Sports have been popular since the dawn of civilization, and as well as playing sports, people have always also enjoyed spectating and taking part in the action in other ways, such as gambling. Indeed, betting on sporting games and events has been popular throughout the ages, and continues to be a big part of the sporting world to this day.
And in the modern world, a lot of sports betting is happening online. There are many different sports betting sites out there that allow fans of sports to place their wagers on a range of sports and events. These sites are highly accessible, opening up the world of sports betting to the widest possible audience and letting people place bets on the fly at any time, from any location.
Before we look in-depth at the functions and challenges associated with sports betting merchant accounts, let’s begin with a brief introduction to the sports betting industry. This is one of the fastest-growing industries in the US right now, with countless sports fans out there eager to get involved, place their bets, and try to win big through the use of their own sporting knowledge and wisdom.
The best sports betting sites are bringing in huge numbers of users, and in recent years, the laws regarding gambling have softened in many states and regions, allowing sports fans to gamble more freely. This has all led to a lot of growth and development in the world of online sports betting, with more and more sportsbooks and gambling businesses appearing all the time.
Thanks to the rise of online betting sites, the vast majority of sporting bets are now placed online. These sites make it easy for players to place bets at any time, as long as they have an internet connection. They even, in some cases, allow for players to place bets while games are actually ongoing, based on the way the game has played out so far.
It’s clear to see that the online sports betting industry is an exciting and prosperous one in the modern world, but if you want to set up your own sports betting site, you’ll need to have sports betting merchant account first. What is a sports betting merchant account and how does it work? Well, to understand that, you first need to know the basic definition of a merchant account.
A merchant account is a special type of business account, designed for businesses that do a lot of business online or remotely and have to handle a lot of card-not-present transactions (transactions in which the card and cardholder are not physically present to pay for their goods or services). The merchant account makes it possible to accept these kinds of payments.
With a sports betting merchant account, you will be able to accept card payments made on your betting website. For example, if someone wants to sign up for your online sportsbook and make a payment with a card to put some money into their account and place a bet, the sports betting merchant account is what makes this whole process possible.
As stated above, a lot of sports betting is happening online now, and the average sports betting site can cater to players all across the country, so it really is important to have a sports betting merchant account in place so that you can take bets and receive card payments without any hassle. Otherwise, players may look elsewhere for their sports betting needs.
It’s clear that sports betting merchant accounts are vital for these kinds of businesses, but in many cases, if you request merchant services for sports betting from your local bank, you’ll get a simple rejection. This is because sports betting sites are classed as “high risk” businesses and many banks don’t want to work with high risk businesses of any kind.
Why are sportsbooks so risky? Well, there are a few reasons. The first issue is that the gambling industry in general has some negative connotations and is associated not only with high risk credit card processing, but also with fraud, illegal activity, and other complex issues that can cause a lot of problems for banks and financial institutions.
A lot of banks may also not want to provide sports betting merchant accounts and work with sportsbooks due to the ever-changing legal situation regarding online gambling in different states across the US. Laws can vary from location to location, and there are also age limits to take into account, and this all adds additional layers of complexity to the matter.
Because the legal situation regarding online sports betting is quite complex, there’s a greater risk of scam sites and fraudsters being involved in the industry, and this means that banks have to work even harder to ensure that the businesses they choose to work with are legitimate and follow all the rules. Since this results in a lot of extra work and risk, many banks simply prefer to avoid sportsbooks entirely.
So what can you do if you’re setting up a sports betting business or online sportsbook and want to get your own sports betting merchant account to be able to accept payments? Well, even though many banks may refuse to work with you, Shark Processing is here to lend a helping hand. And we’ve got a huge network of payment partners and banks who are willing to provide you with high risk sports betting merchant accounts.
At Shark Processing, we’re experts in high risk business and high risk payment processing, and we work closely with those in high risk industries, helping them get the accounts and financial services they need to succeed. Get in touch with our team today to find out how we can help you get the best possible sports betting merchant account with the lowest rates around.
