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Online Gambling Causing Credit Card Debt

It is the latest craze at the moment and everyone seems to be enjoying gambling at home with the increase of poker sites on the internet, but its not good news if you are running up debts on your credit card. I don’t know about you but it seems that I have a misconceived perception of time when I am sitting at my computer; time just seems to fly by. The longer you are gambling on an internet poker site, the more money you are spending.

Online Gambling Dens Targeted | Financial Tribune

Online gambling is being seen as pushing up consumer debts and that’s not good for the UK economy. Figures from the government have revealed that the amount of money spent on gambling last year was £42.8 million; in 2001 that figure was only £8.6 million JOKER123 . It is a perturbing sharp increase. Internet sites that have been registered outside the UK have not been included in the government figures of money spent.

The glamorization of gambling, especially poker, by celebrities at the moment is partly to blame for the rise in gambling. Sitting at home on your computer can undermine your ability to spend your money wisely. Internet poker sites or casino sites allow you to insert your credit card details; once your details have been entered you can continue gambling up to your credit limit. Some gamblers are maxing out numerous credit cards at a time to try and win back money they have lost with the Debt Advisor group seeing some individual debts as high as £100,000. Casinos have a strong cash culture unlike internet gambling where it is your credit card that does the spending. Using cash instead of your credit card makes you more aware of the amount you are spending.

The growth of gambling online in the next five years is predicted to be around 22% a year while playing poker online is said to rise by 44% a year. Gambling through your mobile phone is now also being offered by companies which could see even higher debts being accumulated.

Gambling has always seen its fair share of creating debt problems but with easier accessibility it may cause more households to suffer from unmanageable debt. Other household members are usually unaware that there is a debt problem looming not realizing how much is actually being gambled, the more desperate people become to win back their money the higher the stakes become seeing people usually losing more and more.

If you’ve ever looked into online gambling, whether it be poker, casino, or sports betting, you’ve surely seen countless offers of free bonuses just for making your first deposit. These bonuses are usually match bonuses, and give players one dollar in bonus money for every dollar they deposit. To a layman, it seems like you could get tens of thousands of free dollars in one day if you signed up and deposited at all of the various online gambling sites. However, there is more to these bonuses than meets the eye. This article will look at a few online gambling bonuses and show why they’re not quite what they seem.

Bonus Structure

The majority of online gambling bonuses are “match bonuses”, usually in the range of 100% up to $500 in total size. In the case of a 100% up to $500 bonus, players will receive one dollar in bonus money for every dollar they deposit, up to $500. Besides the normal first time deposit bonuses, gambling sites will also often offer “reload bonuses”, which provide players with bonuses for making subsequent deposits. Reload bonuses are usually smaller in percentage, right around the range of 25% up to $400 or so.

Clearing Requirements

Ok, so here’s the catch. When you actually redeem one of these gambling bonuses, you have to “clear” the bonus money before it is yours to withdraw. This is how the site protects themself from taking major losses every time they give out a bonus. Most bonuses either require you to earn a certain number of player points at the respective gambling site, or they require you to wager a certain amount of money before you can withdraw the bonus.

Almost every online poker room uses the player points method, and they measure your point accumulation based on how much rake you accumulate. To clear an average online poker bonus, you’re probably looking at playing thousands if not tens of thousands of hands, depending on the size of the bonus and the individual site’s policy. One example of a poker site that uses this system is Full Tilt Poker.

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