It 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.
Although fantasy sports have grown in popularity in recent years, legal regulations have blurred lines when it comes to fantasy sports betting and largely depend on the state’s own laws. The Unlawful Internet Gambling Enforcement Act, which passed in 2006, states fantasy sports are classified as a game of skill, rather than a game of chance – the only caveat is 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.
Additionally, processors are responsible for completing payments the merchant fails to pay out to its customers, posing a greater risk for processors.
Between the legal complexities and increased risk of processing, most low-risk processors and credit card companies immediately deny applications from fantasy sports companies and refuse to work with businesses in the 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 merchant payment solution for your fantasy sports 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 a large percentage because you are considered a higher risk either – your fantasy sports business will enjoy one flat rate – no credit check required.