How To Use Credit Cards Safely When Placing Bets

It’s easier than ever to place bets as more and more online sites continue to pop up, providing fresh avenues for gambling. Laws in the U.S. regarding online gambling have started to relax, although there are still some things to keep in mind, especially when it comes to placing bets using credit cards.

Get Our Activist Investing Case Study!

Get the entire 10-part series on our in-depth study on activist investing in PDF. Save it to your desktop, read it on your tablet, or print it out to read anywhere! Sign up below!

Q3 2020 hedge fund letters, conferences and more

Beware using credit cards

One of the best and worst things about credit cards is that they make it easy to bet as much as you want on anything. In most cases, deposits made using credit cards are instantly available in your account, and using a credit card on a gambling site often comes with no fees.

Michael Mauboussin Tips From Great Investors [Pt.2]

charles munger moat valuewalk Charlie Munger competitive advantage great companies great brands GARP value investing value investors Google Alphabet profit margins Berkshire HathawayThis is the second part of a short series on Michael J. Mauboussin's research document reflecting on 30 years of Wall Street analysis published in 2016. Q3 2020 hedge fund letters, conferences and more The document outlined Mauboussin's observations of successful investors throughout his three decades on the Street. This article starts at point six. Read More


However, for those with a gambling problem, credit cards can make everything too easy. Even for those who aren't addicted to gambling, credit cards can make it too easy to bet more than what you can afford to lose. One way to tackle this problem is to use a prepaid debit card instead. That will allow you to deposit a set amount of money onto the card, which should help you limit your losses if you place some bad bets.

Tips for placing bets safely using credit cards

It's important to note that if you're going to use a credit card to gamble online, you should probably make sure you have a Visa card. Pretty much every online sportsbook accepts Visa as the go-to credit or debit card. MasterCard is also accepted by many sites, although not nearly as many sites that accept Visa cards. Other credit cards like Discover and American Express are rarely accepted, although a few sites do accept them.

The key to gambling safely online using a credit card is to be careful about the sites you gamble with. It is also advisable to use a secured credit card to ensure that your bets go through. Some cards will block any attempts to deposit money to a gambling site. This is especially true for cards that have been authorized for international use. To ensure that your gambling deposit will go through, you should call the credit card producer and notify them that you will be using it for gambling.

It's also a good idea to use a secured card that has a strict limit so you don't gamble much more than you can afford to lose. This will keep you from chasing losses in an attempt to earn them back after they reach a certain point.