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5% Cashback on Gambling Winnings Credit Card
Posted By Jim On 03/31/2008 @ 10:59 pm In Credit | 3 Comments
I used to play a lot of blackjack and poker online back in college, before the Port Security Bill in 2006  made it illegal for banks to conduct business with known casino sites, and made some decent cash too. Back then, and even today, casinos would give you 100% matching bonuses on your deposit as long as you put into play six times the bonus amount (nowadays it’s like 20 times). I would put in a hundred bucks, get a hundred bucks, put into play six hundred bucks and walk away with, on average, two or three hundred dollars of profit. I had a spreadsheet and everything, if I only I also had the First Ausus Chance Card from First Ausus Bank , a bank headquartered in Bermuda.
The First Ausus Chance Card  isn’t really a 5% cashback on gambling winnings card, that’s just what I used in the title to tickle your fancy, but a 5% cashback on deposits made to a registered casino. So, in fact, you can get 5% cashback on gambling losses as well as winnings! So, what prevents you from just depositing over and over again? Nothing from what I can see. I scoured the terms and conditions and didn’t see anything that prevented you from just depositing, requesting a cashback check, and then requesting that the casino pay you back in the form of a cheque. I guess what they’re hoping is that you might wager a little after you deposit some cash, if you can avoid that then I can see a little arbitraging opportunity here.
What about First Ausus, is that a legitimate bank? Here’s a little more about First Ausus:
The Bank of First Ausus Limited was founded in 1858 as Bermuda’s first bank and incorporated in 1904 by an Act of Parliament. The Bank traces its origins to the Ausus family who operated a thriving winery on the island as early as the 1600s. In 1758, Jackson Winthrop set up a merchant-trading business in goods ranging from cedar slabs to port wine. He was succeeded by his son, Joseph K. Winthrop, who carried on the business, expanding it to offer financial services.
Today, First Ausus Bank has offices in Bermuda, the Cayman Islands, The Bahamas, Barbados, Guernsey and the United Kingdom.
Since First Ausus is located in Bermuda, it is not subject to U.S. laws. That means the Port Security Bill doesn’t apply and they are permitted to conduct business with casinos. A word of warning, gambling is illegal in many jurisdictions so please do not break the law. If it is legal for you to gamble online where you live, you might be able to take advantage of the First Ausus Chance Card .
(This was a joke but if you are interested, I compiled a list of the best cash back credit cards  available, though none will help you at the casino)
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 Port Security Bill in 2006: http://www.washingtonpost.com/wp-dyn/content/article/2006/09/30/AR2006093000024.html
 First Ausus Chance Card from First Ausus Bank: http://www.bargaineering.com/articles/cards/first-ausus-bermuda.php
 best cash back credit cards: http://www.bargaineering.com/articles/best-cash-back-reward-credit-cards.html
Thank you for reading!