinos. They noticed a decrease in deposits and overall profit.
A much better and much-needed thing is for the credit card companies to adapt and make sure they adapt. They can enforce limits and not a complete ban. They can also make sure that certain credit cards or players with credit scores can use a card to play casino games.
Even more important is the fact that these companies can promote responsible gambling. They already have a lot of users so they only have to notify them. This is something that even your bank should do.
The Broader Implications for the Gambling Ecosystem
The ban we are discussing here has a huge effect on the whole gambling industry. Now only casinos are affected. Marketers and affiliate companies are affected as well. They have fewer sites to promote and they will get fewer users/earnings. All of this means that the industry is going to suffer any time soon.
We also have noticed that the ban affected the payment method industry. New payment methods started to arise and they became more effective and more appealing than ever before. At the same time, we noticed that these payment methods are even safer to use, more appealing, and overall, more desirable.
The ban does have some positive effects on player protection. Players who were worried about their gambling addiction and used credit cards don’t have to worry. The ban is reasonably effective and it does make online gambling a bit safer. But the result is not as massive as authorities have expected.
The credit card ban has been an interesting choice and one that affected a lot of operators. The profit is decreased already and the number of players has changed as well. This affected shareholders in a negative way as well. Still, responsible gambling is not promoted as much as needed and even this ban didn’t change that. Further research is needed and further regulations and, limits should be implemented in order to make the ban more successful and more desirable.