Key Takeaways
- Starting March 31, BetMGM will no longer accept credit card deposits, aligning with industry leaders DraftKings, FanDuel, and Fanatics who previously implemented similar restrictions.
- Financial analysts from Citizens JMP and Macquarie Capital predict “minimal” revenue loss, citing DraftKings’ experience which showed no significant handle decline following its 2025 credit card prohibition.
- According to Macquarie research, credit cards account for just 10% to 20% of gambling account funding in the United States, with users likely migrating to debit cards, ACH transfers, and e-wallets.
- Legislative efforts in New York, New Jersey, Virginia, and Illinois aim to prohibit credit card transactions for online sports wagering and iGaming.
- Fanatics has maintained a zero-credit-card policy since its 2023 sportsbook debut.
BetMGM disclosed its decision to discontinue credit card deposit acceptance during a Pennsylvania Gaming Control Board public session held on March 25. The implementation begins March 31.
The announcement came as the PGCB imposed a $100,000 penalty on BetMGM for inadequate customer verification procedures. During proceedings, Chief Compliance Officer Rhea Loney confirmed that the platform will cease processing new credit card additions immediately.
This policy adjustment positions BetMGM alongside other leading US sports wagering platforms. Competitors including DraftKings, FanDuel, and Fanatics have previously enacted identical restrictions.
DraftKings eliminated credit card funding options in August 2025. The operator characterized the change as a “strategic business decision” designed to protect customers from additional transaction charges.
FanDuel implemented its prohibition in February 2026, with enforcement beginning March 2. The timing followed correspondence from Sen. Elizabeth Warren requesting detailed information about credit card wagering fees from prominent operators.
Fanatics representatives confirmed the company has maintained a no-credit-card stance since inception. A spokesperson described this approach as a “foundational promise” established when operations commenced in 2023.
Financial Experts Forecast Negligible Business Consequences
Although a 2025 industry survey revealed that 24% of sports bettors used a credit card cash advance to place bets, market analysts maintain the prohibition will not damage operator profitability.
Jordan Bender, equity research analyst at Citizens JMP Securities, informed Gambling Insider that consequences should remain “minimal.” He referenced DraftKings’ post-ban performance, which demonstrated no meaningful wagering volume changes in subsequent months.
Bender characterized Citizens’ perspective as viewing this development “more as a headline rather than a real impact on the business.”
Sam Ghafir, analyst at Macquarie Capital, expressed agreement with this assessment. He noted that multiple states have already implemented credit card deposit bans without creating operational difficulties.
Macquarie’s analysis indicates credit cards represent only 10% to 20% of total deposit funding across US gambling platforms. Ghafir observed these payment methods predominantly appeal to first-time users and recreational bettors.
He acknowledged potential modest short-term effects spanning three to six months due to increased transaction friction for casual participants. However, the majority of this activity is anticipated to migrate toward debit cards, ACH bank transfers, and digital payment platforms.
Legislative Momentum Builds for Statewide Restrictions
For operators, prohibiting credit cards may deliver strategic advantages. Ghafir suggested the move strengthens regulatory relationships, minimizes future compliance risks, and enhances environmental, social, and governance profiles.
He cited the United Kingdom’s experience, where total gross gaming revenue stabilized within two to three quarters following credit card restrictions. The outcome produced higher-quality customer segments and marginally improved financial performance.
Numerous US states have already codified legal bans on credit card gambling transactions. Current prohibitions exist in Iowa, Massachusetts, New Hampshire, Oregon, Rhode Island, Tennessee, and Vermont.
During this legislative session, New York, New Jersey, Virginia, and Illinois have advanced proposals to eliminate credit cards for online sports betting or casino gaming.
In Virginia, Delegate Marty Martinez’s HB 515 received approval from both legislative chambers. Governor Abigail Spanberger has not yet enacted the measure. A comparable proposal awaits Maine Governor Janet Mills’ signature.
BetMGM’s transition launches today, March 31, blocking new credit card registrations on customer accounts. The operator intends to systematically remove credit card payment capabilities throughout all platforms.
