Pros and cons of using a credit card for gambling

Back in the 1990s, when online betting on sport and casino games was in its infancy, the first and most important thing to do was to provide your credit card details. Today, there are numerous ways to place money onto your betting account, including a bank transfer or a digital wallet such as PayPal. Some people even gamble with crypto. 

Credit card payments are still popular, however, and not just among gamblers, but with the betting sites, too. As you can see on https://www.gamblingsites.org/gambling/credit-card/, there are plenty of online casinos and sports books that will happily take your card details and let you get on with your day, just like those platforms of the 1990s. But is it still a good idea?

Pros of using a credit card

Simplicity is an underrated advantage sometimes. We like to keep things easy, and simply proving the 12-digit number and a couple of other pieces of personal information is a lot less hassle than providing all your bank account details. 

Many would argue that it is more secure, too. Credit card companies typically have world-beating encryption, and offer payment protection in the unlikely event that a scammer or hacker gets hold of your details. 

You are also safe in the knowledge that your gambling money is ringfenced. Some people have a specific credit card that is only used for gambling. It means you have complete transparency over how much you are spending on your hobby and can manage your bankroll with ease. 

Even if you don’t take one out especially for gambling, a credit card is something practically all of us own. If you prefer not to go through all the rigmarole of choosing a digital wallet, getting your account verified and all the rest of it, just providing your name, address and card number means you can get into the action of sports betting or trying your luck on the games of chance without delay.

Cons of credit cards

Some regulators discourage or even prohibit the use of credit cards for gambling. Broadly speaking, this is due to fears that problem gamblers might run themselves into greater debt faster if they use credit to finance gambling. 

That is logical, but of course, problem gamblers are a very small minority. What about the rest of us? Even those who gamble responsibly need to think twice about using credit for gambling. In particular, some card providers see this not as spending, but as a cash advance. They charge corresponding fees and interest rates, which can lead to an unpleasant surprise when you get your monthly statement. 

In short, there has been no shortage of media speculation and suspicion around the topic of credit cards and casinos recently. However, there are still plenty of casinos that accept credit card payments. Always check the terms of both your credit card and the casino so you are aware of any fees before you sign up. And most important of all, remember to only ever bet what you can afford to lose.

You can view the original article HERE.