Credit card bets ....

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LordBob
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Credit card bets ....

Post by LordBob » Tue Jan 14, 2020 3:28 pm

When the government stop the use of credit cards to pay for bets then online betting companies are gonna suffer in a big way, personally I say great but what about the rest of you. Never liked the idea of being able to bankrupt yourself from your armchair.

FactualFrank
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Re: Credit card bets ....

Post by FactualFrank » Tue Jan 14, 2020 3:32 pm

I've not owned a credit card in years, but any site that accepts payment from Paypal for instance, means the user can simply transfer money from cc > pp and then pay the gambling site.

Still, not everybody will be aware of it, so imagine it will still have a big positive impact.

Herts Clarets
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Re: Credit card bets ....

Post by Herts Clarets » Tue Jan 14, 2020 3:40 pm

Only bet what you can afford to lose. If you have to use a credit card you can't afford it. I know of a couple of people whos lives have been ruined by gambling.

One is a lad who I was friends with from our first year at infants school. Went all the way through school with him and stayed mates after school. He started out playing blackjack for pennies at school, then played the fruit machines. After we left school he used to bet on horses in the bookies, spending all day in there. Last time I spoke to him, he had lost 2 marriages, his house and at one point a 6 figure balance in an on line betting account.

Second guy I know through playing skittles in Devon when I am at my in laws. He ran a market stall and was not particularly affluent. Then I saw an article in the local paper. Businessman jailed for £900k VAT fraud. He had found a way to claim monthly VAT refunds and had been doing it for years. He had racked up 900k before he was found out. 750k of that was gambled through an on line account, the rest in cash bets, bingo, fruit machines etc. He is currently at her majestys pleasure in Exeter prison, having lost his business, wife, house and freedom.

This is why I don't gamble.
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LordBob
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Re: Credit card bets ....

Post by LordBob » Tue Jan 14, 2020 3:43 pm

Hmmm that's an interesting little loophole, I haven't had a credit card for years either I'm not a gambler used to do the pools and I buy the odd lotto ticket and that's about it

evensteadiereddie
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Re: Credit card bets ....

Post by evensteadiereddie » Tue Jan 14, 2020 4:19 pm

Coral give you the option on line of selecting a maximum amount to bet per day/week/month. You select the figure you can afford to lose and you're locked out when it's up.

Down_Rover
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Re: Credit card bets ....

Post by Down_Rover » Tue Jan 14, 2020 4:28 pm

Herts Clarets wrote:
Tue Jan 14, 2020 3:40 pm
Only bet what you can afford to lose. If you have to use a credit card you can't afford it. I know of a couple of people whos lives have been ruined by gambling.

One is a lad who I was friends with from our first year at infants school. Went all the way through school with him and stayed mates after school. He started out playing blackjack for pennies at school, then played the fruit machines. After we left school he used to bet on horses in the bookies, spending all day in there. Last time I spoke to him, he had lost 2 marriages, his house and at one point a 6 figure balance in an on line betting account.

Second guy I know through playing skittles in Devon when I am at my in laws. He ran a market stall and was not particularly affluent. Then I saw an article in the local paper. Businessman jailed for £900k VAT fraud. He had found a way to claim monthly VAT refunds and had been doing it for years. He had racked up 900k before he was found out. 750k of that was gambled through an on line account, the rest in cash bets, bingo, fruit machines etc. He is currently at her majestys pleasure in Exeter prison, having lost his business, wife, house and freedom.

This is why I don't gamble.
Beggars belief that an on line betting account can get into six figures

NL Claret
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Re: Credit card bets ....

Post by NL Claret » Tue Jan 14, 2020 6:00 pm

It's okay to use your credit card to play the lottery and buy scratch cards though.

Blackrod
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Re: Credit card bets ....

Post by Blackrod » Tue Jan 14, 2020 6:04 pm

This has to be a good move. You should not be able to buy lottery tickets on a credit card either and didn’t know you could before this thread.

FactualFrank
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Re: Credit card bets ....

Post by FactualFrank » Tue Jan 14, 2020 6:10 pm

I can understand why Lottery tickets are allowed because of the negative knock-on impact it could have on high street shops.

Herts Clarets
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Re: Credit card bets ....

Post by Herts Clarets » Tue Jan 14, 2020 7:55 pm

Down_Rover wrote:
Tue Jan 14, 2020 4:28 pm
Beggars belief that an on line betting account can get into six figures
It was over a period of around 8 years. Apparently any monthly VAT refunds under 10k are not checked. So each month he put in a claim for 9600, 9800, 9500 and so on. Every month they paid him. Eventually someone cross checked his income tax return and found his business turned over 120k per year. There was no application to claim anything back as he had gambled the lot. Evidenced by an on line account that showed a loss of 750k.

TVC15
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Re: Credit card bets ....

Post by TVC15 » Tue Jan 14, 2020 8:02 pm

As far as I know you can’t buy lottery tickets using a credit card.
What is disappointing is how the authorities ever let the betting companies introduce online betting and being able to use a credit card for this. The fact it has taken them this long to put a stop to it is even worse.
The number of lives that have already been ruined by this especially given the fact that credit card companies in the past have thrown credit at anybody....a toxic mixture of greedy banks, greedy betting firms and greedy governments taking the betting duty.

jdrobbo
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Re: Credit card bets ....

Post by jdrobbo » Tue Jan 14, 2020 8:13 pm

Good news. Small steps...

tarkys_ears
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Re: Credit card bets ....

Post by tarkys_ears » Tue Jan 14, 2020 8:19 pm

I gamble loads but cannot believe this was ever legal.

This is not something I would ever do nor find acceptable for someone to do.

******* away your own money is one thing but to be able to do it on credit is appalling.

icu81b4
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Re: Credit card bets ....

Post by icu81b4 » Tue Jan 14, 2020 8:23 pm

I should imagine most of us know someone who likes to brag about their winnings, I just think 'what a mug' I wonder how much they lose in a week.

TVC15
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Re: Credit card bets ....

Post by TVC15 » Tue Jan 14, 2020 8:24 pm

jdrobbo wrote:
Tue Jan 14, 2020 8:13 pm
Good news. Small steps...
It is a positive step I agree but many people did not even realise you could bet using a credit card.
For me it’s just more evidence that successive governments are pussyfooting round the issue and they are implementing these changes in a measured gradual way to try and ease the burden / impact for betting companies.

It’s the wrong way to look at it - the profits of the betting companies have increased by ridiculous amounts since the introduction of online betting / online casino games etc. Just look at the number of betting companies around now.
The result has been an epidemic of gambling addictions which is out of control...and the government has seen more money received in its coffers than ever before and have just let it grow and grow.

If online gambling was banned or for example just restricted to traditional type sports betting with sensible limits for individual accounts which were regulatory then this would be a positive thing for society. The gambling firms would probably say they would have to make redundancies but in reality very few increased employment has been created by the online side.
Last edited by TVC15 on Tue Jan 14, 2020 8:25 pm, edited 1 time in total.

tarkys_ears
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Re: Credit card bets ....

Post by tarkys_ears » Tue Jan 14, 2020 8:24 pm

icu81b4 wrote:
Tue Jan 14, 2020 8:23 pm
I should imagine most of us know someone who likes to brag about their winnings, I just think 'what a mug' I wonder how much they lose in a week.
I'm "about even" :D :D :D

Lol.

Billy Balfour
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Re: Credit card bets ....

Post by Billy Balfour » Tue Jan 14, 2020 8:30 pm

Betting ads all over the TV screens and the level will be ramped up to 11 this summer when the Euros start.

At one time, for a small percentage of the population, it was a Saturday afternoon flutter on the horses. For the many it was a yearly bet on the Grand National. Now its all pervasive and at the touch of a finger.

It's brought the bookmakers shop into everyone's home and this must have an impact on young children. The normalisation of betting doesn't bode well for the future.
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Burnley1989
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Re: Credit card bets ....

Post by Burnley1989 » Tue Jan 14, 2020 8:41 pm

I’ve never really thought I had a problem because I’ve always been lucky to have spare money that I could afford to lose so it wasn’t affecting my life style (didn’t think it was) my Mrs was on my online banking in December and said do you know you’ve gambled £500 this month which was a shock, luckily I hadn’t lost that much but I’d put £500 of transactions on.

I closed my account about 5 weeks ago and have no intention of going back on now. I wouldn’t say I’m an addict, just an idiot when I’ve had a beer.
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jrgbfc
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Re: Credit card bets ....

Post by jrgbfc » Tue Jan 14, 2020 8:51 pm

Burnley1989 wrote:
Tue Jan 14, 2020 8:41 pm
I’ve never really thought I had a problem because I’ve always been lucky to have spare money that I could afford to lose so it wasn’t affecting my life style (didn’t think it was) my Mrs was on my online banking in December and said do you know you’ve gambled £500 this month which was a shock, luckily I hadn’t lost that much but I’d put £500 of transactions on.

I closed my account about 5 weeks ago and have no intention of going back on now. I wouldn’t say I’m an addict, just an idiot when I’ve had a beer.
Its amazing how much you can lose without really realising it. One year I decided to keep a record of all my wins/losses, luckily I had 1 or 2 decent wins which meant i just about broke even for the year. I rarely bother now, and tbh i don't really miss it at all.

icu81b4
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Re: Credit card bets ....

Post by icu81b4 » Tue Jan 14, 2020 9:01 pm

Many many years ago after playing a gig the band were still buzzing so we all went onto a casino, I decided I'd risk losing £5 (I did say it was a long time ago) anyway I walked out having lost £10. So a 100% increase over my budget.

I haven't gambled since. (Apart from the odd raffle) so was probably £10 well spent for the lesson learnt.

dougcollins
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Re: Credit card bets ....

Post by dougcollins » Tue Jan 14, 2020 9:18 pm

Protected the National Lottery, you can buy all their products by credit card.

Still gambling isn't it?

Hopey1786
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Re: Credit card bets ....

Post by Hopey1786 » Tue Jan 14, 2020 9:29 pm

You can upload money via paypal from.your cred card

Always a way round it

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