Sports betting has emerged as a favorite hobby for numerous individuals, and the industry is undeniably experiencing substantial growth in both revenue and recognition. Although states have been primarily expanding their presence in the sports betting industry, many have also adopted stringent policies and approaches toward problem gambling schemes.
Pennsylvania, one of the newest states, has recently introduced Senate Bill 1159 to deal with problem gambling.
Earlier this month, Pennsylvania filed a bill to alter the way players in the state fund their betting accounts. Senate Bill 1159 will prohibit bettors in Pennsylvania from funding their online lottery, sports betting, and online casino accounts using their credit cards. Sen. Wayne Fontana and other legislators introduced it, concerned that players could become indebted by using credit cards to offset losses.
The bill reads the following:
- “A credit card cannot be accepted by any licensed operator for the purpose of funding a fantasy contest account.”
- “A holder of an interactive gaming certificate is prohibited from accepting credit cards for wagers or deposits.”
- “Credit cards may not be accepted by the (Lottery) department for the acquisition of iLottery games.”
- “It is not permissible for a sports wagering certificate holder to take credit cards as payment for sports wagering.”
Most states have not yet implemented any restrictions on credit card funding on online betting sites. However, this move by Pennsylvania may not be revolutionary since Tennessee, Rhode Island, New Hampshire, Massachusetts, and Iowa have already prohibited funding of sports betting accounts using credit cards. Visit our official website for more betting news and other pertinent articles.
The United Kingdom has also banned credit cards for wagering on online sports across four constituent nations.
Fontana admits that this move will present a challenge for many sportsbooks, casino operators, and payment service providers as it aims to discontinue transactions via credit cards, potentially leading to a fall in player deposits. This can be a concern, but Fontana countered the argument by asserting that sportsbook operators have adequate financial capacity to overcome the loss of revenue.