Revolut plans to block credit card payments to betting firms in IrelandBlathnaid O’Deaon January 21, 2022 at 14:13 Silicon RepublicSilicon Republic

0

Fintech company Revolut has been planning on blocking credit card payments to gambling websites in Ireland for some time, according to an investigation by the Irish Independent’s Adrian Weckler.

Weckler’s investigation focused on how betting companies were profiting here from credit card payments made through contactless apps such as Apple Pay, Google Pay and Revolut.

A spokesperson for Revolut Ireland said that, “In addition to the 48-hour gambling block that all users can currently activate themselves, Revolut is already planning to block the use of credit card funds on gambling sites in Ireland, in the same way that we do in the UK.”

It is not yet clear when the company will roll out the measure here.

Revolut has blocked credit card payments to gambling sites in the UK ever since the region made an effort to clamp down on gambling. In April 2020, Revolut warned its UK customers that they might not be able to make credit card payments through the app to gambling sites following the introduction of the rules.

The UK Gambling Commission ruled that betting companies could not accept credit cards or payments made by credit card through an e-wallet. In its blog statement, Revolut claimed that the decision was “beyond our control.”

Revolut has 1.5m users in Ireland. It reached 1m users here in May 2020. As yet, there are no laws in this country which require online payments companies to block credit card payments to betting companies. Direct credit card payments are banned under industry rules, however.

Online betting is a huge source of income for Irish-based gambling companies. More than 40pc of Irish people gamble on a monthly basis or more often, and Ireland has the third highest gambling losses per capita in the world, losing €3.2bn every year.

In recent times, there have been efforts to introduce a gambling regulator here to curb problem gambling. It is not clear how this would affect online betting through payments apps.

The Irish Bookmakers Association said betting companies had not broken any rules in accepting credit card payments through the likes of Revolut, Google Pay and Apple Pay.

Don’t miss out on the knowledge you need to succeed. Sign up for the Daily Brief, Silicon Republic’s digest of need-to-know sci-tech news.

The post Revolut plans to block credit card payments to betting firms in Ireland appeared first on Silicon Republic.

Leave a Comment