“If you want you lose your paycheck, that’s fine. I don’t know how long you get away with that from your family, but with a credit card, you can run a debt that can’t possibly be paid and so I thank the body for clarifying that,” Bisignano says. “We never did legalize it, but it got to be interpreted by fantasy sports that they have been using credit cards and this body has spoken.”
Last year lawmakers legalized sports betting to be run through the state’s casinos, but Representative Mike Sexton of Rockwell City says the legislation did not specifically mention this prohibition.
“We have established in the State of Iowa that you are not allowed to use credit cards for other forms of gambling,” Sexton says.
For example, Iowa is among the 21 states that prohibit credit cards from being used to buy lottery tickets. In the few states where wagers can be backed with credit rather than cash, credit card companies treat gambling charges as a cash advance. It means there’s an initial fee and interest charges begin immediately.