Hot Features
Premium
Level up your trading with our powerful tools and real-time insights all in one place.
One of the most important requirements of the UKGC to license an online casino is partnering with GamStop. For that, if a casino has this service logo this means that it is holds the United Kingdom license,
Although this service started in 2018, it gained fame not only among UK players only. But, around the world! On March 31, 2021. the UK gambling committee declared that all the licensed casinos must participate in GamStop programme. In addition, they should educate players about its role through various communication means like customer care, email messages, and place the service logo on the homepage.
GamStop service started in 2018 to help players who battling online gambling addiction. This service isn’t obligatory for players, it’s completely voluntary. As the player can register at the programme to ban himself from playing at the UK casinos for a certain period ranging from 6 months, 1 year or 5 years according to the player’s decision.
However, there are many players reviews on gambling forums that indicates that this service isn’t effective, and has many downsides. Of which the most significant is that it doesn’t include all the UK casinos. But the important question here is: Does GamStop affect your credit rating? To answer this question, we must understand what is the “credit rating” first!
What is the meaning of credit score?
The concept of credit rating is applied in many countries in the United Kingdom like any country around the world. Credit rating is required by the banks to verify a person’s financial identity, income, spending and ability to repay loans. In short, a credit rating is an indication of a person’s financial stability and maturity.
Moreover, credit rating is one of the important requirements of the “Know Your Customer” protocol. This protocol procedures are crucial when requesting any loan or credit card.
Is credit score important?
Credit rating may not always be important to everyone. But it is especially important for anyone who wishes to obtain a financial loan, mortgage their home, obtain finance to open a business.
The credit score of the customer will determine whether his application will be approved. Moreover, the score of credit is at which the interest rate that will be paid by the borrower is determined. For example, if the credit score is low, you will get high interest, but if the score is high, you will get low interest.
Although the customer with a low credit score will have doubled difficulties to repay the loans and interests, more interest is imposed on him because the bank considers this deal as a greater risk and therefore, he must make a bigger profit! The bank also loves to gamble!
Can GamStop affect my credit score?
Although everyone is free to use his money, a lot of lenders are not fond of gambling! So, they may reuse to lend to people who are spending too much money on gambling.
Your participation in the GamStop program will not have any impact on your credit score. Because this service is completely confidential and does not expose your personal information or financial data to anyone. However, as you know, using the loans money in any activity related to gambling, speculation or the stock market will have a very negative impact on you!
Credit card ban
In the United Kingdom, players can block their credit and debit cards at online casinos and sports betting sites. And this procedure can be done through the bank or the betting site.
Regardless of which method you will use to block your bank cards on online casinos and sports betting sites. Any transfer of funds to/from gambling portals will be blocked. However, this procedure is only applicable to casinos with a UK Gambling Commission license.
What is GamStop?
GamStop is a free service provided to British players only. The main goal of this service is to help players overcome gambling addiction. It is a completely optional service and not compulsory at all. To be able to use this service, you must enter the GAMSTOP website and register a new account and provide some personal details such as:
- Name (job title is optional)
- Date of Birth
- Telephone number
- Residential Address
After providing these details, you will be asked to enter the period in which you want to exclude yourself from playing. There are 3 options available, which are:
- 6 months
- 1 year
- 5 years
After that, your account registration will be complete and you will be on the GamStop program. So, you will not be able to open a new account in any casino in the UK or register a new deposit on your previously existing accounts. But, do note that you may have to wait for 24 hours to activate your account
What are the advantages and disadvantages of GamStop?
There are many advantages that GamStop provides, as follows:
- Completely free! GamStop service does not require any monthly or annual fees. Because it is a free service of an independent body
- Linked to the UK license. Starting from March 2020, the UK gambling commission announced that it is compulsory for casinos to partner with this service for obtaining the license.
- Limits your access to online casinos and sports betting sites. If you feel that you are spending too much or if you are afraid of developing a gambling addiction then this service will be very convenient! As it will prevent you from registering in any casino site that holds the UK Gambling Commission license.
While the downsides of the GamStop service are:
- It is not effective. According to justuk.club, more than 55% of GamStop players think that they have registered to it by mistake when they encounter losing gaming sessions. And they don’t feel that they have a gambling addiction at all!
- You cannot get out of it easily. You cannot deactivate your account on GamStop easily. The only solution is to choose a casino that does not activate this service in the first place.
