Gambling on Credit is Kind of a Bad Idea

December 8, 2013 Posted in Strategy by No Comments
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I’m kidding, I’m kidding.

Gambling on credit isn’t a bad idea. It’s a terrible idea. If I had to pick one indication that you should stop gambling right now, it would be if you find yourself gambling on credit. Don’t spend money you don’t have on gambling.

This goes beyond making deposits with your credit card because it’s an easy deposit method and you have the cash on hand. If you’re using your credit card to gamble because you don’t have any cash, that’s when it’s a problem.

Going into debt to fund a gambling habit is a sign that things are getting out of control. Gambling is a leisure activity just like going out to eat or seeing a movie. But unlike those activities, gambling can get expensive if you’re not in control. You have to know when to close the spigot.

There’s also no good reason to open a line of credit at any brick-and-mortar casino. Maybe some professional sports bettors and poker players can make use of credit, but a typical gambler doesn’t need to gamble on credit.

Spend the money you have and nothing else. What benefit do you gain from gambling on credit? There is no benefit other than being able to gamble when you don’t have the money right now.

But what if you’re getting paid next week and you want to gamble right now? Still not a good idea. Ask yourself why you can’t just wait until you actually get paid. Besides, counting eggs before they hatch is not a wise money management strategy. Wait until the money is in the bank and all the bills are paid. Then gamble.

And last of all, don’t take out a gambling loan from Tony the Loanshark down the street. Nothing good ever comes from that. The best case scenario is you get to gamble now, spend money and have to take money out of your next pay check to pay him back. The worst case scenario is you end up owing lots of money to scary people.

People come up with all kinds of interesting reasons to gamble on credit, but this is one case in which a zero tolerance policy actually works. Gambling is not a job. Gambling is not a need like food or water. It’s just a game. There is no good reason or real benefit to gambling on credit.

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