Thousands of complaints
According to a report, consumers filed around 2,400 complaints of slow or glitched payment periods against the three top sportsbooks in three years.
forced to wait days or weeks to access their winnings.
The Wall Street Journal broke the news over the weekend, citing records from the Better Business Bureau for FanDuel, DraftKings, and BetMGM. A majority of the complaints came from customers who were forced to wait days or weeks to access their winnings.
Most sportsbooks, especially these three giants, have instant withdrawal options and usually boast their offerings. However, these customers were subject to much less desirable circumstances.
Long payment periods from sportsbooks
Sports betting was legalized in the United States after the Supreme Court struck down the Professional and Amateur Sports Protection Act of 1992 (PASPA) in 2018. PASPA effectively made sports betting illegal everywhere but Nevada, depriving states of the opportunity to launch their markets.
FanDuel, DraftKings, and BetMGM were all prominent players early in the US’s sports betting launch and have dominated market shares ever since. They are constantly innovating ways to upgrade the user experience, whether that be by running lucrative promotions, partnering with teams and stadiums to create in-house experiences, or expanding their list of offerings.
The expectation of being able to withdraw money on time is a constant among all three operators, which is what makes the report so noteworthy.
withdrawal times can be slowed during times of speculation over money laundering or fraud
The Better Business Bureau noted that FanDuel and DraftKings both have a 100% response rate to complaints they sent, while BetMGM has an 86% response rate. Both FanDuel and DraftKings noted that payment times can be slowed during times of speculation over money laundering or fraud, both of which trigger internal investigations at sportsbooks.
“We operate in a heavily regulated industry that requires the careful evaluation and collection of personal information,” DraftKings’ senior vice president of customer experience and community, Shawn Henley, said to PYMNTS. “Compliance is a core pillar of our business, and we believe legal and regulated sports betting is in the best interest of consumers.”
From the companies’ perspective, the complaints have not been overly damaging, as each still enjoys a dominant position in America’s sports betting landscape. However, the growth of both sports betting operators and customers could cause them to lose their firm control if concerns over the complaints are not properly addressed.
speed of withdrawals is something that’s very important to people”
“The speed of withdrawals is something that’s very important to people in their experience with the Sportsbook,” said Trent Striplin, vice president of payments and fraud at Caesars Sportsbook, during an October interview with PYMNTS.
Ingo Money CEO Drew Edwards’ comments from earlier this year affirmed those shared by Striplin.
“I personally cannot imagine winning a bunch of money and then being told, ‘OK, we’ll send you a check in a week,’” said Edwards. “[Sports betting] needs to be a digital-first experience.”
States such as Ohio and Maryland are currently gearing up for sports betting and online sports betting launches, while several others are debating legalization. Regulators will be sure to account for complaints of slow processing times when awarding licenses and monitoring the market.
The next major event on the horizon for sports betting companies is the 2022 FIFA World Cup, which is set to kick off in less than a week. Brazil enters as the favorite, while Lionel Messi and Argentina are second. The first match features Ecuador and the host nation Qatar.
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