I ask this for a reason – I was up big at some point with MLB this past summer, and I hit the newly established deposit limit of 1K per month in MA. Good regulation, and if it was followed by Fanduel, I wouldn’t even post this. However, I was allowed to raise my deposit limit to 5K for providing “proof of income” by giving them my 2015 1099 form that stated my winnings from 2015, but that gave no proof of how badly I was doing in 2016. Fanduel also had on record how much I lost playing NBA for the first 3 months of 2016 (80% of my 2015 overall winnings, + what I owed for taxes for my 2015 winnings). Horrible management on my part, I know, that is not even up for discussion – I was completely horrible in that personal aspect.
But it didn’t stop there – when I couldn’t win on a 5K monthly deposit limit, Fanduel permitted me to wire up to $30,000 straight from my bank account, seemingly completely ignoring the Massachusetts regulation of 1K per month (or 5K per month, if legally my 2015 winnings even matter as “proof of income”) – I did not have a high paying real job, in fact I was unemployed for a while, and I never gave them proof of anything other than my 2015 1099 winnings form (they were aware of all my 2016 losses after that).
I pretty much withdrew 30K from my bank account in no time, and I seriously wonder, did Fanduel break Massachusetts regulations law by allowing me to do this?
Limitations on Consumer Deposits: A DFSO shall not allow a DFS Consumer to deposit more than $1,000 in any calendar month, provided however that a DFSO may establish and Prominently Publish procedures for temporarily or permanently increasing a DFS Consumer’s deposit limit, at the request of the DFS Consumer, above $1,000 per calendar month.
If established by a DFSO, such procedures shall include evaluation of information, including income or asset information, sufficient to establish that the player can afford losses that might result from gameplay at the deposit limit level requested.
When a temporary or permanent deposit level limit increase is approved, the DFSO’s procedures shall provide for annual evaluation of information, including income or asset information, sufficient to establish a player’s financial ability to afford losses at the deposit limit level in place. Absent such evaluation, the temporary or permanent deposit level increase shall not be extended.
- Last Updated 4 years ago