Credit cards have been one of the most used and desirable payment methods on online betting platforms. This method has multiple advantages and a few drawbacks attached to it. There are multiple credit cards available like Discover, Visa, Mastercard, and American Express. According to the 2023 Credit Card Statistics and Trends, this is probably the most popular payment method in the world – including, in particular, such forms of entertainment as betting on sports or gambling at online casinos. But has it always been this way when it comes to gambling?
How Come Sports Fans Started Using Credit Cards So Often?
Credit cards are very popular on sports betting platforms. The main reason behind it is that they have been one of the first payment methods for decades. When online sports betting platforms were launched in the 90s, credit cards were popular but e-wallets and other payment methods were not known. Early online bookmakers started to adopt this payment option first which became a trend.
With modernization, all newer sportsbooks have also expanded their payment options. But, if we talk about the advantages or disadvantages of this payment method, you’ll see that credit cards are still in use today due to their benefits. Most punters still prefer to use online platforms for cc betting and are likely to continue using them in the future as well. Why? Let’s see.
Why Using Credit Cards for Sports Betting Is Popular
Using credit cards for sports betting offers a massive list of advantages. These are something that all punters get and help them to play longer, enjoy in-depth and skip complications or issues. We will be looking into the main pros of using credit cards for betting on sports.
Imposed Limits
Some punters feel that using credit cards for gambling on sports should be avoided since there are no limits. However, in reality, all users have certain limits that would depend on their salaries and multiple other factors at the bank. The more money one makes, the higher the limit one would have. But, all users do have a set limit which means that one cannot deposit more than his limit.
Cashback Option
If you spend money or pay at betting platforms using your credit card, you might get it back. First of all, most online bookmaker websites offer you a cashback. It is something like 5% losses in a week. The bank that issues a credit card also gives certain points or cash to maintain customer retention. Thus, it is a win-win situation since additional points or cash can be used for gambling as well.
Safety Levels
It is an obvious advantage since credit cards are extremely safe to use and there lies almost no reason to worry about them. All credit card transactions are secured with three layers of protection. 22% of UK-based punters prefer gambling using credit cards as per Reports by Inventia in 2022. 10.5 million gamblers use credit cards. Many punters if not all use credit cards, even multiple ones at times. This omits the hassle of opening a new account or performing verifications or additional steps in order to create a method for depositing at online bookies.
Easy Usage
It is next to impossible to find sportsbooks that support credit card options. As mentioned earlier, almost all online betting sites accept this payment option and will continue to accept it.
Arguments Against Using Credit Cards to Bet on Sports
Credit cards do not scream perfection, especially when it comes to payment methods used for gambling. There are many reasons to avoid credit cards for betting. Some of the drawbacks of using credit cards for betting on sports are listed below.
It Is Not Your Money, Exactly
Basically, if you use a credit card, you are using money that does not belong to you. The money is technically owned by your bank and you have to repay it back. Now, imagine a scenario where a punter spends and loses a lot of this credit. In such a scenario, the punter could go bankrupt while replaying the amount.
Additional Fee
Credit cards ask users to repay the money to the bank within a certain amount of time, otherwise, additional fees are added. Thus, punters would have to pay for them within the stipulated time or pay even more due to added interest. This is, however, a well-known fact about credit cards that all punters are aware of.
Cannot Be Used Everywhere
Credit cards cannot be used for sports betting in all domains or countries that do not allow withdrawals of gambling wins like in the United States. The same issue can be seen in many more countries as well.
In a Nutshell
Before credit cards were banned for gambling by the UKGC, they had been an extremely popular method for usage on online sportsbook sites in the UK. However, in many other countries, as well as at the non-UKGC sportsbooks, credit cards are still considered to be the best betting option and will continue to remain desirable and popular since the advantages overpower the cons.
