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Visa to Prove More Difficult in Making Deposits With Online Casinos

21 February 2010 by admin

Visa has announced it is now going to follow in the footsteps of MasterCard and begin to implement measures for cracking down against online gambling payments. Not a big shocker considering recent events, the news of Visa’s decision to bow down to mounting pressure from certain lawmakers (cough, cough, UIGEA lover-boy, Jon Kyl of Arizona) will nonetheless put a damper on how U.S. citizens deposit money with legitimate online casinos.

However, notice that I said the word damper – not an end. Despite what will be a sharp rise in declined Visa deposits (yes, some online casinos will very likely continue to try getting payments through), U.S. online gamblers will still have select eWallets, bank wire options and even access to “gift cards” for making deposits, like they do at Go Casino.

So why all the resistance now? Well, ever since enforcement of the UIGEA was permitted to be delayed for another six months, banks and credit card companies have no choice but to start showing they are at least making an attempt to block online gambling payments. Part of the reason why enforcement was delayed was so that banks could have more time setting up the system that would effectively block certain online betting transactions, including online casino and online poker deposits.

So far, it appears that the system is working to a certain extent. However, it is unclear whether the credit card companies can go on manually intercepting credit card payments considering the manpower needed to do so, not to mention the sheer amount of online gambling transactions being made by U.S. residents. Add to this the complicated task of sorting out “legitimate” online gambling deposits (horse racing and fantasy sports), and the already huge burden being placed on MasterCard and Visa gets multiplied by ten.

In the meantime, banks are hoping Barney Frank’s bill to overturn the UIGEA and give individual State’s the right to regulate (which Hawaii is now talking about) continues to gain momentum in the House, while chief politicians in support of online gambling regulation, such as Ron Paul, continue to rise in popularity with conservatives generally opposed to gambling.

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