Revolut – Becoming a Risky Bet?

28 Dec

UK Based “bank”, Revolut are showing multiple causes for concern and for some time have been heavily used by those in the poker community for high value transactions.

Throughout this year PokerTube has reported on Chris Moneymaker’s lawsuit against Paypal and fraud in the United States related to regulated online gaming sites.

Banking and payment processing are of the utmost importance to poker players. As poker is regulated differently depending on a player’s location, nationality and other factors, many banks have long considered poker a high risk activity, thus making the act of securing a bank account a matter of importance for most serious poker professionals.

Revolut specifically, removed itself from the UK Government insurance program in December 2022, whereby bank customer deposits are insured by the government and have recently announced they are delaying their shareholders report.

“As of December 2022 Revolut, as an e-money company offering digital banking services rather than a UK bank, is not signed up to the voluntary Contingent Reimbursement Model Scheme (CRM) and, unlike banks, refused to reimburse victims of authorized push payment fraud.” We will keep you updated as news develops, but those who use Revolut as their primary bank would do well to exercise caution at this time.

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