Why do gamblers want to use "Credit Cards" to post up funds

[Dante]

Why would you want to do this? You borrow money from your Credit card(which could be seen as a cash advance by your cc company) to post up at a book . If you lose you not only lose the money at the book but now your stuck paying for this , take 1 dime for example, for a long time , Especially if you make the min monthly payments on your card with all the interest piling up?

This is just my opinion , BUT if you do not have the actually funds you should not be wagering...again JUST my opinion. Perhaps im WAY off base with this and someone could enlighten me. thanks

 

[TheGeneral+]

The player should have the funds ready to pay off the card on the 1st statement thus no interest if paid in full. If the player does not have the funds to pay the card in full then they should likely not be using the card to fund gambling habits. Credit cards are a very nice option if used with discipline.

 

[newbie666]

some books don't like to accept credit cards... in a dispute, you can claim your bank you never did any transaction with an offshore book...

easy for swindlers....

 

[Halifax]

Dante, for a financially responsible bettor, it's a great option to use.

Let's say you want to send $1,000 to a sportsbook:

1. Make a $1,000 payment on your credit card (now you don't have to worry about paying anything off - you've already put the money on your credit card).
2. Deposit $1,000 to the sportsbook using the credit card.
3. You earn air miles / travel miles / reward points for the $1,000 "purchase" (if your credit card is one that offers these perks).
4. In the unfortunate event that the book goes belly up, you have an added layer of protection, because you might be able to charge back your $1,000 deposit.

 

[Dante]

good point hali..I never thought of that route...

but I wonder how many actually do as you say here which makes alot of sense

 

[oldmantime]

I think MOST gamblers want to use credit cards for the SAME reason that books prefer to get paid before the event takes place.
Just my opinion!

 

[TheGeneral+]

Credit cards are like many things. They can be good or bad. It's the abusers who make it tougher on the rest of course. Credit is a dangerous avenue for many.

 

[TheMDKid]

Halifax is right. Back when credit cards were universally excepted by all books, it was the perfect deposit option, and for all the reasons he stated. Using cards that gave cash back bonuses was nice, but the REALLY BIG benefit turned out to be the charge back option. It was a life saver for me, personally. When Aces Gold went belly up, I charged back all the deposits I made there and recouped 90% of what I would have lost. Only the deposits that I made that were more than 6 months old were not honored.

 

[sherman]

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by The General:
Credit cards are like many things. They can be good or bad. It's the abusers who make it tougher on the rest of course. Credit is a dangerous avenue for many.<HR></BLOCKQUOTE>

The abusers are who makes it possible for you to have a credit card. If they didn't mak money on interest charges and late fees, you would not have the option of paying off your bill each month.

 

[dickman]

I could understand when a player doesn't get paid back and has to chargeback. Nevertheless, there exists a lot sore losers whom decide to chageback so that they don't have to pay the credit card bill resulting from their gambling. When this occurs, the sportsbook can't do absolutely anything to prevent the chargeback and ends up having a loss. Let alone be required to pay a chargeback fee.

 

[Wizzah20]

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by Alex the Great:
I could understand when a player doesn't get paid back and has to chargeback. Nevertheless, there exists a lot sore losers whom decide to chageback so that they don't have to pay the credit card bill resulting from their gambling. When this occurs, the sportsbook can't do absolutely anything to prevent the chargeback and ends up having a loss. Let alone be required to pay a chargeback fee.<HR></BLOCKQUOTE>
How in the world do people get away with this?

They just call up and say I DONT WANT THIS CHARGE..and VISA says OK.

LOL

There are some real special ppl in the world.

 

[TTinCO]

Dante, back when it worked(

), I LOVED my debit\visa card. Instant in, instant out. There are a few reasons why the books hated them, but for the most part, those days are over.

Crackdown 2004 is in full operation.

 

[dickman]

They get away with it because the credit card prefers to chargeback rather than to go to a collection agency.

 

[oldmantime]

Credit card companies---Absolutely LOVE to gamble. Yes--pay in full each month--you,re worth nothing to them. Carry a balance---the JUICE 19% is like hiting a 3 team parlay! And they KNOW it!!