BetMGM Is the Latest Gambling Platform to Move Away from Credit Cards
BetMGM is eliminating credit cards after a settlement related to fraud and a $100,000 fine in Pennsylvania.Summary
BetMGM has decided to stop accepting credit cards following a fraud-related settlement with the Pennsylvania Gaming Control Board, which also imposed a $100,000 fine. The board found that BetMGM lacked sufficient procedures to prevent fraudulent activity, including identity verification failures that allowed users to open accounts with stolen or fabricated identities. Instances included one individual opening 119 accounts and gambling nearly $900,000, and a ring creating 1,567 accounts and withdrawing over $28,000 using stolen payment methods. This move follows similar decisions by FanDuel and DraftKings, who also cited fees and regulatory issues as reasons for ending credit card payments. Several states, including Massachusetts and Maine, have already banned or are moving to ban credit card funding for online sports betting, with Maine also establishing technical requirements for enforcement.
(Source：Paymentsjournal)