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Credit Card Gambling Top News about Credit Cards!
2007-08-16 02:07:33

Credit card deals fighting gambling addiction

A recent boom in gambling industry has caused authorities and card issuers to think over the legitimacy and morality of such type of business. There are millions of people who all together account for millions of profits for gambling industry. However, with the ease of access to gambling that our society is experiencing today, this presents a problem.

Gambling has always been thought of as an entertainment industry. Even though there are some card games that require skills, most of the gambling services are based on luck. Just like lottery tickets, slot machines and roulette are very addictive. There are thousands of people who take unconscious actions due to their addiction to gaming.

No research is needed to see what kind of mental, physical and financial problems are caused by gambling. With so many online gambling sites that exist on the market today, it is little wonder that many people find themselves in debt.

Major gambling sites accept credit cards to allow customers to pay for their services. However, not all customers are reasonable enough when making bets or gambling. There are people who end up maxing out their credit card, hoping that they can win back whatever they have lost a few minutes ago.

However, the situation might change in the near future. Certain card issuers are already blocking direct transactions with merchants in gambling industry. Leading financial institutions such as Citibank, Bank of America and Chase Bank have blocked such transactions and even supported organizations that fight gambling. In addition, local authorities have made certain types of gambling illegal.

While certain card issuers are fighting the gambling industry by completely blocking transactions, others impose high rates on customers' cards. But whatever actions credit card companies choose, the result is not something everyone hoped for. Online gambling companies have found a way to stay in the business by moving their headquarters to other locations.

One might ask why credit card companies have stopped servicing merchants in gambling industry. The answer is simple. There have been several cases where customers who ended up being bankrupt because of casinos or online gambling sued card issuers. Several credit card companies have already been accused of making money from people's misery.

But credit card deals aren't the only option available to customers when gambling. There are numerous electronic wallet systems that can be used to pay for services. Moreover, such services act as a middleman between credit card companies and merchants providing gambling services. The card issuers are having trouble blocking such transactions.

Furthermore, certain casinos have been trying to stay out of the heat by only allowing cash as a form of payment for chips. Nevertheless, slot machine manufacturers are coming up with a machine that would accept credit cards.

So, whether it's a game of poker or a slot machine, gambling has deeply affected lives of some of us. With the amount of money spent on advertising in gambling industry, it is becoming hard to control gambling addiction. Although some actions are already being taken by both sides, the drastic actions should be taken by the customer himself. And if you find yourself in trouble because of gambling, there are organizations that can help you fight your addiction.

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