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Means Of Transactions In Online Gambling

 

by Jerry "Jet" Whittaker

February 6, 2006

 

Learning About It!

Talking about transactions in online gambling is quiet a controversial topic. The options for an online gambler are many however none is completely secure and preferable. For internet gambling sites, credit card fraud is an ongoing problem. Here, the consumers should realize that there is plenty of risk to both banks and merchants because online transactions are never final. Unlike on internet, when a credit card is used at a store, it is a face-to-face transaction and a signature is provided. Hence, the consumer may claim later that he/she never authorized the use of his/her credit card.

If Not Credit Card, How Do I Transact?

Some people think that third-party payment processors such as PayPal could be the answer to the problem of fraud online gambling transactions. The customers of PayPal often fund their accounts with a Visa or MasterCard. It served as a financial middleman for scores of gaming sites. But due to pressures from various spheres, PayPal has also stopped handling gambling transactions.

Sooner or later, credit cards will completely vanish from the scene of online gambling transactions. A simple solution that has come forward is debit card. The odds of completing a gambling transaction with a debit card are better than with a credit card. This because while using a credit card one is borrowing money from the issuing bank and when using a debit card, one is using one’s own money from one’s account. Thus the risk to the website and to the bank is reduced.

When visiting an Internet casino or sports book, explore the alternatives to credit cards. Most sites explain what options they accept under headings like “Banking Info” or “Deposit Methods.” Some accept Neteller, which is a third-party processor or a payment service called FirePay and another called SecureBuxx. There are some sites which encourage the use of a cashier’s check, which they want you to send by Fedex or UPS. Acceptance of deposits via Western Union or instructions for wire transfers from your bank to theirs is also done by some sites. These other methods though inconvenient at first, prove to be more effective than credit cards.

 

 

 

 

 

 


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