Visa/MC no more

[comet52]

Xpressbet announced they stopped taking these effective 7/9. Due to UIEGA confusion.

My opinion, the CC providers saw an opportunity to get out of the gambling biz. UIEGA is vague enough that they could shut it down based on "concerns." If they wanted this biz they would have kept it but probably risk/reward when vending to gamblers is out of whack. Too many lose their shirt and CC vendors eat the loss, versus the very juicy cash advance fees that make such biz worth delving into in the first place.

UIEGA is garbage legislation that really hurt offshore bookies and helped the horse lobby which helped get it passed. Ironic that it would now be used as a tool to hurt the adw's and by extension the horse lobby.

But the win is possibly getting some problem gamblers away from being able to use credit to fund their illness. A small win, but a nevertheless unintended win from an otherwise redonkulous piece of useless gambling legislation.

[Grits]

How does this hurt AWDs? When one can just as easily phone their banker and have a wire transfer sent from one of their existing accounts? How could one justify borrowing money to gamble on the rates some have assigned to their credit cards today?

Gambling on horses, or any other sport funded by credit cards is a slippery slope--one that could speed downhill faster than a bullet, and a choice that never should have existed. Just my humble opinion, of course.

[Trotman]

Good post Grits, anyone that uses a credit card to bankroll their bets is a loser. How on one hand can you post here and complain about takeouts then use a credit card to fund yourself. If you don't have the cash get out.

[Hedevar]

I concur. Using a credit card to get funds to gamble is begging for trouble. Too many people with a bad illness doing that. Stopping a few is an unintended benefit of the legislation.

[rrbauer]

Good post Grits, anyone that uses a credit card to bankroll their bets is a loser. How on one hand can you post here and complain about takeouts then use a credit card to fund yourself. If you don't have the cash get out.

I think a lot depends on what fees (if any) you are paying either to the ADW or the CC company when you do CC deposits combined with any rewards you might be receiving from the CC company. I have had cards/ADW-accounts where there were no fees for my CC deposits. That said, about a week ago I had my "platinum" card turned down with all kinds of apologies from YouBet--so I made a deposit from my bank account.

This issue is jut one more reason why I'm losing all interest in this game.

[Frank Angst]

Keep in mind that credit cards include debit cards, which previously were a decent way of funding. We'll see if industry will get these options going again. I saw one ADW note that MasterCard cards seemed to be working now for the most part while VISA transactions were still being blocked.

[Grits]

http://www.marketwatch.com/story/debit-card-fee-debate-could-cost-consumers-2010-06-17?pagenumber=1

http://www.creditcards.com/press-releases/CreditCards-Weekly-Credit-Card-Rate-Report-July-07-2010.php

Gentlemen, I'd be extremely surprised if one carries a balance rather than paying in full the amount owed on even one, much less two or more credit cards each month, that the rewards returned would outweigh the interest charged on those balances. Keeping in mind the average credit card interest rate is now in the 16% range. (Personally, if I had a single visa card in my wallet any where near this, I'd cut every card I own up.) Excellent credit history, sufficent credit limits that are rarely approached and not exceeded can easily keep one's interest rates in the single digits, still today.

When one speaks of money management and its importance in this sport, how is it beneficial if one's going to have to borrow one's bankroll? Doesn't matter whether you're paying your bankcard back in 5 days, 30 days or 30 months--this doesn't make sense.

Don't buy the debit card thing either . . . . too many fees attached by the banks to debit transactions.

Sorry, but I don't understand how this could be viewed as "an issue" that could be laid at the feet of the industry particularly when there are other means to fund accounts, be it wire transfers, money orders or whatever.:faint:

[PaceAdvantage]

Don't buy the debit card thing either . . . . too many fees attached by the banks to debit transactions.Why does anyone need a card for ADWs or even a costly wire transfer? If you have a checking, savings or even a money market account, you can electronically transfer funds instantly to places like Twinspires, YouBet, and I would assume most other ADWs...

[BillW]

Why does anyone need a card for ADWs or even a costly wire transfer? If you have a checking, savings or even a money market account, you can electronically transfer funds instantly to places like Twinspires, YouBet, and I would assume most other ADWs...


... PTC

[Grits]

Why does anyone need a card for ADWs or even a costly wire transfer? If you have a checking, savings or even a money market account, you can electronically transfer funds instantly to places like Twinspires, YouBet, and I would assume most other ADWs...

This is my point and the reason I used "bank accounts" in the plural sense.;)

[Space Monkey]

I never understood how anybody would use any type of funding for betting that charges you interest. Isn't the takeout enough of a hurdle? Add on interest charges on credit cards and you are looking at an overall charge of 30-45%. I link everything to my checking account.