Online sports betting and gambling are still relatively new across most of the U.S., and many states are still fine-tuning their approach to these activities. Illinois is taking steps to codify a more responsible gaming ecosystem for consumers and is changing the regulations around using credit cards for online betting and casino games.
The online sports betting and gambling industry in the U.S. is still very much in its nascence, and many states are still grappling with exactly what the correct way to regulate this growing industry is. Illinois, through the Illinois Gaming Board (IGB), is considering introducing new rules that would ban the use of credit cards for online sports betting. This change is being made as a movement towards creating a more consumer-safe online betting ecosystem in the state.
The change is not guaranteed to go through, but it looks as though it will, and it is a reasonable step towards a more modernized responsible online environment and should see little opposition. With debates continuing to go back and forth in many states about the wisdom of online sports betting and casino regulations, states that are taking steps towards consumer safety should be lauded for their clear-headed thinking and action. Why, though, is credit card usage considered particularly dangerous or risky in this context?
Why They Want to Ban Credit Card Use
There’s no trick; it’s simply much riskier to gamble with money you don’t have. To risk the money you have is still risky and should be treated as such, but to log into a platform and make use of Betterbonus Dutch no deposit bonuses is much less risky if you do it without doing it on credit. When you bet with money you don’t have, it becomes much more important for you to win. Betting on credit can lead to spiraling cycles of debt, which Illinois lawmakers, rightfully, want to avoid consumers doing.
The risk of this debt spiral is even worse when it comes to online platforms. Transactions and interactions on these platforms can happen lightning fast, and consumers can very quickly get in way over their heads. Gambling online with credit cards is far more likely to lead to consumers:
- Chasing losses with more money they don’t have.
- Racking up ridiculously high-interest debts.
- Spending far beyond their means.
- putting themselves under financial distress and/or developing gambling addictions.
Illinois is taking a big stride forward for such a young online betting industry, and it speaks well of its lawmakers that they are happy to learn from more established markets like the UK and Australia, which have made similar changes recently. This is one area where being a leader among the other states is really excellent.
Banning Credit Card Gambling Isn’t a New Idea in Illinois
Interestingly, this move towards banning credit card usage for online sports betting isn’t entirely unique for Illinois. The state has already placed bans on credit card usage on casino and video gaming wagering, so bringing that idea forward to online sports betting is a natural progression.
The state has one of the most well-developed responsible gambling frameworks in the U.S., and operators in the state are more than happy to comply with these measures. Many operators in the state already had policies that steered customers away from credit card usage on their platforms, so complying with these new regulations will be unlikely to cause much fuss amongst operators.
How Will These Changes Affect Consumers?
There are some obvious effects, I’m sure you can guess, consumers will no longer be able to use credit card options for licensed platforms in Illinois, for instance. But this just means that when consumers want to use an Amonbet no deposit bonus, they will use a different sort of payment method. This means that there will be a huge rise in alternative payment methods like using:
- Prepaid cards.
- Debit cards.
- Bank transfers.
- E-wallets like PayPal.
This will inconvenience a small number of consumers, it’s true, but that small inconvenience should be a welcome cost for consumers to pay to see a heavy reduction in the possibility of people developing dangerous habits related to gambling. Fans of sports like football in Illinois can still bet, after all, just not with credit cards.
When looking purely at the financial numbers, removing the possibility of consumers getting saddled with enormous interest rate debts is assuredly a good thing. With credit card interest rates exceeding 20% not uncommonly in the U.S., impulsive gambling behaviors can easily spiral into unmanageable debt.
While it is true that any financial advisor will tell you not to gamble on credit, the type of people who are likely to ask a financial advisor for their opinion before gambling are not likely to be gambling anyway. As such, taking regulatory action to remove this possibility from consumers’ options is a choice that is sure to benefit consumers overall.
First in Responsible Gambling in the States?
As the U.S.’s online gambling industry matures, many states are making changes to better align their policies with responsible gambling practices. Illinois is perhaps the best state to be in from a consumer safety standpoint when it comes to the online gambling industry.
As well as making regulatory changes, Illinois is also investing in education and problem gambling helplines, among other initiatives that are common in other, more mature, gambling ecosystems.
Leading the Way in Consumer Protection
Illinois is positioning itself as a leader among the U.S. states in terms of consumer protections around online betting and gambling activities, which is a great place to be. While it might not have a perfect market, the steps that Illinois lawmakers are taking seem to be measured and intelligent.
Gambling is always a risky activity, but by eliminating excess and unnecessary risks that exist along the peripheries of gambling, Illinois positions it as a risky but enjoyable leisure activity.
Having trouble with your online casino account? Here are common issues and how to resolve them
Read MoreFor More Great Chicago Sports Content
Get the latest Chicago sports news, analysis, and breaking stories on the Bears, Bulls, Blackhawks, Cubs, White Sox, Sky, and more! Tap the star to add us to your favorites on Google News, so you never miss a story on your favorite Chicago teams.
Follow us on Twitter at @chicitysports23 for more great content. We appreciate you taking time to read our articles. To interact more with our community and keep up to date on the latest in Chicago sports news, JOIN OUR FREE FACEBOOK GROUP by CLICKING HERE
