Online Gambling Causing Credit card debt

It is the latest craze at the moment and everyone seems to be enjoying gambling at home with the increase of poker sites on the internet, but its not good news if you are running up debts on your credit card. I don’t know about you but it seems that I have a misconceived perception of time when i am sitting at my computer; time just seems to fly by. The longer you are gambling on an internet poker site, the more money you are spending.

Online gambling is being seen as pushing up consumer debts and that’s not good for the UK economy. Figures from the government have revealed that the amount of money spent on gambling last year was £42. 8 million; in 2001 that figure was only £8. 6 million login pos4d
. It is a perturbing sharp increase. Internet sites that have been registered outside the UK have not been included in the government figures of money spent.

The glamorization of gambling, especially poker, by celebrities at the moment is partly to blame for the rise in gambling. Sitting at home on your computer can undermine your ability to spend your money wisely. Internet poker sites or casino sites allow you to insert your credit card details; once your details have been entered you can continue gambling up to your credit limit. Some gamblers are maxing out numerous credit cards at a time to try and win back money they have lost with the Debt Advisor group seeing some individual debts as high as £100, 000. Casinos have a strong cash culture unlike internet gambling where it is your credit card that does the spending. Using cash instead of your credit card makes you more aware of the amount you are spending.

The growth of gambling online in the next five years is predicted to be around 22% a year while playing poker online is said to rise by 44% a year. Gambling through your mobile phone is now also being offered by companies which could see even higher debts being accumulated.

Gambling has always seen its fair share of creating debt problems but with easier accessibility it may cause more households to suffer from unmanageable debt. Other household members are usually unaware that there is a debt problem looming not realizing how much is actually being gambled, the more desperate people become to win back their money the higher the stakes become seeing people usually losing more and more. The online casino started more than a decade ago. It has grown to an industry after hundreds of websites in the same nature of business followed. More than $11 billion are spent on online gambling annually from different parts of the world. The trend continued to prosper because more and more people are getting hooked up with excitement the games provide.

The only downside in online gambling is that there is almost no interaction among people. Most likely they will be playing against a computer-programmed dealer. On the other hand, traditional casinos have a lot of this aspect be it with the dealer or with other players. This way, it makes a game prolong and make it more interesting. A more diverse option is offered at online casinos. For instance, they can more varieties of slot machine available that can just differ in appearance. It somehow has an effect of a person wanting more playtime especially with its effects and sounds.

When it comes to legalities, online gambling is not clearly defined. Even though gambling is prohibited in some states, it is still on the gray area because customers are playing at home on their computer. In countries like Germany, Denmark, Australia and some part of Canada, it is legal to set up online casinos. The important thing to remember is that it is your duty to know whether or not it is permitted to gamble wherever you are. Age is another factor in the law. A player needs to be at a certain age before he could play in casinos. Your money could go to waste when the authorities find out that you are gambling where it is prohibited.

For players based in the united states and other countries where gambling is illegal, the process of depositing money to an online casino is quite complicated. Sometimes, they cannot even use their credit to do so because transactions intended for a gambling site is not allowed. However there are still options on how start playing on online casinos. There are internet transaction services that work like PayPal. Through it, a player can transfer funds instantly. Another option is to open an account in an offshore bank. Just take note that it may take a while and the as a service charge, the bank will deduct a certain percentage for each deposit made.

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