..

Sports Betting Beat: Costa Rica Licenses, US Payment Solutions

Written by:
Aaron Goldstein
Published on:
Apr/12/2021

These are the top stories for Monday April 12, 2021 (morning edition) in the world of sports betting.

PayNearMe: Driving US Betting Engagement Through Payment Innovation

Online sports betting may be legal in the US, but don't tell that to the banks. Many still decline their issued credit cards on the basis that they were given an unfunded mandate to prohibit transactions for gambling online courtesy of the Unlawful Internet Gambling Enforcement Act (UIGEA).  And until that law is thrown out, banking institutions will continue to decline cards.

PayNearMe Chief Revenue Officer, Mike Kaplan, believes his firm can get around this obstacle as well as others that plague a market that currently resembles the Wild West.  Not all states have embraced legalized sports betting.

“The thing that we have been most known for is the ability to accept cash payment at retail so that kind of was our flagship program when we launched, you know 11 years ago and that’s 27,000 retail locations throughout the US, where somebody could walk in and hand over cash and then have that cash deposited or applied to a bill, or you know, put in their gaming wallet or what have you.

“We have since expanded the platform to include credit, debit, ACH, Apple Pay, Google Pay you know really kind of a full payment service provider providing all of the latest payment methods and channels to service the verticals we’re in.”

Costa Rica Regulator Receives Proposals to Operate Online Gambling

The Social Protection Board (JPS) of Costa Rica says it is analyzing five proposals to obtain authorization to operate online gambling, including electronic lottery and sports betting.

Each operator selected by the JPS will have to pay a deposit of between $100k and $200k to the JPS and another sum of $250k as a guarantee.

Costa Rica has played host to the online gambling sector since the industry first emerged back in the late 1990s.  Every few years, it has attempted to institute a licensing process. 

One of the first companies to ever pay a licensing fee to the Costa Rican government was Legendz Sports.  It immediately relocated to Panama and years later forced to shut down by the US Government.

- Aaron Goldstein, Gambling911.com

Gambling News

2021 Preakness Stakes Props

2021 Preakness Stakes Props

There are going to be tons of prop bets offered on this weekend's Preakness Stakes from our friends at BetOnline.

2021 Preakness Medina Spirit Payout Odds, Prediction

2021 Preakness Medina Spirit Payout Odds, Prediction

Medina Spirit, the Kentucky Derby winner, pays just shy of $20 for every $10 bet.

2021 Preakness Stakes Longshots

2021 Preakness Stakes Longshots

Ally Melendez and Matt Bernier look at some Preakness Stakes longshots for this Saturday's big race.

Costa Rica Shatters All Time New Covid Cases in Single Day

Costa Rica Shatters All Time New Covid Cases in Single Day as Some Opt to Get Vaccine in US

Central American tourist Mecca and the world's second largest online gambling hub, Costa Rica, saw its largest number of new Covid-19 cases Thursday at 3173.  That's more than the state of Florida at the moment.  Hospital beds remain scarce. 

What The Hell Is Going On With Draftkings Stock Price?

What The Hell Is Going On With Draftkings Stock Price?

Plus another tribe enters into agreement with Washington State to offer sports betting at its casinos.

Syndicate