Vantiv suspends operations in daily fantasy sports market
Online payment processor Vantiv has announced that it is to cease operations within the US daily fantasy sports (DFS) sector.
According to the New York Times newspaper, Vantiv has informed its various DFS clients that it is to “suspend all processing for payment transactions” for DFS in the country from February 29.
Vantiv’s current client list includes market leaders DraftKings and FanDuel.
In a letter to clients, Vantiv cited the number of state attorneys general opting to declare DFS illegal as one of the key reasons behind the decision to suspend its activity in the market.
Although Vantiv acknowledged that various DFS companies have responded to such rulings, “to date those arguments have been unsuccessful and/or rejected”.
Vantiv also said it remains “firmly committed to the online gaming and fantasy gaming segments” and will continue to work with stakeholders for “a long-term solution to the ongoing DFS controversy”.
However, the company added that it is not keen on continuing to operate within the DFS sector until there is “better clarity and long-term certainty around the regulatory and judicial landscape”.
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