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BetMGM Casino to stop accepting credit cards as payment method
BetMGM becomes the latest in a growing trend of real money casino apps to phase out credit cards as accepted forms of payments.
Things are changing at BetMGM Casino, as the online casino operator indicated during a regulatory hearing in Pennsylvania recently that it would soon stop allowing users to make credit card payments across its iGaming platform and mobile sportsbook.
BetMGM will no longer be among group of credit card casinos
While speaking to PA online casino regulators to address several issues in the Keystone State, representatives of the MGM Resorts- and Entain-backed online casino said that it would soon change its structure of accepted payment methods. More specifically, they pointed out plans for the BetMGM Casino app and online sportsbook to halt usage of credit cards.
As a result, customers with the platform will no longer be allowed to link credit cards to their accounts for funding.
That has become a growing trend in recent months, as more and more operators are opting against being credit card casinos. Many lawmakers, stakeholders and responsible gaming advocates have pushed for a ban on credit card usage, which essentially allows users to gamble with borrowed money and potentially accumulate debt that exceeds their budgetary restrictions.
That is especially true for gamblers who feel the need to chase losses, which can only exacerbate the problem.
BetMGM removes credit cards on heels of PA online casino investigation
Interestingly, BetMGM shared its plans while dealing with a $100,000 fine levied by Pennsylvania regulators surrounding the operator's failures regarding fraud prevention.
The Pennsylvania Gaming Control Board concluded that BetMGM did not adequately prevent the usage of multiple accounts that were created with stolen identities. These accounts, regulators said, were funded with compromised payment methods.
All told, per the PGCB, there were four individual fraud rings, all of which were active for at least 19 months and combined to create over 2,000 accounts and place more than $2 million in bets with BetMGM and Borgata platforms.
Certainly, those discoveries prompted BetMGM officials to reconsider the platform's list of accepted payment methods and ultimately remove credit cards.
With that decision, BetMGM joins the likes of FanDuel Casino, which ended credit card usage in March, and DraftKings Casino, which removed credit cards last fall.
