Last week, the Illinois Gaming Board announced it intends to ban credit card deposits at the state’s domestic online sportsbooks.
The change is intended to force gamblers to use their own funds, rather than those secured via credit or loan. The ban is also expected to cause a decrease in sports betting revenue.
The regulation is sure to curb expenditures of unearned dollars and keep some problem gamblers from going further into debt.
“As part of our review, we determined that prohibiting the use of credit cards to fund sports wagering accounts is a justified and impactful advancement in Illinois sports wagering,”
Marcus Fruchter – Illinois Gaming Board Administrator
Unfortunately, if passed, it would also negate the opportunity for responsible bettors to place a timely wager with a Visa, Mastercard, or American Express.
Of the 40 US states that permit domestic sports betting, only six have disallowed credit card use at their local sportsbooks.
“There is a growing body of recent research showing that restrictions on credit usage to fund wagering accounts encourages responsible gambling and mitigates the harms of compulsive gambling.”
Marcus Fruchter – Illinois Gaming Board Administrator
Laws are already in place that prohibit the use of credit cards for casino and electronic games in IL.
The next step for this measure will be the General Assembly’s Joint Committee on Administrative Rules, where the public can share their views in favor of or against it.
“Problem gamblers are particularly at risk and studies have shown an often-problematic willingness for compulsive gamblers to use credit cards to place bets.”
Marcus Fruchter – Illinois Gaming Board Administrator
If passed, this ruling will also permit the use of digital casino accounts or wallets at Illinois sportsbooks.
Credit Card Sportsbooks In IL
Regardless of how the General Assembly rules on credit card deposits, many online sportsbooks will continue to accept deposits using popular brands. Most offshore sportsbooks allow deposits to be made using credit cards, and each one of our best-reviewed websites permits players in IL to sign up for accounts and bet on sports.
Visa, Mastercard, and American Express are the most common types accepted, but a few also allow Discover deposits.
Another banking option that local IL sportsbooks do not accept is cryptocurrency. Deposits and payouts using Bitcoin, Ethereum, Tether, Litecoin, and Bitcoin Cash are common at the offshore sports betting sites we use for wagering, and they often encourage this method with larger sportsbook bonuses and faster payout times.
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