Internet Gambling Credit Cards

The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Sign up for our newsletter Get the latest news, advice, articles and tips delivered to your inbox. It's FREE. Subscribe Legalized gambling is surging. Credit and debit card use has reached an all-time high. But trying to use your cards to gamble? In an era when you can use the plastic in your wallet to pay for just about anything, banks are staying cautious about allowing their customers to rack up charges at online and brick-and-mortar casinos. Nevada, Delaware and New Jersey regulators allowed online casinos to open in 2013, and other states — California, Pennsylvania, New York and Illinois among them — have discussed the idea and could consider it in 2014. Some members of Congress have even introduced bills to legalize online poker nationally.

Americans are also spending more at traditional casinos: Without credit cards, Jersey gambling stalls The take from online tables in New Jersey, which opened in November 2013, has been badly impacted by the lack of credit card cooperation. Pohlman and others in the industry are optimistic that as legalized online gambling spreads, banks will re-examine their policies and allow the transactions, which would give players the ability to easily fund accounts at online casinos. For now, most of the alternatives to fund gaming accounts are more cumbersome: Since his casino began offering online gambling in November 2013, about one-third of all credit and debit card transactions have been declined by the banks, he says. He adds he has heard that industrywide, about 70 percent of Visa transactions and 25 percent of MasterCard transactions are declined. Although those numbers might sound high, because most customers own multiple cards, only about 15 percent to 20 percent of customers are unable to use cards at Golden Nugget.

Shifting legal landscape The growth of legal online gambling is coming about because of a new interpretation of federal law. Although some of the wording is open to interpretation, the feds relied on those laws to prosecute online poker operators. But then, in 2011, the Justice Department reversed course, ruling that federal law does not prohibit online gambling within states. That cleared the way for Nevada, New Jersey and Delaware to start offering online gambling. In each state, the online gambling is limited to people in that state. In some cases, gamblers must fill our forms that show an address in the state; others rely on technology that shows where players are physically located. But because the law, the technologies and the regulations are still relatively new, some banks are reluctant to assume a leading role in processing gambling transactions.

A Bank of America spokeswoman told CreditCards. Cut off gambling fund — Close any credit accounts that could feed your gambling problem. Get rid of credit cards and especially ATM cards. Have your bank require two signatures for a withdrawal, one from you and one from a trusted friend or relative. Compulsive gamblers can get the urge to place a bet at any time. Create a buffer between you and your money. Treat your addiction — There is an 800-number national help line as well as many treatment centers and clinics for people with a gambling addiction. Therapy can help with your problem, and entering a safe environment where you can get some things off your chest will offer relief. Gambling addictions were added to the Diagnostic and Statistical Manual of Mental Disorders as a substance abuse disorder. That means your health insurance is required to provide some form of coverage for therapy through the Affordable Care Act mandate.

Explain to your friends and relatives that you have a problem. They should be understanding and admire that you are getting help. It is hard to go about it alone and much easier when you have loved ones encouraging you. Look for support groups like Gamblers Anonymous. It will be beneficial to get advice from people you can relate to, the ones that have been there and done that. Understand the term winnings — Winnings is how much money you won gambling. How much did you win? You probably know deep down that winnings does not count how much you bet, so know it up front. Daily fantasy sports are especially good at tricking you into thinking you are winning money, when in fact, you are losing. The money lost at the casino could have gone to bills and to provide for a family. Family and friends absorb the fall out that comes when gamblers start searching for ways to cover their habits and their losses.

Some of the signs that someone you know might be addicted to gambling include: Constantly talks about gambling opportunities Unable to cut back or stop gambling Willing to take high risks when gambling Takes time off from work to gamble Tries to hide gambling habits from family and friends Asks for loans to cover gambling losses Family and friends are usually the first ones to recognize these signs. There are several avenues to address that issue, but one that seldom is suggested would be to put them in touch with a credit counselor from a nonprofit debt management agency. The credit counselors can help them get on a budget and assist with things like reducing interest rates on credit cards. This is usually a long process so family and friends of a gamble should be patient while waiting for a successful outcome.

Gambling debt is no different than other types of debt. You often owe multiple people or creditors money plain and simple. You need to develop a plan to pay them back. List who you owe and how much you owe — Write down everyone you owe money too. That includes casinos, bookies, loan sharks, credit cards, overdrawn bank accounts, personal loans and home equity loans. Calculate the dollar amount you owe each of them. Pay off as much as you can — Consider selling some of your valuables like jewelry, electronics or memorabilia. Pay off what you can right away. The longer you wait, the more dangerous the situation with bookies and loan sharks becomes and the more interest you rack up through credit accounts. Consolidate your debt — Consolidating your debt gives you a clearer picture on what it will take to break even.

The basic principle is that you take out one large loan to pay off your smaller debts.

The main benefit of banking with a credit card is safety. Credit cards are a very safe, secure way to deposit or withdraw funds from any online casino. Not only that, many credit card companies offer additional benefits, from payment and fraud protection to concierge services and travel protection. Nov 27,  · Online gambling: Law bars processing credit card bets. Preventing online gamblers from using a credit card does not mean the end of online gambling. With the recent passage of the Unlawful Internet Gambling Enforcement Act, legislators hoped to ban most forms of online gambling in the U.S. Instead of criminalizing online gambling, Author: Jeremy M. Simon. Because of federal laws, banks are not supposed to process online gambling transactions, which means that financial institutions attempt to control the use of their cards at online casinos in the USA. That doesn’t mean that this is always effective, however, and many people in the United States regularly use credit cards and debit cards at Internet casinos.
Internet gambling credit cards

Merchant services and credit card processing for online gambling

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Some countries and states have designated areas where gambling is legal and those where it is not. This means that you could easily be breaking the law when pursuing online gambling with credit and debit cards. Online gambling is already illegal in the United States of America and this has led to interesting convictions in courts where credit card companies are being persecuted for preventing the activity to take place instead of the player for gambling online. No More PayPal You can no longer use PayPal as a direct payment option for online gambling and the majority of accredited online gambling sites have removed any mention of PayPal. This means that players do not have the option of transferring money from their MasterCard or Visa to PayPal accounts in order to gamble online. Credit institutions each have their own policies regarding online gambling with credit cards and it is best that you familiarize yourself with those that apply to you and your credit card company.

American Express, for instance, offers credit services managed independently from other banking institutions, while MasterCard and Visa is associated with many different banks around the world. If you still want to use your credit card for online gambling, some casinos have developed a method that bypasses PayPal and the credit card bans against online casinos. The answer is to convince yourself to stop gambling altogether, and seek psychological help for the addictive nature of the problem. Steps to Overcome Gambling Addiction Before you think about paying off your gambling debts, treat the root of the problem: Here are some ways to address your gambling addiction first. Once you get your mind right, then you can get your finances straightened out. Make a choice to quit gambling — A gambling addiction is classified as a substance abuse disorder, so treat it as such and get straightened out. To say that you are going to stop gambling implies that you may start again.

Decide yourself that you will quit gambling forever. Cut off gambling fund — Close any credit accounts that could feed your gambling problem. Get rid of credit cards and especially ATM cards. Have your bank require two signatures for a withdrawal, one from you and one from a trusted friend or relative. Compulsive gamblers can get the urge to place a bet at any time. Create a buffer between you and your money. Treat your addiction — There is an 800-number national help line as well as many treatment centers and clinics for people with a gambling addiction. Therapy can help with your problem, and entering a safe environment where you can get some things off your chest will offer relief. Gambling addictions were added to the Diagnostic and Statistical Manual of Mental Disorders as a substance abuse disorder. That means your health insurance is required to provide some form of coverage for therapy through the Affordable Care Act mandate.

Explain to your friends and relatives that you have a problem. They should be understanding and admire that you are getting help. With the recent passage of the Unlawful Internet Gambling Enforcement Act, legislators hoped to ban most forms of online gambling in the U. Instead of criminalizing online gambling, the UIGEA seeks to prohibit online gambling by requiring credit card companies and banks to stop processing transactions associated with online gambling. Immediately after the new law went into effect on Oct. Many closely-held online gambling companies continue to service U. Additionally, troubling questions exist regarding the viability of preventing online gambling related transactions. Meanwhile, some closely-held operators argue that poker, the primary driver of online gambling in recent years, is not covered by the law since it is a game of skill.

He plays occasionally on those few sites that still accept U. In his experience, a credit card company will almost always decline a purchase when it knows it is being used for online gambling. Instead, charges appear on his credit card from what appears to be some kind of retail business in China. Now, however, some states are legalizing online gambling. Delaware, Nevada and New Jersey are the three states that permit online wagering.

Author: Frank Biocca

Linkedin: Frank Biocca

Chair, Department of Informatics, Ying Wu College of Computing at New Jersey Institute of Technology.