The convenience of credit cards is often overwhelming, and their presence can cause gamblers to ignore better, faster, and more secure options for funding accounts and getting paid.
Retail locations in the United States aren’t hip to credit cards. There may be some local venues that are friendly to debit cards but definitely call ahead if you must use that method.
Cash is the name of the game if you are gambling, sports betting, or playing poker in person.
Many popular brands will accept a credit card deposit if you’re in one of the handful of states that offer online casinos and poker. The same can be said for online and mobile sports betting in states that regulate sportsbooks.
Even if they are accepted, there are numerous reasons to consider alternatives.
Five Reasons To Never Use A Credit Card To Gamble
- Many online gambling sites, whether domestic or offshore, will charge fees for using a credit card to make a deposit. These can range between 3% and 10% of the total transaction and represent money spent that players do not have the luxury of using on casino games, hands of poker, or sports betting.
- Most sites offer depositors bonuses that deliver free cash based on a percentage of the total. If a site accepts credit or debit, they will usually feature a bonus for their use. The kicker is that all of our favorite sites accept cryptocurrency and match more bonus dollars at a higher percentage when popular altcoins like Bitcoin, Ethereum, Tether, or Litecoin are used.
- It is never a good idea to gamble with borrowed money, and that is exactly what’s happening when using a credit card to fund your online betting account. Only wager with money that you have on hand. Taking a loan to gamble is also a sign of problem gaming.
- Credit cards cannot be used to withdraw money from your account. The only way to send money to a credit card is via a refund or a chargeback. Gambling winnings do not qualify as a simple return of money, and ethical banking practices do not allow online commerce to be conducted this way.
- The Federal Wire Act and the Unlawful Internet Gambling Enforcement Act of 2006 make it illegal to gamble across state lines using a casino, poker room, or sportsbook located in a state that you are not standing in. While this has limited applicability toward offshore gambling, protocols are in place at banks that can cancel any suspicious transactions if they believe the funds are intended for gaming. This means that even If you’re using an offshore gambling site, there is potential for your deposit to be interrupted or canceled outright if the banking institution. Using cryptocurrency removes government oversight from the process, guaranteeing a completed transaction.