There is an insane rate of rise for the requirements of sports betting Merchant account at a global level. This sports betting and Gaming merchant accounts fall into the High Risk Merchant Account category.
The PASPA (Professional and Amateur Sports Protection Act) implemented in the 1992 signed by George Bush made sports betting illegal all over and there was a ban on such merchant accounts. But recently in May 2018, the US Supreme court overruled the PASPA act and took a step towards legalization of Gaming and Sports Betting. This move, from the Supreme Court, is without a doubt, a victory for the major sports leagues.
Due to the very high money making possibilities, lot of merchants are interested in getting involved with the sports betting. The reversal of the PASPA act has given a new hope to all such merchants.
But before getting involved in such business with High Risk, you need to sit back and take some precautions, so that you don’t have to face any problems going forward. You need to consult with a reputed Financial Institutions before registering for such high-risk merchant accounts.
Apply with Merchant Service providers who have a high rate of High Risk Merchant Account approval. Taking necessary precautions is always much better that blindly jumping into the valley.
There may be transactions with high amounts in such business, so that first thing you take care of is a highly secure Payment Gateway for fluent credit card payment processing.
As the gaming and sports betting merchant account is High Risk Merchant Account, the service providers will always take a look at the history of the person getting involved in this business. They will be considering the factors like, Bank Statements, Credit Scores, Negative Bank Balance, Chargeback Rate, etc.