After becoming the first to launch an online sportsbetting service for punters in New Jersey early last month, American daily fantasy sports operator, DraftKings Incorporated, has now reportedly added PayPal to the innovation’s list of deposit methods.
Debut follows competitor moves:
According to Sunday reports from PlayNJ.com and LegalSportsReport.com, the move was officially announced to users via e-mail and followed the earlier rollout of the popular deposit method with the comparable New Jersey-facing services from competitors, FanDuel Incorporated, Caesars Interactive Entertainment Incorporated and Rush Street Interactive.
Credit card decline rates high:
The pair reported that the addition of one of the planet’s most prominent online money transfer services should enable even more sportsbetting aficionados in ‘The Garden State’ to get in on the action as the sector has struggled with credit and bank card decline rates that at times exceed 75%.
Although licensed iGaming has been legal in New Jersey since June, a large list of financial institutions that include the likes of Bank of America, Capital One, Union Bank and Wells Fargo have regularly been denying transactions with online casinos and sportsbetting sites with even pre-paid card users often struggling to deposit funds.
eChecks occupy top spot:
Despite these recent difficulties, LegalSportsReport.com cited information from local boutique research firm Eilers and Krejcik Gaming as detailing that credit card transactions still account for around 20% of all money that is deposited with New Jersey’s fledgling online gaming industry.
The data moreover indicated that eCheck services currently occupy the dominant position in New Jersey at 35% while pre-paid cards are not far behind with a market share of about 30%. But, these figures are in stark contrast to less traditional money transfer methods with eWallet products accounting for only 5% of all transactions followed by the 4% stakes held by both the PayNearMe innovation and various other online banking schemes.