That generally means an upfront fee (typically $10 or 5%, whichever is greater) plus a higher-than-usual interest rate (probably in the neighborhood of 25%) that starts accruing immediately. If your credit card issuer permits gambling transactions, there’s a good chance they’ll treat them as cash advances. They’re surely not alone.įinally, even if the state and the bank allow you to use a credit card, additional fees can apply. One of the largest online sportsbooks, FanDuel, lists Bank of America, Chase, Capital One, Wells Fargo, Huntington Bank and Union Bank as financial institutions that have been known to decline deposits for online wagering companies. If the state technically allows credit cards to be used for gambling purchases, many credit card issuers still won’t approve these transactions (due to the risks of disputes, overspending, not getting paid back, etc.).
Some states that allow sports betting have banned the ability to use credit cards (including Connecticut, Iowa, New York and Tennessee). The short answer is that you probably shouldn’t.įor starters, it’s often not allowed. If you’re thinking of trying your luck, you might be wondering if you can pay with a credit card? In recent years, many states have legalized sports betting.
