Major Cards Now Coded For USA Interactive Betting

Published Thursday, April 16, 2015 - Online-Casinos.com
Major Cards Now Coded For USA Interactive Betting

The payment processor of online casinos and poker room transactions has been the strong hand of the law when it comes to enforcing prohibitions on gambling on the internet. The Unlawful Internet Gambling Enforcement Act of 2006 was an act to prevent the use of certain payment instruments, credit cards, and fund transfers for unlawful Internet gambling, and for other purposes. This act led to a wide crackdown on payment processors who were engaged in circumventing the rules that had anything to do with poker and online casinos.

The situation has changed somewhat in America where three jurisdictions in the USA Delaware New Jersey and Nevada have legalised internet gambling. One problem has been some of the major financial institutions have not been up to speed in the acceptance of these kinds of transactions. This issue has been getting the blame for the slow growth and lack of confidence by consumers. To alleviate the problem new merchant category codes which are concerned with online gambling have been agreed upon by MasterCard, Visa, American Express and Discover.

The Chief Executive Officer of player verification group, CAMS, Matthew Katz commented,  “Credit card issuer and suppliers’ hesitancy to support iGaming transactions has hobbled the industry here in the United States.” Other banks, such as the Bank of America and Wells Fargo do not  honor online gambling transactions whatsoever, regardless of the original transaction location.

Player frustration with difficult money processing and the controlled use of credit cards is a serious deterrent for a customer of online gambling services to have a good experience.

To some extent it understandable why credit cards firms have been reluctant to accept the proceeds of wagering online. The number of problems these companies have encountered with consumers the government and the operators of the casinos and poker rooms has been above the average. Now at least there are codes to determine which funds are good, bad or just plain ugly.  

 

 

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