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Bonus TL;DR
- The Massachusetts Gaming Commission found sportsbooks decreased winning bettors’ limits while increasing losing bettors’ limits.
- FanDuel defended its financial-risk controls and said it has changed its VIP program to address problem gambling.
Massachusetts Findings Highlight Unequal Betting Limits
Massachusetts sportsbooks reduced betting limits for winning customers and increased limits for losing customers.
Both restrictions on successful bettors and incentives offered to customers losing substantial sums are raising questions about sportsbook practices and responsible gaming.
Mike Manning, a professional sports bettor in Quincy, Massachusetts, has said that sportsbooks reduced his permitted wagers to less than $20 after he recorded big wins. His account concerned sportsbooks generally, not solely FanDuel.
The commission’s findings do not detail its investigative methods or identify a new regulatory requirement arising from them.
Former Lawyer Describes FanDuel Losses and Incentives
Chris Sweat, a former lawyer in Charleston, South Carolina, said he stole around $2 million from his former firm to fund betting on FanDuel.
“Around $2 million. Every bit of it went into FanDuel,” Sweat said.
Separately, he said he put more than $11 million into play on the platform and lost close to $1 million. The supplied report does not reconcile those figures; betting volume is distinct from net losses.
FanDuel offered Sweat tickets to the Masters and professional football games, along with financial incentives to wager more, even after he said he was tapped out.
Sweat said he expected a prison sentence measured in years rather than months. The segment does not provide a sentencing date.
FanDuel Defends Risk Controls, Cites VIP Changes
“In very rare instances, it is common for sports betting platforms, including FanDuel, to use tools to protect our financial risk,” a FanDuel spokesman told the report.
FanDuel also said millions of customers use its platform responsibly for entertainment and that it has made changes to its VIP program to stop problem gambling. The segment does not specify those changes or when they took effect.
The company said customers can access safeguards including deposit limits and self-exclusion.
If you or someone you know has a gambling problem, call 1-800-GAMBLER.
More from bonus.com – FanDuel Defends VIP Cameo Videos, Withholds Customer Account Data – Massachusetts Gaming Commission Rolls Out New Initiative to Protect Athletes against Harassment – Massachusetts Regulator Reviews Bill Simmons Comments About FanDuel Account Sharing
Source: As reported by KFDM YouTube.
