For problem gamblers, the credit cards in their wallets are frequently a fast track to total financial destruction. That’s the reason that Illinois state gaming regulators are adopting a new rule that would ban the use of credit cards to fund sports betting accounts entirely. It’s a move that’s growing in popularity in the US and shows no signs of slowing down.
Late last week the Illinois Gaming Board (IGB) adopted the proposed credit card ban, though that wasn’t the last step in fully implementing the ban. The proposed rule change must now be sent to the General Assembly’s Joint Committee On Administrative Rules for public comment. Once the public comment period is done, the rule can be officially implemented.
The proposed credit ban only covers sports betting accounts because funding casino accounts was already not allowed under IGB regulations.
Illinois Gaming Board Administrator Marcus D. Fruchter explained the reasoning behind the change in a recent press release saying, “As part of our review, we determined that prohibiting the use of credit cards to fund sports wagering accounts is a justified and impactful advancement in Illinois sports wagering. There is a growing body of recent research showing that restrictions on credit usage to fund wagering accounts encourages responsible gambling and mitigates the harms of compulsive gambling. Problem gamblers are particularly at risk and studies have shown an often-problematic willingness for compulsive gamblers to use credit cards to place bets.”
When the rule eventually goes into effect, Illinois will be the sixth US State to ban the use of credit cards to fund gaming accounts.