Key Takeaways
- Beginning March 31, BetMGM will no longer accept credit card deposits, aligning its policies with DraftKings, FanDuel, and Fanatics across all US operations.
- Financial analysts from Citizens JMP and Macquarie Capital predict negligible revenue consequences, citing DraftKings’ unchanged performance following its 2025 prohibition.
- Research from Macquarie suggests credit cards account for merely 10% to 20% of gambling account funding nationwide, with users likely migrating to alternative payment methods.
- Legislative efforts in states like New York, New Jersey, Virginia, and Illinois aim to prohibit credit card usage for internet-based sports wagering.
- Fanatics reports never allowing credit card transactions since its sportsbook debut in 2023.
During a Pennsylvania Gaming Control Board session on March 25, BetMGM disclosed plans to discontinue credit card deposit acceptance effective March 31. The announcement came as the operator addressed regulatory compliance matters.
The PGCB imposed a $100,000 penalty on BetMGM for inadequate customer verification procedures during that same meeting. Chief Compliance Officer Rhea Loney informed board members that the platform would cease processing new credit card transactions going forward.
This decision brings BetMGM’s payment policies into alignment with industry leaders. Competitors including DraftKings, FanDuel, and Fanatics have previously implemented identical restrictions on credit card funding.
DraftKings eliminated credit card deposits in August 2025, characterizing the change as a “strategic business decision” designed to shield customers from unnecessary transaction charges.
FanDuel implemented its prohibition in February 2026, with enforcement commencing March 2. The timing coincided with Sen. Elizabeth Warren’s correspondence to prominent operators seeking details about credit card transaction fees in gambling contexts.
Fanatics distinguished itself by never permitting credit card deposits from inception. Company representatives characterized this stance as a “foundational promise” established when operations began in 2023.
Industry Experts Predict Negligible Revenue Consequences
Although a 2025 study revealed that 24% of sports bettors used a credit card cash advance to place bets, market analysts maintain the restriction won’t significantly damage operator finances.
Jordan Bender, equity research analyst with Citizens JMP Securities, informed Gambling Insider the financial consequence should prove “minimal.” His assessment referenced DraftKings’ post-ban performance, which showed no meaningful changes in wagering volume during subsequent months.
Bender characterized Citizens’ position as viewing the development “more as a headline rather than a real impact on the business.”
Sam Ghafir from Macquarie Capital shared this perspective. He emphasized that multiple jurisdictions have already implemented credit card deposit bans without triggering operational difficulties.
Macquarie’s analysis indicates credit cards represent only 10% to 20% of total gambling deposit funding across United States markets. Ghafir observed these transactions typically come from first-time users and recreational gamblers.
He acknowledged potential short-term friction lasting three to six months affecting occasional bettors. However, expectations point toward volume migration to alternative funding sources including debit cards, automated clearing house transfers, and electronic wallet services.
Legislative Momentum Builds for Statewide Prohibitions
From an operator perspective, voluntary restrictions may yield strategic advantages. Ghafir suggested the approach facilitates regulatory negotiations, diminishes future compliance risks, and enhances environmental, social, and governance profiles.
He referenced the United Kingdom’s experience, where aggregate gross gaming revenue stabilized within two to three quarters following credit card prohibition. The outcome produced more consistent customer segments and marginally improved financial performance.
Multiple US jurisdictions have enacted statutory bans on credit card gambling deposits. Current restrictions exist in Iowa, Massachusetts, New Hampshire, Oregon, Rhode Island, Tennessee, and Vermont.
Throughout 2026, lawmakers in New York, New Jersey, Virginia, and Illinois have proposed legislation banning credit cards for internet sports betting or casino gaming.
Virginia’s HB 515, sponsored by Del. Marty Martinez, received approval from both legislative chambers. Gov. Abigail Spanberger has yet to provide executive approval. Comparable legislation awaits action from Maine Gov. Janet Mills.
BetMGM’s implementation timeline starts today, March 31, blocking new credit card registrations on user accounts. The company intends to systematically remove credit card functionality throughout its entire platform network.
