As the debate for online gambling continues, another big company just made a move to hinder those that wanted a smooth transition.
VISA is following the lead of MasterCard by blocking all payments or transactions made to online casinos. This is done by either identifying the coded “online gambling” tags or by using routing payment merchants.
This move will not have quite the effect that MasterCard did but it is still a concerning factor for many online casino operators. It is apparent that both of these companies have blocked these kinds of payments here in America, but it is not clear if this ban will be worldwide.
The Unlawful Internet Gambling Enforcement Act forbids banks and other financial institutions to be involved in transfers between online casinos. This is probably a main reason why these big companies have dropped these types of payments. The regulations from this act will go into effect Jun. 1, so these companies have probably made the move in order to avoid any problems come this summer.
There have been some problems because there are certain online casinos that continue to advertise VISA credit card transfers on their sites. In time these discrepancies will be resolved, but it is apparent that there will need to be some changes made in the gambling industry if they want their online casinos to continue to thrive. Having these two huge financial institutions is a big warning sign for online gambling as a whole.
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