Revolut halts UK gambling payments after credit card ban
Banking services provider Revolut said it will no longer allow its cards to be fund online or offline gambling payments in the UK following the introduction of the online credit card betting ban.
The new requirements, which came into effect on 14 April, mean UK gambling operators can no longer accept credit cards or payments made through a money service business such as Revolut.
Announced in January by the Gambling Commission and the Department for Culture, Media and Sport, the ban applies to all online and offline gambling products, with the exception of non-remote lotteries including physical National Lottery tickets and scratchcards purchased at retail outlets.
The rules also cover credit card gambling through e-wallets, while operators can only accept customer payments via e-wallets only if they prevent credit card use for gambling.
“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,” Revolut said.
“If you currently use your Revolut card for gambling payments, then from 14 April, you’ll need to use a different, non-Revolut, non-credit card instead.”
In February this year, the business was named the UK's most valuable financial technology start-up, following a £4.2bn funding round. This more than tripled the company's value, and saw Technology Crossover Ventures, a venture capital firm that has previously supported the likes of Netflix and Spotify, invest $500m in the business.
Jake Pollard analysed the wider impact of the ban on the industry and problem gambling rates in a piece for iGB in March.