Online sports betting and your credit

Online sports betting has grown in popularity as more states have opted to legalize it after a federal ban was overturned in 2018. If you’re in one of more than 20 states that have adopted online sports betting, it now seems like almost every commercial break, especially during sporting events, is for an online sportsbook. For many, sports betting is a way to make watching their favorite team or sport more entertaining. But, of course, gambling does come with risks.

Learn about the indirect ways online sports betting can impact your credit and get tips for using online sportsbooks responsibly:

Online sportsbooks and credit cards

Online sportsbooks accept a variety of deposit methods, including bank transfers, debit cards, digital wallets and credit cards. Though some states don’t allow sportsbook operators to accept credit cards, many online sportsbooks in states where it is permitted will accept credit cards as a means to fund your account.

If you deposit with a credit card, you typically have to use another method to withdraw your money, like an online bank transfer, mailed check or digital wallet. In some cases, if the online sportsbook has a presence at a physical casino in your state, you can also cash out your funds there.


continue reading »