Revolut Decide to Block Payments To Irish Gambling Sites
The online banking company Revolut have decided to block all payments to Irish online gambling sites due to a number of financial and security reasons. Revolut are one of the top online banking platforms in the world and since they exploded onto the scene a few years ago, the company has gone from strength to strength and built up a consistent user base. The tech firm is very popular in countries like America, Russia, China, and mainland Europe where it has roughly 10-20 million users, as of data acquired in December 2021.
Revolut have decided to block payments to Irish online gambling sites for an unknown reason. A report published by the online gambling firm has clarified their stance and they disapprove of the current market meaning they have decided to abandon ship. It is undoubtedly a controversial issue as they have many users in Ireland and all of them will now be restricted from any and all online gambling activity. ©Darkmoon_Art/Pixabay
Revolut have been hailed as one of the leading technology firms of the 2010s and going into the 2022, they have seen a rapid acceleration in share price and market growth. Challenging the norms of traditional banking, Revolut offer a service which is far more convenient and transparent than an average high-street bank. All the details are online and while you can get physical cards, the main bulk of its features are for online use. Despite this, they have managed to capture a significant market share while having a wide range of customer ages.
One of the main draws of the platform is the friend referral system where a referral link can be used to sign up and the link owner receives a free $10. This has lead to many students and young adults using the service. While they are accessible all over the world, they have now started to implement restrictions where they can in an effort to spare blushes in the eyes of the public. The latest edition to this list is Irish gambling sites, as anyone in the Republic of Ireland will be unable to use the online banking service for betting.
Revolut has such a convenient setup, allowing users to easily transfer funds between multiple accounts. These days it is commonly used as a method to buy cryptocurrency, as many traditional banks are refusing to allow this such as Santander in the UK. This has become very common among European banks as many of them view crypto as a direct threat to their current domination over the financial system. Revolut’s decision to remove themselves from the Irish gambling scene is definitely shocking and could cause small ripples in the local betting environment.
Ireland Are Bad Gamblers
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For some reason, the gambling scene in Ireland is among the worst in Europe, more specifically they are among the worst gambling nations in the world alongside Sweden and the United Kingdom. They have very low win rates which could relate to the land-based setup in the country, or it might be pure coincidence. Either way they have a poor track record, and this may have contributed to Revolut’s decision to abandon the Irish player base. When your customers are using the platform to place bets and they lose more than the average, it does not reflect well on the company.
It is a major concern for the government as they have been trying to prevent the increase in gambling losses for some time. However, as they have failed to live up to these promises, the government and various MP’s have begun to receive harsh criticism from the public and the media. In hindsight, Revolut have probably made the smart choice and by jumping ship they can maintain an effective user base in the country as banking networks are difficult to rearrange.
