Credit Cards Are Being Rejected at Online Casinos! What Gives!!!
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It has just been reported that three banks have been rejecting credit cards as payment methods at online casinos! Haven’t we been through this already? What is the problem? Apparently, J.P. Morgan Chase, Wells Fargo, and American Express are the culprits. Moreover, they are not accepting credit card payments for online poker and sports betting. They are citing the UIGEA Law of 2006 – again! All of this despite the fact that online gambling has become legal in many states including Nevada, New Jersey, and Delaware. In spite of this setback, online casinos and other gambling sites are assisting new members with alternative payment methods. But clearly, this tactic will soon become a moot point as more and more states accept online gambling and revenues jump through the roof for these states. This cautionary tone by the banks may be temporary, but some analysts state it may take years for the banks to re-consider. It would be in the best interest of the banks involved to realize the benefits derived in accepting online gambling and the profits derived. But as we see it, banks have not been too keen on lending so it seems natural they would shy away from online gaming. This, too, shall pass.