Fantasy sports began as a fun game played among close friends, but today it’s a multi-billion dollar business that has a tremendous influence on real, live sports. High Risk Merchant Pay provides fantasy sports merchant accounts and credit card processing services to help your business thrive in this lucrative industry.
Although fantasy sports have grown in popularity in recent years, legal regulations have blurred lines when it comes to fantasy sports betting. Fantasy sports betting largely depends on the state’s own laws. The Unlawful Internet Gambling Enforcement Act, which passed in 2006, classifies fantasy sports as a game of skill, rather than a game of chance.
The law specifies that those playing fantasy sports games can’t bet on the outcome of a single game or the performance of a single player. Fantasy sports are banned in five states (Arizona, Iowa, Louisiana, Montana, and Washington), but right now there really is no government authority that oversees fantasy sports the way regulators oversee sports betting in Nevada.
Along with regulatory hurdles, there are other risks involved for payment processors in the fantasy sports business. Fantasy sports credit card processors are responsible for completing payments when the merchant fails to pay its customers. This means if a fantasy football business doesn’t pay the winners on its site, the payment processor is obligated to make the payouts. This increased risk of financial loss compels many account providers and payment processors to shun this industry altogether.
Between legal complexities and increased risk of chargebacks, most acquiring banks and payment processors immediately deny fantasy sports merchant account and payment processing applications and refuse to work with businesses in this high-risk industry.
At High Risk Merchant Pay, we don’t define your company by the industry it is categorized in. We understand how valuable your business is and are happy to work with you to find a fantasy sports credit card processing solution for your high-risk business.
We specialize in high-risk businesses and provide credit card processing that is fair, effective, and transparent with simplified underwriting and an easy application process. You don’t have to worry about being charged an exorbitant fee because you are considered a high-risk business. Your fantasy sports business will enjoy one flat rate – no credit check required.
We accept merchants terminated or on the TMF/Match list