Joey Levy, Founder and CEO of betr, has announced that the sports betting operator will not be accepting credit card payments to fund accounts.
Making the announcement at G2E in Las Vegas, Levy – who is launching the betr platform with social media personality Jake Paul – has added that the operator will also enforce a deposit limit for any user aged between 21 and 25 years old.
The CEO has noted the ban on credit cards needs to be in place to bring the sports betting experience in line with other entertainment services. He also said that leaders within the industry have a responsibility to “get this right” as sports wagering continues to grow across the US.
In a statement on Twitter, Levy said: “Today I announced at G2E that @betr will be the first sports betting operator in the U.S. to ban credit card depositing to fund user accounts. I also announced that we will be the first operator to enforce deposit limits for users that are 21-25 years old.
“Sports betting should be about enhancing the way the mass market fan consumes & interacts with sports. The experience should be like going to the movies & paying $20 for 2 hours of entertainment. Watching a live game & spending $20 on Betr to make that game more entertaining.
“We will win by becoming the primary app folks use to enhance the way they watch sports. As sports betting proliferates nationwide, we have a responsibility as leaders to get this right.”
A ban on credit card deposits may help reduce the number of people who struggle with financial and problem gambling issues as a result of betting.
Back in August, a survey by Odds Assist revealed that over half of sports bettors who have used a credit card to wager have fallen into debt as a result.
Reflecting on this finding, Dave Rathmanner, Founder & CEO of Odds Assist, has commented that state regulators and operators should look to ban credit card deposits to help bettors avoid financial and problem gambling issues.
Levy is looking to launch the betr app and offer sports wagering to users in Ohio and Massachusetts once those states go live with their respective markets. The operator’s free-to-play microbetting app is available to download now.