Iowa Bans Credit Cards for Sports Bets
Lawmakers in Iowa have banned the use of credit cards to place bets on sporting events. Senator Tony Bisignano (l.) supported the measure, saying, “With a credit card, you can run a debt that can’t possibly be paid.”
Iowa lawmakers have banned the use of credit cards to bet on sporting events through casinos in the state. Senator Tony Bisignano of Des Moines called it a necessary step.
“If you want you lose your paycheck, that’s fine,” he said. “I don’t know how long you get away with that from your family, but with a credit card, you can run a debt that can’t possibly be paid. And so I thank (lawmakers) for clarifying that.”
The prohibition did not make it into the sports betting legislation approved last year, according to Radio Iowa.
Iowa is one of 21 states that prohibit the use of credit cards to buy lottery tickets. In the few states where wagers can be backed with credit rather than cash, credit card companies treat gambling charges as a cash advance. It means there’s an initial fee and interest charges begin immediately.