The Pros and Cons of Betting with Credit Card

Betting with your credit card

Betting online

Throughout the 90’s, as credit cards were becoming more advanced and widespread, there was a revolution happening in online gambling. A boom in the number of players made this a hugely profitable industry and one where a vast array of brands were fighting to give customers an unrivalled playing experience.

Credit cards allowed users to make electronic payments and online gambling sites offered this method as a means for their customers to easily play with real money. Nowadays, credit card is a preferred payment method for many online gamblers but while there are many benefits to using this handy piece of plastic, there are a number of factors you should consider as well.

It’s a safe assumption that the majority of people signing up to the vast array of online casino and sportsbook sites will have a credit card available to them.

Cons of betting with your credit card

Calculator and money

Paying funds into an online betting account with your credit card is usually classed as a cash transaction. This means your issuer can add additional cash fees that you will be required to pay. If you have an interest free purchase agreement, payments into your online betting account is often counted as separate and can be subject to interest in addition to a fee.

Here are some of the various fees you may be charged, as well as a number of cons you may encounter when using your credit card to pay funds into your casino or sportsbook account:

Interest charges

You will have to pay interest charges when using your credit card as a payment method for online gambling if you do not pay off your balance when you receive your bill. As a cash transaction, this will also likely not be included in any interest free period or rates in your agreed terms of use. This interest is often charged each month in addition to fees and can often reach up to 30%. It is therefore essential that you are always fully aware of the terms of your transaction and gamble responsibly at all times.

Cash Advance Fee

Some issuers will hit their customers with what is known as a cash advance fee when using their credit cards for online betting. Once again, due to these transactions being considered cash transactions, they are treated differently to standard retail purchases. This means that you may have to pay a small percentage of your deposit amount to your credit card issuer. Again, make sure you are away of all your credit card terms and conditions before making any transactions.

Online betting credit card fees

Additional casino and sportsbook fees

While this has become increasingly rare nowadays, some online bookmakers and casinos will still charge their customers a small fee for using a credit card on their site. It is generally seen as unfair and in an over-saturated market where customers have more choice than ever before, many brands like William Hill avoid stacking up extra charges against their customers.

However, you should be aware that some sites charge a small percentage of your deposit when using credit card. This is due to the fact that credit card processors charge the operator a fee, which is then passed onto you. Some sites may even charge you additional fees when withdrawing your funds into your credit card.

As previously mentioned there, there is so many different online operators that you can vote with your feet and choose to register with an online casino or sportsbetting site that will never charge you these additional fees, meaning you can still enjoy great quality with added savings on each deposit you make.

No withdrawals on MasterCard

Although there are various different credit cards available on the market, most are powered by either Visa or MasterCard. It is therefore somewhat frustrating that MasterCard do not allow gambling winnings to be paid back into them as part of their terms and conditions. You will be permitted to make deposits from your MasterCard. However, withdrawals from these sites are not allowed and you will be required to choose an alternative payment method to receive your funds into.

Mastercard credit card

Fax Back Forms

In order for your own protection and security, many online casinos and sportsbooks have strict rules when it comes to using credit card on their websites. While this is ultimately for your benefit, it can make the process of using your credit card more complicated and time consuming. This is due to what is commonly known as fax back forms.

These are used by some online betting brands and comprise of a form, which you are required to complete. This includes supplying your credit card details and signing a statement declaring that you are choosing your credit card as your preferred payment method and agree to not dispute any charges associated with its use. You will then need to return this form to the operator. 

Failure to return this form within the time limit could result in your operator refusing to process any of your withdrawals until it has been received. Therefore, it is for your best interest that you complete and return any forms sent to you by email or via downloadable link and return them to the casino or sportsbook operator as soon as possible, either by fax or by email. 

 Blocked activity

Occasionally, your bank may block a transaction to a bookmaker or casino account. This is due to the fact that online gambling can sometimes be subject to fraud and is a measure to ensure the protection of your funds if your bank believes unusual activity has occurred. If this happens, simply alert your bank that you have authorised these transactions and you should encounter no further issues.

Pros of betting with your credit card

Betting winnings

There are many different advantages to using your credit card to fund your online gambling. Here are just a few of the reasons why the odd additional fee may just be worth it.


A lot of people use their credit card as their primary payment method for all transactions. It is therefore often easier to use your credit card to deposit funds into your online account than it is to create a new account with an alternative payment method, such as PayPal or Skrill. It is also more likely that you will be aware of all the existing terms and conditions with your bank, so there will be less nasty surprises further down the line. And once you make some winnings, paying it back into your credit card can not only help cover your interest, but can give you instant access to extra spendings as well.

Fast processing times

Different payment methods have various processing times, which means you could be waiting a long time to see your funds hit your account. When it comes to making a deposit with your credit card though, this is processed instantly so you don’t have to wait to start playing for real money. If you do experience any delay in the depositing process, this will be due to the operator taking longer to process the transaction.

Similarly, withdrawals to credit card are processed quickly. Some major sportsbook, such as William Hill even boast instant processing times for withdrawals to Visa and MasterCard credit cards. However, most major sportsbetting and casino sites, such as SkyBet and Paddy Power estimate that it will usually take anywhere between 2-5 days to clear into your account. This is due to normal banking procedures and any additional delays will once again be due to the the operator.

Fast processing times

High deposit and withdrawal limits

Deposit and withdrawal limits for credit cards vary depending on which operator you are playing with. However, you’ll find that credit cards offer very reasonable minimum deposit limits and generously high withdrawal limits.

For example, Ladbrokes allows you to deposit and withdrawal a minimum of £5 from your Visa credit card. You can deposit a whopping maximum of £99,999 and withdrawal up to £30,000, with no fees. Similarly,  Paddy Power allows you to deposit as little as £5 or as much as £20,000 from your Visa or MasterCard credit card with no additional fees. You can also withdraw the same minimum or maximum amounts with no fees added to your transaction. 

This means that whether you are a casual player just looking for a little extra spending money or a high roller betting eye-watering amounts, a credit car will accommodate your budget.


Bet now

Click here to check out Ladbrokes


Credit cards are one of the most secure methods of paying into your online betting account. In order to eliminate the risk of fraud and give you peace of mind, a number of electronic security measures are required before any transactions can be made. These include providing all card details, including the CCV number, as well as a billing address that must match the address registered with the credit card. This means that in order to try and deposit any amount from a credit card, the customer would have to be in physical possession of it.

In addition to this, additional safeguards, such as the Verified by Visa gateway, require personal information from the cardholder, such as date of birth and address, before the transaction is approved. All this means it is extremely difficult for any fraudulent behaviour to be taken against your credit card.

Verified by Visa security gateway

Furthermore, your credit card offers your more protection than your debit card. This is because when you pay with your credit card, you are actually borrowing against a line of credit. Therefore, if something does happen that compromises the security of your online betting account, and your funds are lost or stolen, your credit card provider will protect you up to around £1000, as they are liable under the Consumer Credit Act in the UK.

The option to set spending restrictions

With extra fees related to credit cards, it can be possible to overspend when betting online. This can cause serious financial issues. However, many operators are now recognising this and making it even easier for their customers to play responsibly thanks to spending restrictions. These are outlined by the user and can be set to weekly, monthly or annual limits to ensure that gambling always stays fun.