TLDR
- BetMGM is banning credit card deposits starting March 31, joining DraftKings, FanDuel, and Fanatics in dropping credit card funding across US platforms.
- Analysts from Citizens JMP and Macquarie Capital say the revenue impact will be “minimal,” noting DraftKings saw no material change after its own ban in 2025.
- Macquarie estimates credit cards fund only 10% to 20% of US gambling deposits, with most volume expected to shift to debit, ACH, and digital wallets.
- Several states including New York, New Jersey, Virginia, and Illinois have introduced bills to ban credit card use for online sports betting.
- Fanatics says it has never accepted credit card deposits since launching as a sportsbook in 2023.
BetMGM announced last week that it will begin phasing out credit card deposits starting March 31. The company revealed the policy change during a public meeting of the Pennsylvania Gaming Control Board on March 25.
During the meeting, the PGCB fined BetMGM $100,000 for insufficient know-your-customer protocols. Chief Compliance Officer Rhea Loney told the board that new credit cards will no longer be accepted on BetMGM platforms.
The move puts BetMGM in line with the other major US sportsbook operators. DraftKings, FanDuel, and Fanatics have all already banned credit card deposits.
DraftKings dropped credit card funding in August 2025. The company called it a “strategic business decision” aimed at helping customers avoid extra fees.
FanDuel followed in February 2026, with its ban taking effect on March 2. That decision came shortly after Sen. Elizabeth Warren sent a letter to major operators requesting information on credit card betting fees.
Fanatics has never accepted credit card deposits. A spokesperson said the policy was a “foundational promise” when the sportsbook launched in 2023.
Analysts Expect Little Financial Impact
Despite a 2025 survey showing that 24% of sports bettors used a credit card cash advance to place bets, analysts say the ban will not hurt operators.
Jordan Bender, an equity research analyst at Citizens JMP Securities, told Gambling Insider the impact should be “minimal.” He pointed to DraftKings, where handle was not materially different in the months after its credit card ban.
Bender said Citizens views the shift “more as a headline rather than a real impact on the business.”
Sam Ghafir, an analyst at Macquarie Capital, echoed that view. He said several states have already banned credit card deposits without causing problems.
Macquarie estimates that credit cards fund only 10% to 20% of US gambling account deposits. Ghafir noted these deposits tend to skew toward new users and casual bettors.
He said there could be a modest short-term impact over three to six months due to increased friction for casual bettors. But most of that volume is expected to shift to debit cards, ACH transfers, and digital wallets.
States Move Toward Regulatory Bans
For operators, the ban could actually be a net positive. Ghafir said it helps in regulatory discussions, reduces future policy risk, and improves ESG optics.
He pointed to the UK, where overall gross gaming revenue normalized within two to three quarters after a credit card ban. The result was cleaner customer cohorts and slightly better economics.
Several US states already have legal prohibitions on credit card gambling deposits. These include Iowa, Massachusetts, New Hampshire, Oregon, Rhode Island, Tennessee, and Vermont.
This year, New York, New Jersey, Virginia, and Illinois have introduced bills to ban credit cards for online sports betting or casino gambling.
In Virginia, Del. Marty Martinez’s HB 515 was approved by both the Assembly and Senate. Gov. Abigail Spanberger has not yet signed it into law. A similar bill is on the desk of Maine Gov. Janet Mills.
BetMGM’s phase-out begins today, March 31, with new credit cards no longer accepted on accounts. The company plans to gradually eliminate credit card funding across all platforms.
