Ukraine's National Bank prohibits using credit for gambling activities.
The Ukrainian National Bank (NBU) has implemented a prohibition on gambling using credit to safeguard the integrity and stability of the financial sector and combat gambling addiction within the nation. This ban encompasses all types of gambling activities in Ukraine.
Decreasing financial risks through the prohibition of credit card gambling
As per an article published on gambling news platform YOGONET [English link], the NBU aims to mitigate the financial risks associated with excessive spending by gamblers in online casinos and betting providers through the ban on utilizing borrowed funds for gambling purposes.
The initiative was prompted as early as April, when President Volodymyr Zelensky ordered an investigation into gambling-related issues in Ukraine. The scrutiny was triggered by the rising concern over gambling addiction among Ukrainian military personnel, which was brought to light by a petition. Soldier Pavlo Petrytschenko disclosed in April 2024 that numerous military personnel were using their income for gambling, with some even resorting to loans due to the escalating stress and psychological pressure.
Consequently, around 2,500 unlicensed gambling platforms operating illegally in Ukraine were blocked. The dissolution of the national regulatory authority KRAIL was also necessitated due to complications in the regulation and administration of gambling.
Availability of credit card gambling in Germany, Britain, and other nations
In Germany, despite stringent regulations, it remains feasible for gamblers to engage in gambling activities using credit. Both with online casinos and licensed betting providers by the Common Gambling Authority of the States (GGL), gamblers can utilize credit cards such as Visa and MasterCard for their transactions.
However, this is not the scenario in Britain, where a credit card ban for gambling has been in effect since 2020. In Australia, the credit card ban on gambling took effect on June 11, 2024.
It remains to be seen whether the credit card ban enacted by the Ukrainian National Bank will have a positive impact on gambling prevention within the nation.
The article on YOGONET discusses how the NBU aims to reduce financial risks by banning the use of credit for gambling, citing concerns about excessive spending and gambling addiction among Ukrainians.
Following the ban, an investigation into gambling-related issues in Ukraine was initiated by President Volodymyr Zelensky, prompted by rising concerns over addiction among military personnel.
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