Means
of
Transactions in Online Gambling
by Jerry "Jet" Whittaker
January
25, 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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