Online Gambling News – Payment Processors Slowing the Action
in New Jersey
December 2, 2013
Online gambling is now live in New Jersey but the action for players
is not going quite as fast as it could be due to payment processors
dragging their feet. Even though online gambling is now legal in
Nevada, Delaware and New Jersey, some of the banks are still not
allowing transactions. Bank of America, Wells Fargo, American Express
and Paypal are still not allowing transactions.
The question is whether or not those companies can continue to
deny transactions when the transactions are legal. Nevada and Delaware
have already been dealing with the banks and now New Jersey is going
to put pressure on them. Visa and MasterCard already allow gambling
related transactions in states where gambling is legal but the process
of updating the software and getting banks on board has been slow.
A spokesman for Caesars Entertainment Corporation said that many
of the banks simply are slow in recognizing the new laws. Bank of
America has already said they are reviewing the new laws and deciding
whether or not to allow online gambling transactions in states where
it is legal. American Express, Wells Fargo and Paypal don’t
seem to want to do anything until the federal government tells them
specifically that it is okay to do so.
While some banks are still slowing things down, other companies
like Neteller and Skrill are picking up the slack as both have been
approved for use by individual states.
