Betting with Borrowed Money: Why Credit Cards and Sports Betting Don't Mix

Sports betting is a popular pastime, but it's not always a safe one, especially when people use credit cards to fund their bets. This practice can lead to unexpected fees and debt, making it harder for bettors to win or even break even. Lawmakers and credit card companies could help by stopping this risky habit. In some states, using credit cards for sports betting is already banned, and the UK has done the same since 2020. The main issue is that bettors might not have the money they're wagering, which can lead to significant losses and debt. Plus, credit card companies often charge extra fees for sports betting deposits, making it even tougher to profit. The betting industry argues that legal sports betting is safer than illegal betting. However, using credit cards for bets undermines this claim. Safe betting means not going into debt, and credit card debt is definitely not safe. Unlike stock market investments, sports betting with credit cards is too easy and can lead to reckless gambling. While sports betting won't become a charitable industry, preventing credit card use could make it safer. After all, if you can't use a credit card to buy stocks, why should you be able to use it for sports bets? It's time to rethink how we fund our bets.