Click Now!

NJ Online Gambling Hit by Credit Card Transaction Denial

NJ Online Gambling Hit by Credit Card Transaction Denial

As many expected New Jersey’s online gambling industry has already hit a major problem, a number of banks are refusing to allow gamblers to deposit money into their accounts using Visa cards.

Online gambling transactions were made illegal under a 2006 federal law, and although they are now legal in New Jersey, Delaware and Nevada, a number of big banks are still refusing to allow them.

NJ Online Gambling Hit by Credit Card Transaction Denial

New Jersey’s online gambling industry may be off to a slow start due to the refusal of banks to process credit card transactions.

Joseph Pappano Sr. is vice president and managing director at Vantiv Inc. the company processing Visa and MasterCard transactions for online gambling in all three states. He said that banks will begin processing transactions, but he expects it to take time and cooperation from gambling regulators, banking regulators, online casinos and others.

According to David Rebuck, the director of New Jersey’s Division of Gaming Enforcement, New Jersey’s Department of Banking and Insurance has been talking to banks and federal regulators to try and smooth the way.

However, despite the problems the New Jersey Division of Gaming Enforcement said that over 10,000 people had registered in the first three days of the trial and Stephen Downer, director of international development for Betfair said that “the numbers met and exceeded our expectations. We’re very happy with the level of interest.”

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.