MAJOR CREDIT CARDS ARE CODED TO ALLOW BETTING IN USA

Published on April 22, 2015 in Industry News

Credit Card USA GamblingThere is finally some good news for online gambling customers who have been hoping for the ban to be lifted on credit cards being used at payment. 

For a long time the Unlawful Internet Gambling Enforcement Act of 2006 had a firm grasp on the law prohibiting certain payment methods being used for online and poker room transactions. This law was set in place to cut out the use of credit cards and fund transfers for illegal Internet gambling operations. However, little has changed even now that three jurisdictions in the USA, Delaware, New Jersey and Nevada have legalized Internet gambling.

The inability to use something as simple as a credit card when gambling online has been blamed for the lack of growth in the industry. 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.”

While the legalization of Internet gambling in certain jurisdictions has been operating as it should, major banking institutions have been slow to recognize this fact. Players have increasingly become frustrated with having their now legal attempts at online gambling thwarted by controlled use of their credit cards. This reflects negatively on the casino they are trying to enjoy as it brings down the level of the users experience as a whole.

While it is understandable that banks have had their own negative experiences with accepting funds from online wagering, it doesn't excuse the fact that legal casinos and the customers wanting to use them have to suffer.

Now there seems to be some light at the end of this rather frustrating tunnel!

In order to set players and gambling institutions at ease, new merchant category codes which are concerned with online gambling have been set in place by MasterCard, Visa, American Express and Discover. Now there is no need to fight with credit card transactions and this will hopefully have a very positive impact on the growth of the online gambling industry in America.