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Lawmakers in Massachusetts passed a measure that would allow sports betting in the commonwealth, but there is one caveat gamblers should be made aware of: You will not be able to fund your betting account using a credit card.
While it is true that long established online sportsbooks like BetOnline, licensed outside the U.S. and available to residents of Massachusetts since 1999, have been touting the ease of funding wagering accounts and receiving payouts via Bitcoin, they also take great pride in their high credit card acceptance rates. Not all credit card issuing banks allow their plastic to be used for gambling. This is true of state-regulated books as well.
The language in the passed measure in Massachusetts is explicit: Bets can be made in-person and online, but the bill doesn't allow bets to be placed using a credit card.
It's not exactly clear what methods for funding will be available via the state-regulated sportsbooks to those living in Massachusetts.
When opening an online sports betting account, one must make a deposit and place bets using monies from that balance. Any wins are added to said balance.
One of the benefits to using a local bookie is that bets can be placed on credit, meaning no deposit necessary. It's kind of like booking a hotel room in advance. Usually when paying in full or partial, you'll receive a discount on the room price. Paying upon check-in with just a reservation on file, one usually has the ability to cancel up to 48 hours prior to the scheduled stay. However, they will be charged a higher room rate.
With sportsbooks, those depositing will typically receive a generous welcome bonus on top of what they open their account with. For example, open your BetOnline account with $500, you will receive a FREE $250 on top of that amount provided you meet the required wagering stipulation. Local bookies tend not to offer any type of free money bonuses.
- Gilbert Horowitz, Gambling911.com
