|February 14th, 2019|
With incessant rise in need of sports betting merchant accounts, it is worth spending time and energy on raising the curtains from what had been changed and what should be expected in near future.
Sports betting and online gambling businesses notoriously fall under the category of high risk. While the past of gambling was as dark as coal, result of the stretched battle between New Jersey and major sports leagues, in form of Supreme Court’s overruling the 1992 Professional and Amateur Sports Protection Act (PASPA) has brought smiles to the betting merchants’ faces across the States. But the expert credit card processors are not as excited as the merchants. Let us find the reasons behind and comprehend the reach of the Supreme Court’s intervention.
Before Everything Understand What Is PASPA
The act which talks about the federal ban on sports betting is Professional and Amateur Sports Protection Act, PASPA, also known as the Bradley Act. The bill that has prevented states from offering legal sports betting has been broken down into 4 sections.
It was signed into law by President Bush. This act announced sports betting illegal, nevertheless, lotteries and horse racing were exempted from the list of gambling. States were made to decide it for themselves, whether they want to accept this form of gambling in their peripheries or not.
In more than two decades, it is the very first time when the US Supreme court has opened new doors of possibilities for the stakeholders. On May 14, 2018, US Supreme Court ruled that the nationwide ban, imposed by the Federal Government on sports betting was unconstitutional. It was quoted as illegal and this move towards legalization of betting is undoubtedly a clear victory of major sports leagues.
What Is The Catch For Sports Betting Merchants?
Needless to say that betting industry has tremendous money making potential. Hence, merchants spread over different parts of the US, look at this business as a lucrative affair.
So far, the merchants have been facing a lot of challenges for getting credible payment processing solutions for their online gambling and betting businesses. But the million dollar question is – will the scenario change? Well, after the Supreme Court has stepped in, nobody can doubt a positive change for the industry. But answer for how soon it will happen is not something very pleasing for the concerned people. It may dishearten many to learn that it can take 5 years or even more to see major changes as far as acquiring the reputable merchant services is concerned.
Reversal of PASPA is certainly a new hope for the online gambling and betting industry. Congress needs to step in to make states agree on a set of regulations. After this picturing consumer placing online bets from anywhere in the US would be possible. Players of sport betting industry need to wait some more time
How To Take It Forward Meanwhile?
As one cannot expect the picture to change anytime soon, it is imperative to find the competent and secure payment processing services. Despite the popularity and great money generating caliber, most reputable and known financial institutions pass the merchant account applications. They see high charge back ratio and gloomy background as red flags. Don’t hesitate in talking to our dedicated and highly proficient team for tailored payment processing solutions. They know how to make it easy and profitable for the clients.