Online casinos and credit card transactions
Writing by admin on Wednesday, 2 of January , 2008 at 5:34 pm
Finding an online casino that will accept credit card deposits has become a real pain in the neck. The way of depositing funds at online casinos with credit cards has become the biggest problem for gambling operators and players alike. Credit card transactions to and from online casinos have been declined thanks to the strict limits the credit card companies have imposed on such transactions, viewed as “high risk”. Visa was the first credit card company to block the credit card processor code “7995″, followed by the rest of the credit cards - Master Card, Amex and Discover (where available). This was done not so much because of fraudulent charges, but because of the players themselves. It was really easy for the players to claim “fraudulent” credit card transaction after losing money at the online casinos.
Today, the biggest problem for the online casinos in respect to credit card deposits is the last year law known as “UIGEA” or the Unlawful Internet Gambling Enforcement Act. This law attempted to downsize online gambling in the U.S territory by making it illegal for the banks to accept transactions to and from any online casinos or gambling websites (except, of course, horse racing and lotteries). This new twist made it extremely hard for any online casino to accept credit card payments, not only in the U.S., but abroad as well. Today there are few online casinos which offer the direct credit card deposit option, but the success is far from guaranteed. It’s estimated that over 70% of the direct credit card deposits to online casinos fail to go through, which leaves most of the casinos with a few e-wallet services and sometimes an ACH transaction option.
Related posts:
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- Online Casinos Attract More and More European Players
- Golden Reef Casino
- Sports Betting Websites Begin to Compete with Traditional Casinos on the Internet
- The legalization of Online Gaming
Category: Gambling, betting, casino, credit card, online casino
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