Yahoo is no longer accepting credit cards for deposits on its daily fantasy sports platform, according to an email sent to users today.
Yahoo’s DFS decision
The reason for Yahoo’s decision, and why the decision was made now, is unknown. But this email went out to some users of Yahoo Daily Fantasy on Wednesday:
Hello,
Starting March 30, 2016, Yahoo Sports Daily Fantasy will no longer accept credit card deposits into Yahoo Sports Fantasy accounts. We will continue to accept deposits made using PayPal.
We deeply value our relationship with you and are committed to providing you with the highest level of service. We will continue to evaluate all payment methods and will look to implement other methods if they become available. If you have any further questions please feel free to contact Yahoo Customer Care
Yahoo Sports Daily Fantasy Team
Legal Sports Report has confirmed that this change is universal, not just in some jurisdictions where the legality of daily fantasy sports has come into question. As stated by the email, PayPal is still an option for funding Yahoo DFS accounts.
The news comes a week after Yahoo left the New York market in the wake of a settlement in the case involving state Attorney General Eric Schneiderman, DraftKings and FanDuel.
Credit cards, payment processors and DFS
The news from Yahoo comes amid ongoing uncertainty in the financial sector regarding what to do with daily fantasy transactions. Examples include:
- Vantiv indicated its plans to stop processing payments for the industry.
- Some credit card companies — including Citigroup and Bank of America — stopped allowing transactions in New York (before last week’s settlement).
- Anecdotally, some companies appear not to be accepting transactions in other states where there is a negative environment for DFS, including Illinois and Texas.
Both FanDuel and DraftKings still offer credit card options for funding player accounts on their websites.
