Mobile sports betting in New York to authorize credit card use
New York will allow the use of credit cards for mobile sports betting once online sports betting apps are launched in the Empire State. Customers will be able to use credit cards to fund accounts across multiple skins on each approved platform.
Everything is stated in the last Mobile sports betting faqs published by the New York State Gaming Commission (NYSGC), which plans to reduce its list of mobile sports betting licensees by December 6, 2021:
âA customer can deposit and withdraw funds to and from their account with an operator through electronically recognized payment methods including, but not limited to, credit cards and debit cards, or by any other means approved by the Commission ‘ according to the site’s FAQ. â(State law) limits the number of accounts per customer to one account with any operator.
With at least two sports betting platforms likely in New York City, this could represent significant credit card use, especially in a market that is expected to generate nearly $ 1 billion one year of online sports betting.
Other than New York, not all states agree to allow the use of credit cards for sports betting. Iowa specifically banned credit cards to be used for sports betting. In Massachusetts, which has yet to legalize sports betting in any form, at least one sports betting bill pending in the Senate reads: “A bet must not be paid by means of a credit card”.
So how does New York City plan to regulate the use of credit cards to fund online sports betting accounts in what could possibly become the nation’s largest sports betting market? Play today gleaned some clues from New York RFA mobile sports betting, issued in July 2021.
RFA mobile sports bettor account requirements
When it comes to mobile sports betting accounts, New York is not going to be a game for everyone. Credit card advances and other funds used for sports betting will be kept within prescribed limits.
Account holders who meet a lifetime annual deposit threshold of $ 2,500 will trigger responsible gambling actions under state law. And bettors who try to bypass the deposit thresholds will be held accountable.
For example, if a mobile sports bettor deposits $ 2,499.00 into multiple operator accounts to avoid the $ 2,500.00 threshold, the sportsbook operator is required to report this behavior.
âAn operator should implement recognition procedures if they know or should have known that the customer has taken actions specifically designed to bypass the threshold,â according to the NYSGC’s Mobile Sports Betting FAQ.
Is betting with a credit card a good idea?
Still, using a credit card to advance funds to a sports betting account is generally considered unwise. In addition, credit card issuers themselves may prohibit the use of credit cards, and sometimes debit cards, for gambling, even in states where regulators allow credit and debit cards in states. gambling transactions.
Michigan sports bettors discovered that when card issuers refused to allow credit for online sports betting and online gambling after Michigan both launched earlier this year. Credit cards are licensed for use in online gambling under Michigan law.
Cash advance fees and credit card interest up to stake, such as Nerdwallet clarified in a Article from June 2021.
âGambling as casual entertainment with money you can afford to lose is one thing. But ‘borrowing’ money from a credit card and paying extra fees to gamble could end up being a bad idea, especially if you end up with credit card debt because of it, âthe article states. .
Next steps for the launch of mobile betting in New York
Mobile sports betting in New York still seems unlikely to launch this year. The tentative schedule set by the NYSGC indicates a launch early next year.
New York officials said they were optimistic for a launch before Super Bowl 2022.