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VISA moves to block online casinos transactions

VISA moves to block online casinos transactions Depositing at the online casinos using a VISA trademarked credit card (and debit cards) just became a tad bit harder. According to the latest reports, VISA is following suit with MasterCard in attempt to block all transactions to online casinos, whether coded as "online gambling" or using routing payment merchants. At this point the implementation does not seem to have the wide-spread effect the MasterCard ban had, but many online casino operators remain worried about the future. Currently MasterCard and VISA are only blocking online casino transactions in the United States and there is no word if world-wide ban is in the works.

 Many in the online gambling industry speculate that the move behind the two major credit card issuers comes in the wake of the Unlawful Internet Gambling Enforcement Act (UIGEA), which forbids banks and other financial institutions to transfer money to and from online gambling websites. The regulations are set to come into effect on June 1st, but the hasty move by VISA and MasterCard in the past weeks could only be attributed to preparedness for future compliance with the anti online gambling act.

 Some online casinos at this time continue to advertise the VISA credit card transactions as possible and claim that at this time there is no problem with it. Others, however, have reported long holds placed on deposits to online casinos with VISA cards by the issuing bank, a pattern similar to the one we observed before MasterCard began fully blocking all online casino and gambling transactions. Of course, players do have many other options when it comes to online gambling, although the block imposed by the two biggest credit card licensers in the world is sure to make things harder for the online gambling industry. Currently the third party bank deposit processors, such as eWalletXpress, remain the easiest and most popular method for depositing money at the online casinos.

 Published on 02/22/2010

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