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Yahoo says no more credit card deposits for daily fantasy sports, PayPal okay

TAGs: Credit Cards, daily fantasy sports, New York, PayPal, Yahoo

yahoo-daily-fantasy-sports-credit-card-depositsInternet giant Yahoo has informed users of its daily fantasy sports platform that they can no longer make deposits using their credit cards.

On Wednesday, Yahoo users reported received emails from the company saying it would “no longer accept credit card deposits into Yahoo Sports Daily Fantasy accounts.” The new restriction went into effect immediately.

Yahoo stressed that it would continue to accept DFS deposits using the PayPal online payment processing service. Yahoo also said it would “continue to evaluate all payment methods and will look to implement other methods if they become available.”

PayPal issued its own statement saying it was also continually reviewing and considering “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.”

Both DraftKings and FanDuel exited the New York market last Monday after reaching deals with state Attorney General Eric Schneiderman to halt their legal war and give legislators a chance to pass DFS-friendly legislation. Yahoo, although not party to these deals or the legal actions, exited New York the following day.

In February, credit card giant CitiGroup announced it would no longer process DFS payments for customers in New York state until it had a greater sense of clarity regarding the activity’s legality. CitiGroup’s move followed a similar decision by online payment processor Vantiv just one week earlier.

NEW YORK BUDGET DROPS DFS, ONLINE POKER?
Meanwhile, reports are circulating that neither DFS nor online poker will make the final cut of New York’s annual budget bill. Early drafts of the budget had indicated that lawmakers were intent on including the measures in the document’s final draft – which is due by Friday – but the Poker Players Alliance suggested Wednesday that this was not to be.

The excisions don’t necessarily spell doom for either gaming product’s chances of making it to the legislative finish line, as key pols appear to be on board and the current legislative session doesn’t end until June 30. But it seems both DFS and poker will have to make the perilous journey to Mordor on their own, rather than hitch a ride on a piece of must-pass legislation.

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