Senator Warren Questions Sports Betting Companies on Hidden Credit Card Fees
Senate Banking Committee Ranking Member Elizabeth Warren asked 11 sports betting companies for details on their acceptance of credit cards for wagers and whether consumers are adequately warned about hidden "cash advance" fees.
In her letters to DraftKings, FanDuel, Fanatics, et al., Senator Warren noted the surge in betting activity ahead of the Super Bowl and cautioned that many consumers face hidden financial risks when using credit cards to place bets. She asserted that credit card transactions on gambling platforms are often classified as "cash advances," triggering higher fees and immediate interest accrual. Senator Warren highlighted that while Americans should be free to gamble where legal, they are often unaware of these costs because companies bury warnings in "small, grey font" or frequently asked questions, effectively "rigging the odds" against consumers before the game begins.
Senator Warren requested detailed information on (i) all internal policies regarding credit card use; (ii) transaction limits and fee disclosure methods; (iii) quarterly metrics for the past five years, including the volume of credit card transactions; (iv) the specific types of bets funded by credit; and (v) the demographics of users utilizing credit cards for wagers.
Senator Warren asked the companies to respond by February 19, 2026.