Fintech bank Revolut has suspended payments to and from gambling sites in accordance with the Gambling Commission’s review of online gambling and the Government’s Review of Gaming Machines and Social Responsibility Measures.
The start-up informed its customers via email, in which it states: “From 14 April 2020, our UK customers won’t be able to use their Revolut cards for any online or offline gambling payments in the UK.”
The requirements state that UK gambling companies cannot accept payments made via credit card or “money service businesses” like Revolut.
The statement continues: “This applies to all non-remote general betting, pool betting and betting intermediary licences, and all remote licences. While many people gamble responsibly using a credit card, the aim of these new regulations is to help protect those most at risk from gambling money they do not have.”
From today, any consumer gambling online or on the high street will not be able to use a credit card as payment. This extends to credit card gambling through e-wallets. This is an important step forward in protecting the 10.5 million people who gamble online from harm. pic.twitter.com/1lxD293TlS
— Gambling Commission (@GamRegGB) April 14, 2020
While the ban of credit card deposits was an expected move from the government, the inclusion of “money services businesses” has caught many by surprise.
It’s worth noting that Revolut offers stock market and cryptocurrency investments, both of which are considered gambling in some areas of the world.
There has been no indication so far that Revolut will suspend these services, although it may have to tread carefully to avoid the ongoing regulatory clampdown on the iGaming industry.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.