Update 14/04/20: Revolut Stops Accepting Gambling Transactions

1. Revolut and Bookmakers/Gambling sites So in the recent days, it seems like Revolut discontinued support for some online bookmakers such as bet365, betway, unibet. I for one am affected by this as I use my Revolut.
2. It can make finding the best sports betting sites in the USA that accept your favorite payment method a challenge. This article takes a look at the Venmo payment method and compares it with other options, such as debit cards, prepaid cards, and even pay by mobile.
3. All Casinos Accepting Revolut. Two More Pennsylvania Casinos Join US Sports Betting Revolution 2018 Dec. Relax Gaming Adds Revolver Gaming to Powered By Content Distribution.

According to an email sent on the 14th April 2020, Revolut are no longer able to process any form of gambling transaction. The email quotes a new requirement from the UK Gambling Commission that prohibits betting sites from accepting deposits via credit card or pre paid card:

There was a brief period where a few online gambling sites accepted Revolut, but that was obviously short lived. We recommend using MST prepaid gambling cardsor using Bitcoin as your prepaid gambling deposit option. Casinos That Accept Revolut Prepaid Deposits Sportsbooks That Accept The Revolut Payment Option.

“The new requirements mean that UK gambling companies cannot accept credit cards or payments made through a “money service business” such as Revolut.”

More can be found here.

Update 16/09/20: Revolut Now Offering Debit Cards

In another twist to the tale, Revolut have started offering full Visa Debit Cards to their customers. The UKGC rules only restrict the use of pre-paid debit cards (and credit cards in general) for gambling purposes so the new cards should work.

We’ve tested this and managed to make a successful deposit into a UK betting site via Revolut, but you will need to order a new debit card first if you’re currently using an old pre-paid number.

Original article dated 13th March 2019

There have been a number of interesting moves in the banking world in recent times around the idea of helping consumers restrict the use of their bank accounts with gambling companies. They’ve generally been seen as a good thing, with Barclays Bank allowing customers to opt out of being able to use their bank account with betting sites which is a great move towards helping for problem gamblers.

On the other end of the spectrum, however, some users have started reporting that digital bank Revolut has been blocking transactions from certain online bookmakers without being asked. This came as a shock to many punters who use a dedicated Revolut account for their betting activities. After all, what good is a bank account if you can’t use it to spend your money how you want.

Spoiler: Thankfully after a bit of digging it appears as though it is down to a simple administrative issue. I’ll get to the nitty gritty of it later in the post.

What Is Revolut?

For those of you that don’t know, Revolut is part of a new breed of banks that only operate online and have no physical presence. You will not be able to go into a branch of the bank on the high street and meet with the manager to discuss your account, for example. Instead, the entire operation is an online enterprise, with banking mainly being done within an app. You can open a current account in minutes, set everything up to operate how you want it to rather than how the bank thinks you should and get a notification every time you make a transaction, reducing the chance of your card being used fraudulently.

I first discovered Revolut personally when I was going abroad and discovered that it offered excellent rates for transactions made on card, meaning that I didn’t need to worry about how much cash I took with me. I’ll confess that I’m yet to take the plunge and move all of my transactions over to the card, instead sticking with my high street bank and just using it for occasional banking needs like holidays. Still, it has emerged as one of the market leaders, along with other similarly positioned online banks like Monzo. Is it the future of banking? I’m not so sure, given that most people still prefer the idea of being able to walk into a branch and deal with real people rather than do everything online.

The Reddit Thread That Has People Worried

Now that we have a better understanding of what Revolut is as a concept it’s worth having a look at where the rumours of the online bank refusing gambling transactions came from. The story emerged, as so many of these stories tend to do, on Reddit thanks to user Bearly_funny. He opened a thread in which he explained that the bank had seemingly ‘discontinued support’ for bookmakers with which he held accounts. He said that the first time he’d found anything out about it was when he received a message from the various bookies saying that they couldn’t make the withdrawals that he’d requested, noting that there was no in-app message from the company itself.

Other uses soon began commenting on the post, with ziggyz2020 making the point that there was information about gambling in the companies terms and conditions. zizp soon replied that that was specifically with reference to illegal gambling, however, and that users were entitled to feel aggrieved about the company changing rules without any notice and without a feeling of transparency for consumers. It’s likely that vlad_shirin got much closer to the likely reasoning behind Revolut’s change in stance, however, when he said that both gambling and cryptocurrency were known to be used by less reputable folk for the purpose of money laundering and that that was what the online bank were likely to be trying to avoid any accusations of enabling.

What Revolut Say On The Matter

Having read the comments on the Reddit thread I thought I’d jump onto my Revolut app and use their help function to speak to one of the advisers and see if the company could shed any light on the issue. I explained the situation to the advisor that came onto my chat, Julia, asking her if Revolut cards could be used for gambling transactions with licensed bookmakers, given the reports that some users had experienced issues.

Julia’s said that, at the time of writing, the only gambling company that Revolut wouldn’t allow payments to was Bet365. She said that incoming payments from the bookmaker were possible, as were withdrawals, but outgoing payments were not. When I asked why she said that merchants tend to be categorised by what is called a Merchant Category Code and are sometimes put under the wrong code, which is what may have happened in the case of Bet365. There was no timescale on when or if that would change.

She also informed me that the following categories are not supported by Revolut:

• Financial security brokers and dealers
• Cryptocurrency exchanges with the exception of Bitstamp, Etoro, Coinbase and Gemini
• Foreign exchange bureaus, including the ATMs of Travelex
• Unmanned petrol stations
• Motorway tolls

As far as Julia was aware, all bookmakers other than Bet365 should be fine when it comes to using Revolut’s card and online banking system.

The General Consensus

This Is Money also looked in the situation, confirming that the company, which launched in 2013, has gone on something of an anti-money laundering drive in recent times that has left a number of users without access to their accounts, regardless of the transaction that they were attempting to make. A user in Spain was unable to pay for their dinner and spent two weeks locked out of his account, for example, with other uses complaining on the company’s Facebook page about being stuck abroad without access to their accounts.

Part of the reason for the blockout is believed to be the fact that the company has expanded so quickly, with more than two and a half million users at the start of 2019 and a suspected total of three million by the end of the year. The concern from some within the industry is that the company has been unable to keep up with the compliance demands set out, requesting some users to supply them with driving licence information, photographs and even bank statements in order to allow the use of the card.

Users Often Use These Cards Just For Gambling

Certainly the one thing that doesn’t seem to be the case is the company specifically blocking the use of the Revolut card for online gambling. Both Julia’s statement to me on the matter and the report by This Is Money seem to suggest that it is a generic compliance issue rather than one specifically linked to online gambling. This will be a relief to many users, with plenty opting for pre-paid cards as their main account for gambling.

There are numerous reasons why this might be the case, with the most obvious being the fact that it allows punters to keep track of their spending. If you can only use the amount of money that is on the card in the first place to make payments then that stops people from going into an unsafe amount of debt. Instead they can simply shift money from their own bank account on to the card, stopping gambling when that money runs out. It’s a safer way to bet, which is why many will be pleased to learn that Revolut aren’t stopping them from doing it and Bearly_funny’s issue was probably more to do with the company’s decision to clamp down on money laundering compliance issues.

Guide to using Revolut in Online Casinos

Revolut Card is a card that comes with an app, and its primary purpose is to exchange funds. This is mainly a conversion app that people who travel abroad should use to exchange their currencies with minimal fees. The company was founded in 2015, and it is currently headquartered at London, United Kingdom. Let’s take a look at how this card relates to a casino.

• Exchange currencies at the best price
• There is a mobile app that helps you with your card
• The card is a MasterCard debit and available on many casinos
• More than 25 currencies available

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Revolut for Casinos: How it Works

Essentially, Revolut is a debit card which you can connect to an online casino account to deposit and withdraw funds. The principle is quite simple – enter the necessary card info when requested, and you will be able to play casino games with real money very soon.

Which Online Casinos Accept Revolut?

Revolut is essentially a MasterCard card. In other words, you can play casino games with money deposited from Revolut on any casino that accepts MasterCard. This is a pretty neat fact since the majority of casinos on the web accept it. However, some casinos might work better with this payment method, and that is why we decided to search the Internet for the casinos that are the best for Revolut. They are:

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You will not go wrong if you register on either of these as they offer a substantial number of great casino games, including slots, roulette, blackjack, and more.

Revolut for Casinos: Payment and Withdrawal Process

As soon as you register on a casino, you should choose a debit card as your preferred payment option and enter the details requested by the casino such as the 16-digit number on the front of your card and the CCV/CVC number from the back of your card. All in all, it should not take more than fifteen minutes to connect your Revolut card to a casino successfully.

Betting Sites That Accept Revolut Money

Transfers

Have you ever used a MasterCard? If your answer is yes, you are probably aware that they are one of the fastest methods of payment in the world, being able to process up to 40,000 transactions in a second. This applies to casinos as well. Depositing with a Revolut card is instant, but some casinos may take longer when it comes to withdrawals as they often choose to review payments before they release them.

Safety & Security when using a Revolut for Casinos

Revolut is a highly-trusted payment option. It means that Revolut underwent all the safety and security measures that FCA proposes and it is subject to many regulations such as the Electronic Money Regulations 2011, and Payment Services Regulations 2017. Furthermore, since the card transactions are based on MasterCard and Visa, their safety rules and protection apply – and both of these giants are well-protected and secured.

Frequently asked questions

Customer Support

The customer support is fantastic and always ready to help. They work 24/7, and you can contact them in the app. They will make sure to answer all questions you have about Revolut. Furthermore, the site offers an extensive FAQ page with a handy search bar. Finally, you are given an option to speak to the community that currently has more than three million people.

Payout Speed

Revolut is a quick payment method, and you can deposit funds in a matter of seconds. However, withdrawals may take a bit longer as casinos reserve the right to freeze them up to several days for their staff to review them.

Opening an account

Just download the app and follow the registration process. You will be able to use the benefits of Revolut soon after that.

Supported currencies

Apart from the standard ones such as GBP, EUR, and USD, Revolut also supports others such as AUD, CAD, CHF, CZK, DKK, HKD, NOK, PLN, RON, and SEK.

Alternatives to iDeal

As we previously mentioned, Revolut is a debit card in its essence. If you are not satisfied with it, you can always try ordinary MasterCard or Visa, or opt to use e-wallets such as PayPal, Skrill or Neteller.

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