Thursday, 13th June 2024

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What does this have to do with sports betting?

As mentioned above, a handful of states are starting to work out potentially abandoned sports betting accounts. Other states are exempt from unclaimed property laws, even if gameplay currencies are shown in dollars. However, most states still operate under old laws written when cryptocurrencies didn’t exist. In addition, most states require due diligence notices to be mailed in first-class mail. So if the information needed to create an account isn’t enough to deliver the mail, we don’t know how meaningful due diligence we can do on abandoned online gaming accounts.

Putting cash into the treasury is quite likely. New Jersey’s sports betting reportedly brought in $4.58 billion in 2019. In January 2020, AB 567 proposed that that amount in online gaming accounts be considered abandoned property three years later. If only 1% of these accounts are considered abandoned, New Jersey could receive an additional $45.8 million, thanks to loose bettors. Before closing the account, casino licensees should attempt to contact the account holder. In Indiana, under a recently adopted regulation, fantasy sports game participant accounts are considered dormant if their accounts have been inactive for three years. Game operators should also develop a procedure for closing dormant accounts. In Oregon, regulations adopted by the Oregon Lottery Commission are less specific, simply indicating that “money accounts associated with inactive player accounts may be considered abandoned.” It’s not clear if bets are needed to consider active accounts overall, or if owners can log in simply to show activity.

Since unclaimed property also provides significant returns to the state, it is not surprising that this new revenue stream has caught the attention of unclaimed property managers. Nevertheless, this may be challenging for owners from a compliance perspective going forward due to the lack of uniformity in handling intangible property under state law. 온라인카지노

So, those who gamble and keep their accounts online should be careful. Even if you’re not betting, log in to your account from time to time, especially in this environment where you don’t typically have sports to bet on. Because if the state has the option to control an abandoned account, that will happen.

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