Summary:
- All online gaming sectors will be affected.
- The goal is to help avoid credit card debt.
- The average Pennsylvanian has over $5,640 in credit card debt.
Online gambling is a thriving industry in Pennsylvania, with players having access to casino gaming, the lottery, sports betting, poker, and fantasy games.
The options are not limited and there are plenty of platforms and promotions to consider. While the industry is booming, one senator wants to take precautions and ensure players do not go into debt.
Senator Wayne Fontana is proposing a bill that would ban credit card usage for online gaming payments. Credit card debt is growing, and Fontana wants to stop players from using a credit card to fund their online entertainment via gaming.
Rising Debt Per Person
In Pennsylvania, Fontana says that the average person has around $5,640 in credit card debt. Because March is National Problem Gambling Awareness Month, the legislator wants to use the platform to push for the bill. The potential financial risks of using credit cards are vast, with online gaming being a big issue among gamers.
The goal of the new legislation is to restrict the use of credit cards for iGaming transactions. Last year, the state hit a record-breaking $5.7 billion in gaming revenues, and taxes came in at $2.34 billion. So, players are taking advantage of all types, with the amount boosted by a surge in iGaming of around 28%.
Slot machines, table games, sports betting, the lottery, and other options help bring in revenues. Players can easily fund their accounts using credit cards, but the debt can pile up quickly if they are not conscious of their spending.
Banning Credit Cards is Not New
The idea of banning credit cards is not new. States like Iowa, Massachusetts, and Tennessee do not allow credit card payments. Instead, players can use debit cards such as Visa or Mastercard, online banking, or e-wallets to make direct payments from bank accounts. This way, no debt is incurred, and the spending is deducted from existing funds.
It is unclear if the Pennsylvania bill idea has any support. We may find that changes are made to introduce credit card limits rather than an outright ban. We shall see in the coming weeks if the measure gains support and how Pennsylvania lawmakers plan to protect players regarding credit payments.
It’s super easy and convenient for players to use credit cards to deposit funds at online gaming sites, such as casinos; with less than five minutes, and a transaction is done. Spending can pile up after one or two gaming sessions if players are not careful. Will Fontana be successful in his efforts, or will the measure not gain enough support to move forward as another way to protect players?
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