...if the debt is not paid off before the end of the billing period, according to Moneynet.co.uk.
 
"Unless gamers are aware that these transactions are treated differently from normal everyday purchases, they will be losing money hand over fist as the top rate of interest stacks up," said Richard Brown, chief executive of Moneynet.co.uk.

Though many cards offer up to 56 days of zero interest on all purchases, there is no such consideration on gambling transactions.
Leading banks charge different interest rates, experts are saying.

To wit:
* NatWest charges an interest rate of 12.9% on purchases on its classic credit card -- but that soars to almost double, 24.94%, on cash advances.
* First Direct charges 17.9% on purchases and 21.9% on cash advances.
* Nationwide charges more interest on cash as opposed to purchases on its gold credit card -- 22.9% against 15.9%.
The bank also assesses a cash withdrawal handling charge -- 2.5% -- on online gambling transactions.
The cost can escalate, as an online gambler, running up $10,000 of debt on a credit card at a 22% cash advance rate will repay at least $2,000 per year in interest until they settle the debt.
"The gambler will need to win their stake back plus at least 22% just to stand still," said Brown.

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