By the end of the 2023 NCAA tournament, an estimated one in four Americans will have wagered $15.5 billion in bets on the various games, according to the American Gaming Association. Last year, Matt Cappelen — a 34-year-old firefighter from Elk Grove Village, Illinois — would have been in the middle of the action. For this year’s dance, though, he’ll be sitting on the sidelines of the betting game.
“I’ve always been a die-hard sports fan,” Cappelen said. “Pretty much anything that involves a winner and a loser, I loved.”
But in the three years since, Cappelen built up $83,000 in gambling debts on sites like Bovada and FanDuel. Up to 90% of that, he says, was done on credit cards.Each month, he used gambling winnings to make the next minimum payment on his credit cards, never worrying about how he would repay the debt.That hot streak never came, though, and the credit card debt piled up. Finally, after a crushing late-night loss on a particularly big bet, Matt confessed it all to his wife.
Because legal online sports betting in the U.S. is so new, data is scarce on the exact impact of credit card use for American gamblers. But in a 2021 study on general credit card spending, MIT’s Sloan School of Management found that by reducing the pain of payment, “ ‘step on the gas’ by driving motivation to spend .”
Plus — because gambling policies vary widely by credit card issuer, payment processor, and betting site — fees can be unpredictable and add up quickly. These can include transaction fees, cash advance fees and even foreign transaction fees if the betting site happens to be offshore.
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