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Gambling in the USA

Draftkings adds PayPal for payment

Niji Narayan

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Draftkings adds PayPal for payment
Reading Time: 2 minutes

 

DraftKings Sportsbook, the first company that offered sports betting in New Jersey, has finally added PayPal into the list of payment options.

Previously the company offered deposit and withdrawals options only through Visa, MasterCard and bank transfer, apart from the daily fantasy sports account of the company.

At the initial weeks that was not a problem because the customers did not have choice. But when other companies entered the fray with their sportsbooks, and with PayPal as a transaction option, DraftKings started feeling the heat.

If you are familiar with the world of online casinos in New Jersey, a lack of options for depositing can be a problem for a new site or app. Many banks will decline any transactions dealing with online gambling, even though it’s legal in New Jersey.

DraftKings was dealing with a lot of frustrated customers who wanted to bet, but could not get money online directly.

FanDuel Sportsbook – one of DraftKings’ competitors – outlines the pretty directly with an FAQ on its site:

While most major banks allow online wagering, the following will decline transactions with online wagering companies:

  • Bank of America
  • Capital One
  • Wells Fargo
  • TD Bank
  • Union Bank
  • Huntington Bank
  • Most prepaid cards

That includes some very big banks that also issue credit cards.

DraftKings beat everyone, by weeks, to offer online sports betting. But that first-mover advantage was not going to carry DraftKings to a lead in the NJ sports betting industry forever.

If it was going to compete, adding a payment option like PayPal was a near necessity. Three other online sports betting sites – FanDuel, Caesars online casino and SugarHouse Sportsbook – all had PayPal live already.

Now the playing field will be a bit more level. We get the first online sports betting revenue and handle numbers this week in New Jersey. But we will see how the competition is shaking out better once the numbers are in from September, when DraftKings was finally operating against challengers.

 

Source: PlayNJ

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

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Compliance Updates

NJ Regulators Impose Fine on DraftKings

Niji Narayan

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NJ Regulators Impose Fine on DraftKings
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The New Jersey Division of Gaming Enforcement has fined DraftKings for violating the self-exclusion rules.

DraftKings has to pay out penalties totalling $7000 to the gaming regulator and return $3277 to customers after failing to adhere to self-exclusion rules.

The regulator hit DraftKings with the maximum $5,000 civil penalty for taking wagers from customers who had requested a “cooling off” period be placed on their accounts.

DraftKings discovered an error within its systems in November 2018 whereby the “cooling off” period had been set to zero days. During the month in which the system was not correctly in place, 54 people who were not meant to be able to deposit were able to place bets totalling $28,887. They lost $3277, which DraftKings will now have to pay back.

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Gambling in the USA

Oregon Lottery Shares its Expectations in Sports Betting

Niji Narayan

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Oregon Lottery Shares its Expectations in Sports Betting
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The Oregon Lottery, which will be in charge of running sports betting in the state, has shared its sports betting expectations. The Lottery said that it expects to generate US$141.2 million in revenue.

The estimations are part of an analysis of the first three years after the launch of its SBTech-powered retail and mobile sportsbook, which was signed last month. The Oregon Lottery said that it will launch mobile sports betting soon.

The Oregon Lottery published projections for the sports betting market and said that total handle over the first three years of operations will total US$1.6 billion. The first year of operations could bring US$332.8 million, while the second would rise to US$555 million and US$722 million by the third year.

The Lottery also said that it expects customers to win around US$306 million in the first year, US$507.4 million in the second and US$656.2 million in the third. This means that the Lottery expects winnings to total US$1.5 billion after three years.

Gross gaming revenue (GGR) would stand at US$141.2 million. It would start at US$26.6 million in the first year of the contract and then increase to US$48.5 million in the second year and US$66.1 million in the third year.

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Compliance Updates

Maine Legislature Passes Sports Betting Bill

Niji Narayan

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Maine Legislature Passes Sports Betting Bill
Image Source: playusa.com
Reading Time: 1 minute

 

Maine legislature has passed the sports betting bill. The Legislative Document 553 was given final approval by each chamber of the legislature and will now pass to Governor Janet Mills to be signed into law.

LD553 opens up the market to all of the state’s bricks and mortar gaming venues, such as commercial racetracks, off-track betting facilities, and commercial and tribal casinos. It will also allow mobile operators to apply for licences without the need for a land-based partner in the state.

Successful applicants will have to pay $20,000 as licence fee, 10% tax on land-based wagering revenue and 16% rate for mobile wagering. The bulk of revenue raised through these taxes will be allocated to the Maine General Fund.

Operators will be permitted to offer odds on all professional, collegiate and amateur sports events. Betting on events involving Maine-based colleges and universities will be prohibited. Only citizens aged 21 and above will be allowed to bet.

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