Depositing With A Credit Card? Good Luck.
10th December, 2007
It’s not news to many online gamblers that paying with your credit card has become a hassle. Due to strict limits credit card companies have imposed on such transactions, online casinos have been labelled as “high risk”, causing many transactions to fail to go through.
Visa was the first of the credit card giants to block the credit card processor code “7995” for online casinos, followed by Master Card, American Express, and Discover. The reason for this really has nothing to do with fraud, but rather the players themselves spending frivolously and losing huge sums of money, raking up quite the credit card debt.
Currently, the biggest reason why online casinos are experiencing these problems with credit card companies is because of the UIGEA law, or the Unlawful Internet Gambling Enforcement Act. This law attempted to end online gambling in the USA by making it illegal for the banks to accept transactions to and from any online casinos or gambling websites, with the exception of horse racing and the lottery). This recent law has made it extremely hard for any online casino to accept credit card payments from everywhere, not just the US.
Today there are few online casinos which offer the direct credit card deposit option, and even at those sites, success is not guaranteed. It is estimated that over 70% of direct credit card deposits to online casinos fail to go through. This leaves most online casinos with e-wallet services as well as some ACH transaction options instead.
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