Yahoo To Accept PayPal Only For DFS Deposits
The turmoil in the daily fantasy market is by no means showing any signs of letting up. Whether it be more legislation to regulate the industry or self-regulation by private companies like online payment processors deciding to wait for legal clarification.
Another development which shows the uncertainty in the DFS industry is that of Yahoo who have announced they will no longer be accepting credit cards for deposit on their DFS platform with immediate effect.
The exact reasons for the decision are not clear but it is safe to assume that the credit card companies themselves are wary of being sue by legislators who are looking to crackdown on what they perceive as real money gambling. In a statement released Yahoo said as of March 30 the only accepted method of deposits will be via PayPal.
The full statement read,” Hello, Starting March 30, 2016, Yahoo Sports Daily Fantasy will no longer accept credit card deposits into Yahoo Sports Fantasy accounts. We will continue to accept deposits made using PayPal. We deeply value our relationship with you and are committed to providing you with the highest level of service. We will continue to evaluate all payment methods and will look to implement other methods if they become available. If you have any further questions please feel free to contact Yahoo Customer Care.”
In turn PayPal gave their own statement and said they are continuously reviewing the “ongoing developments in relation to Daily Fantasy Sports, including the announcements by DraftKings and FanDuel of their temporary withdrawal from certain states and the passage of legislation and regulations in other states.” But PayPal insisted it “continues to process payments for these businesses in states where they offer their services.”