Regulated online gambling in the US has to date, failed to live up to expectations, by a country mile. The largest state that offers licensed online gaming is that of New Jersey, and poor revenues since launching in November 2013 mean that the fledgling industry is still finding its feet, however the Director of the New Jersey Division of Gaming Enforcement, David Roebuck has announced some good news, news that could help a great deal.
Part of the problem in New Jersey has been the fact that banks have refused to process many online Visa and MasterCard transactions to the regulated NJ online casinos and poker rooms, infuriating many players who have been attempting to deposit using their cards, only to continuously receive ‘declined’ messages. Many banks are still refusing to decline transactions to regulated sites, however a breakthrough may have been made, as Mr Roebuck has revealed that a new credit card code has been created for online gambling transactions. This new transaction code will be sent by the casino’s processor to the bank and means that the transaction will be recognized as a gambling transaction and therefore be approved by the bank in question. David Roebuck stated that, “A new credit card code has been created for legal online gambling transactions and it is expected to be in effect spring of 2015. As the banking industry becomes more familiar with legalized Internet gaming and patrons become more educated about the various options for funding their accounts, further improvements are expected in this area.”
This is great news for players and of course for the industry as a whole, and although there are other funding options available, such as e-wallet alternatives and even depositing cash at the land based casino cashier, the convenience of using a major credit card is plain for all to see. Without instant credit card approval players need to jump through a few hoops to get their accounts funded, and for a recreational slots or blackjack player, that’s hardly convenient. Let’s hope this new code is delivered sooner rather than later and that players who are waiting in the wings for a little online casino action, can finally get to the games.