There are two possible reasons you are reading this article right now. One is because you’re having issues with your bank due to your gambling spree. Or you heard some startling news about banks “caring” if you gamble. Either way, you want to know if you can keep your bank accounts open while still having the freedom to gamble. So, you’ve gone to your search engine to type “do banks care if I gamble?” 


Do Banks Care if I Gamble? The Answer You’ve Been Waiting 

Gambling can be an avenue to get plenty of money while you’re having fun. It is a risky game that demands risky stakes for higher rewards. These risky stakes are made with your money and your money comes from a bank account. If this is the case, why should my bank care about what I do with my money? After all, you put money in there freely, why should it be a problem for you to take it out freely even if it is for gambling? 

Banks have federal laws backing them up to close accounts of suspicious activities. No one wants to get into trouble with the feds least of all, your bank. So, if you’re depositing large sums of money from your bank account into betting sites, you may encounter problems with your account. The same thing applies when large deposits come in from suspicious sites. So, how can you avoid banking restrictions when you’re gambling? 

The first thing you should do if you’re having gambling trouble with your financial institution is to block your credit or debit cards from all gambling sites. You want to prove to your bank that you’re no longer interested in gambling. There are banking apps that offer gambling blocking services. Find out from your financial accountant if your bank offers one. After you’ve restricted your bank account, follow the tips below:

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Use Cryptocurrency Betting Sites 

Although it is still opposed to some extent, the world is fast accepting the use of cryptocurrency. For this purpose, betting sites that accept cryptocurrency as a means of exchange are springing up. This is one of the best alternatives. You don’t have to worry about placing a limit on your bets. Cryptocurrency betting sites provide you with anonymity for a better betting experience. Also, there is no fear of a bank officer breathing down your neck and threatening to close your account. Many genuine betting sites are accepting Bitcoin, Ethereum, Dogecoin, etc. All you need do is Google them and pick one that suits your needs. 

Gamble Responsibly 

If you want to escape the eagle eye of your bank, you need to gamble responsibly. Tone down on your expenses on gambling-related activities. Set a limit for how much you deposit per month for bets. Still, do not set a high budget for your bets to avoid getting flagged. If it is possible, try and take a break from gambling for a couple of months before you resume.

In addition to these alternatives, you might want to consider operating a separate account. You will need to open an account that has nothing to do with your gambling activity. This will help you when you want to apply for that loan or mortgage. Also, a clean bank statement is what you need to present to your lender to get that loan approved. However, if you can not afford to open a new account, you may need to talk to a mortgage broker. Be open and honest about your gambling habits. You might help you find a flexible lender who will loan you what you need. 

Use Third-Party Sites 

Another option for avoiding banking restrictions is using third-party sites. These sites act as intermediaries between your bank and the online casino. Instead of making deposits and withdrawals directly from your bank to the site, the funds will reach the third-party site first. So, it is the name of the third-party sites that will reflect on your bank statement not the name of the gambling website. 

Consequences of Frequently Gambling with Your Bank Account 

Banks are not the only financial establishments that you should worry about when it comes to gambling. Some consequences sprout as a result of taking too much money from your bank account at a go for gambling. 

Restriction and Ban on Credit Cards 

A sector-generated revenue by the UK Gambling Commission revealed that online betting was the highest form of betting. Most of these were financed by credit cards. Once the financial institution notices that you are constantly financing your gambling activities with borrowed money, they may restrict your card. What’s worst, they may ban your credit card. The same rule applies in many other countries. 

Loan Application Denial 

If you use your bank account to fund your bets, chances are high that you will not get that loan. These days, lenders always demand to see bank account statements for a few months ahead of the application before making a decision. If your statements show monthly multiple betting transactions, you might be asked for an explanation. However, if there is no sufficient explanation, you might be denied a loan without a second thought.

Mortgage Denial 

Just like other loan applications, a time may come when you need to apply for a mortgage. If your bank statements show multiple betting transactions, you might be denied a mortgage. A bank statement full of high-risk betting transactions will affect your credibility and disqualify you from getting a mortgage from most lenders. 

Drowning in Debts

As gambling is a game of chance, you might run into debts if you take too many risks or gamble frequently. While some may be lucky with this concept, this may not be practical in all cases. There is no way to guarantee your winnings every time you gamble. Accumulating debts could lead to maxing out your credit cards before the end of the month. It could also mean having to pull out money from savings accounts, investment accounts, or retirement accounts just to pay back. You may also have to pawn expensive personal items, borrow from friends and family to settle your debt. Worst case scenario, you will lose your properties, relationships, and job. 

Now that the financial consequences have been highlighted, how do you move forward? You have to follow the bank terms and conditions which means gambling restrictions for you. 

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Banks Reserve the Right to Close Your Accounts 

The search phrase “Bank closed my account for gambling” has close to 100 million results on Google Trends. This means that you are not the only gambler in the world wanting answers, over 100 million are looking for answers. 

Now, banks in the USA and UK have federal laws backing them up to close accounts of suspicious activities. It is within their rights to do that and there is hardly anything you can do about it. In some cases, the bank may go even further by reporting you to the regulatory bodies if the inflow and outflow of cash can’t be explained. 

Frequent withdrawal and deposits of large amounts of money might make your bank suspect you of fraud. However, things are even worse when these withdrawals and deposits are traced to gambling sites. Some fraudsters use online casinos as a front to launder money. 

Bottom line 

Do banks care if I gamble? The answer is yes. Your bank cares if you gamble, especially when you’re a compulsive gambler who moves too much money at a time. If you are taking out a few dollars now and then, they may not notice. So, this might not affect you. However, if you are habitually withdrawing huge chunks of money from your bank account to gamble, you may have a problem. Keep in mind that not every bank has these restrictions on gambling. Some of these banks do not care if you gamble online with every single dollar in your account. Make sure that you read the terms and conditions on your account before you use it to fund online gambling transactions.