The Unlawful Internet Gambling Enforcement Act of 2006 provides penalties for financial institutions who allow themselves to fund illegal online gambling activities. However fantasy sports, state lotteries, and horse racing are not clearly included activities in the law.
Most financial institutions have stayed well on the ‘safe side’ of the law and prohibited customer activity that isn’t actually illegal under the Act.
While Chase won’t let you buy bitcoin with their credit cards they’ve now revised policy and will allow horseracing bets charged to their credit cards.
JPMorgan Chase, the largest bank in the U.S., has begun allowing customers of account-wagering companies to use credit cards issued in the bank’s name to fund their accounts, the National Thoroughbred Racing Association announced Tuesday.
The decision by the bank, which has more than 80 million active credit-card accounts, removes a hurdle faced by some customers of account-wagering companies when attempting to deposit funds. While JPMorgan had allowed customers to use cards linked to their checking accounts for deposits, it had blocked credit-card deposits.
Copyright: gabe123 / 123RF Stock Photo
I have to imagine that funding a betting account will be treated as a cash advance, because otherwise we’ll all become gamblers for the miles.
(HT: Diplomatico)
Assuming you can’t fund your account and cash it back out, no points are worth the 20% the race “house” takes off the top before they calculate the paramutuel odds!
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Cool… so we just the ability to “gamble” in bitcoin and cryptocurrency with our credit cards, but we gained the ability to gamble on horse racing….
Assuming they won’t allow chargebacks for “My horse was defective”.
I remember being at a casino that charged a $15 fee to charge up to $1000 in chips. Hmmm, I’ll have to figure out where that was for the next time I’m around $1K short on a minimum spend and the deadline is close.