Thursday, December 8, 2022

IRGC Fines Companies Total of $150,000 for Credit Card Betting

The Iowa Racing and Gaming Commission has issued three fines to various operators in the state. The Commission fined the operators in relation to the illegal use of credit cards accepted by the companies’ sports betting operations. These fines have been issued as part of a broader investigation into a company that was known to the Commission for processing credit card payments for sports betting companies, confirmed Brian Ohorilko, the IRGC administrator.

Companies Fined Over Credit Card Betting Oversight

Ohorilko detailed the incident and said that it concerned “isolated” cases where some prepaid cards unknowingly or willingly dodged the credit card rules. As such, several companies, including BetMGM and Elite Hospitality were fined $60,000. SCE Partners received a smaller fine of $20,000. This is not the first time the Commission fined companies in the state.

Similar fines were issued back in August, to wit American Wagering, which is doing business in the state as Caesars Sportsbook. However, the administrator assured that IRGC and stakeholders were in control and the offenses were small oversights that did not reflect a broader trend or intentional breaking of rules.

He explained that in general, sports betting done in person was usually very safe, as casinos are instructed to do detailed checks. The only way to use credit cards, he noted, was to get a cash advance, i.e., prepaid cards, which may have in turn been bought with credit cards. Letting customers spend credit card money, though, is an oversight on the part of casino staffers.

Ohorilko remained optimistic about the future and said that the Commission and stakeholders are already working together to make sure that such problems do not repeat. Ohorilko assured me that the law had been changed two years ago so that using credit cards for sports wagering or slots was not an option, but some rough edges still seem to need ironing out. All companies that received a penalty in the latest round were quick to act the administrator concluded.

Iowa’s Sports Betting Results Begin to Improve Noticeably

In the meantime, sports betting results in Iowa have been improving considerably, with the state bucking the summer slum in August and posting an increase in the overall results. This is likely to continue and even improve as the NFL season and college football seasons have now started, and there are other events such as basketball and hockey on the cards. There is also the soccer season in Europe, so plenty of action is going down on betting right now. The important thing is to keep people from betting with credit card money.

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