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Credit Card Refusing To Pay Online Gambling

by Jerry "Jet" Whittaker
May 23, 2006


Players wager billions of dollars online every year. Almost all bets are funded, at least at first, by credit cards. Companies like Visa get a part of the action every time their cards are used, without risking a player getting a hot streak. Yet players are finding it more and harder to make a deposit, let alone an actual wager, on a gaming website using their credit cards. The largest banks, comprising of Citibank, Bank of America and Wells Fargo, will not let their credit cards be used for online gaming. But the situation got by a long way worse for Internet gambling when the lesser known, but more daring, financial institutions that dominate the credit card field also backed off. MBNA, Capital One and even Providian Financial, one of the biggest issuers of credit cards with 18 million card holders, are automatically declining to process transactions from online gaming merchants.

More about the credit card facilities

The Card shall not be used for payment of any gambling transaction or other transaction which is illegal beneath applicable laws and the Bank reserves the right to decline processing or paying any Card Transaction which it suspects to be a gambling or illegal transaction. This is not actually a surprise. Traditional banks have in the past been very conservative by nature. The anti-O.C. laws were enacted when Nevada was the only state with casinos and legal sports books. No one thought about the opportunity of legal and quasi-legal gambling sweeping the nation and the world, with players making bets with credit cards.

Conclusion

Visa and MasterCard have so far runaway liability under RICO for allowing their cards to be used for online gaming. In fact, very few people in the world have lost civil suits, let alone been illegally convicted, for being involved in Internet gambling. Credit card companies also have the false fear of losing money in a straight line with these transactions. Gambling debts, even money owed licensed casinos, are not typically legally enforceable. If a player uses his credit card to get gaming chips, he may not have to disburse the bill when it arrives in the mail. The credit card issued with the Caesars Palace logo specially states that it cannot be used for gambling.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 






 


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