Dunbar, a leading provider of unclaimed property compliance services – is offering a reminder to all bettors, casinos, and online gaming companies in advance of Sunday’s Super Bowl that deposits and winnings could end up in the hands of States’ unclaimed property divisions if not handled properly.
With online sports betting continuing to increase in popularity, the upcoming championship game may attract both novices and one-time bettors. In fact, the trade group representing the casino industry projected a record 50.4 million Americans would wager $16 billion on this year’s Super Bowl, double last year’s estimate. Given these statistics, experts also expect an increase in unclaimed property.
“We are trying to raise awareness with bettors in advance of the game this Sunday that they should understand inactive accounts with funds available are reported to states after a certain period,” says Dunbar’s CEO Seth Schorr.
“On the flip side, we also work with brick-and-mortar casinos, online sports gaming companies, and fantasy sports organizations to determine exactly which unclaimed property laws apply to them and help them comply during the reporting process.” Continues Schorr, “We see this as a win for everyone: licensed sports book operators get a trusted resource to remain compliant, the states receive unclaimed property reports filed correctly and on time, and gamblers access their winnings.”
Unclaimed property experts advise bettors to log into their accounts once a year to prevent this. Those who haven’t done so must work with states to locate and access those funds, as states manage millions of dollars in unclaimed consumer assets.
Regulated sports books must obey regulations, including understanding where to report inactive accounts for bettors residing in states where sports betting is prohibited. For example, unclaimed property experts advise organizations they may be required to report funds to the bettors’ states of residence even though the bet was placed online in a neighboring state where betting is legal.
Dunbar supports businesses and consumers with unclaimed property. More information about Dunbar and unclaimed property services can be found on their site.
Pennsylvania’s Office of Unclaimed Property reports that 1 in 10 Pennsylvania residents has unclaimed property or funds that are waiting to be claimed. Anyone interested in learning if they may be entitled to unclaimed property in the Commonwealth should visit the Pennsylvania Treasurer’s Office of Unclaimed Property for more information and to conduct a free online search.