US Banks are Not Yet Gambling-Friendly

Preparations for the launch of legal online gambling in New Jersey, Delaware, and Nevada have been running smoothly the last couple of months. New Jersey is awaiting its November 26th launch, while Delaware has begun with a ‘soft launch’ consisting of online lotteries and betting.

Nevertheless, it seems that some parties still need to join in. More specifically, there are still banks and credit card companies that have delayed offering financial services to the online gambling industry. It was revealed that credit-card issuers of American Express, Wells Fargo & Co. and even Ebay’s PayPal are not permitting consumers to wager online.

The reasons for Visa, MasterCard and PayPal refusing to process gambling transactions vary according to each individual company. Visa and MasterCard, firstly, are concerned about underage gambling, while PayPal and American Express claim that online gambling payment processes are in conflict with their policies.

“This is all bank-dependent,” said Seth Palansky, spokesman for Caesars Entertainment, a company that has had to deal with this issue in Nevada, where they run an online poker site under the World Series of Poker brand. “There is an education that is ongoing regarding gaming transactions due to the new laws.”

The Unlawful Internet Gambling Enforcement Act of 2006 made it illegal for financial institutions to process payments originating with online gambling activities. Now it transpires that the laws regulating online gambling transactions need to be updated.
Nevertheless, some banks like the Bank of America are considering updating their laws in light of new online gambling regulations.

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Tags: Bank of America, Delaware, Nevada, , Paypal

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