Recently proposed laws aimed at cutting off the money supply to online casinos have targeted credit cards. MasterCard on the internet gambling restrictions have been increased on US citizens attempting to make deposits at online casinos.
The legality of online gambling has been long debated. The act of making a deposit at an online casino may fall under the Federal Wire Act of 1961. The particular Federal Wire Act was created to illegalize using telephones for the purpose of putting bets. The telephone had allowed people who lived in areas where gambling had been illegal to begin gambling in areas where gambling was legal. Online betting deposits are required to be coded with a sic code of 7995 to enable them to be identified. Many online casino workers use sic codes that are specified for other online purchases to avoid having deposits declined. MasterCard transactions using both the correct and incorrect sic codes have begun getting declined at an unprecedented rate. The action sends a signal that MasterCard is preparing for the enforcement of America’s Unlawful Internet Gambling Observance Act (UIGEA). This act is designed to ban the facilitation of on the internet gambling by the banking industry.
Our elected representatives has unsuccessfully attempted to stop web gambling in the past. The taxation of online gambling is extremely difficult. Our elected representatives views online gambling as a lack of income. while voters see it as a personal choice. This has made it very hard to get legislation passed. In 06\ the UIGEA was put through being an attachment to a Homeland Security expenses.
Online casinos operate outside of the legal system of the US government and therefore it will probably be difficult to enforce the UIGEA. In reality the UIGEA could only be enforced in the most serious cases. It would be impossible to investigate all dubious transactions. The real success of the UIGEA will be in creating financial obstacles for new online casinos and making it more difficult for online casinos to simply accept deposits. Ultimately new businesses that will “launder” deposits by acting because middlemen will arise.
The long term prospects for the online casino industry probably lies in debit cards. Currently you will have a better chance of completing an online gambling transaction utilizing a debit card than a credit card.
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The reason being using credit is essentially borrowing the cash to gamble from a bank. With a debit card you are removing your own personal cash from your bank account. This decreases the banks exposure. Prepaid free e cards are funded ahead of time and can just be used for the amount that was funded.
Many experts then started thinking that credit cards would disappear as a means of funding online gambling transactions, as they believe that the solution lies in some type of debit card. Currently, the odds associated with completing a gambling transaction using a debit card are better than having a credit card. This is because using a credit card is equivalent to borrowing money from the issuing financial institution. With a debit card, money can be instantly taken from your account. This in turn reduces the risk to the website and financial institution. Still at this point the only legislation exceeded against online casinos acting outside the US is in the banking. On the web gambling has not been outlawed.