Millions of people have the opportunity to gamble online, but if you’re not familiar with how to manage your money, it can be a risky move.
That’s why you should NEVER use your banking account to gamble.
A recent study by the Financial Literacy Coalition found that 70 percent of people over age 60 do not use their bank accounts to gamble, and nearly half of those who gamble do so through online gaming sites.
“This is the reason people lose money, not gambling,” said Mark Hulbert, the CEO of the Financial Litigation Association.
“Most people use their money to pay bills, pay their mortgage, or invest in a retirement account.”
If you’re wondering how much you could lose, consider the following: It costs you about $25 per year to gamble on an online casino, casino-like gambling websites, or gambling sites that use automated and automated technology to process bets.
Most people who gamble online do so on a single site, which means that the amount you lose could easily double.