The payment system Revolut is blocking credit card deposits to gambling sites in Ireland. There is an imposed ban on credit card payments in the UK and Ireland, but casino players have found a way to bypass it by using contactless apps such as Revolut.
To prevent players from funding their casino accounts with a credit card, Revolut has developed a technology that detects when the banking app was funded with a credit card and blocks the payment if the customer wants to use the money for depositing to an online casino.
The decision comes after people helping gambling addicts called for stronger measures and described Ireland as the “wild west” as far as gambling legislation is concerned.
Revolut is a quite popular payment option in Ireland, so the ban would definitely have a negative impact on bookmakers' revenues. Credit card betting is against Ireland’s “Safer Gambling Code” and many leading bookmakers allow Irish players to make credit card payments. However, they do not allow such transactions in the UK where credit card deposits are prohibited by law.
At the same time, the ban is seen as a testament to the role the new regulator is going to assume. Ireland is moving closer to introducing a new regulatory body to monitor the gambling activities on the territory of the country. The Gambling Regulatory Authority of Ireland will be focused on customer protection and safety. Advertising and sponsorship limits are also likely to be introduced. The new Authority will also investigate money laundering, prosecutions, and impose sanctions, if needed. The new Irish regulator is expected to start the gambling law reform early 2023.
Read more: Revolut accepting casinos