Visa Preparing For Legal Online Gambling Transactions In The U.s.

VISA PREPARING FOR LEGAL ONLINE GAMBLING TRANSACTIONS IN THE U.S.

20th May, 2013 at 02:05:11
Source: http://www.azonlinecasinos.com

After years of trying to enforce the UIGEA, credit card company is having to reassess its blanket ban on internet gambling

In what seems to be an acknowledgement of the writing on the wall that legal online gambling is gathering momentum in the United States, the credit card giant Visa appears to be making moves to prepare for the revolution.

With Nevada, New Jersey and Delaware already legalised, around ten other states thinking about various forms of online lottery and other gambling, and growing speculation that a new federal legalisation initiative is shaping up (see previous reports), it's hardly surprising that Visa wants to be part of the process....but how to differentiate between 'illegal' and 'legal' gambling in a country where political decisions and protectionist strategies have created such a confusing morass of state and federal laws?

Visa gave some indication of how it is approaching the differentiation problem in a recent circular to interested parties, reminding them that there are certain online gambling transactions that can be legally processed, and suggesting a way that may help smooth the process.

Visa's merchant 7995 code for gambling transactions has a wide scope that covers just about everything from horseracing wagers and games at online casinos to lottery tickets, and the company suggests that merchants can make life easier for themselves and Visa by registering with the merchant verification value program.

That involves a rather extensive and bureaucratic validation process certifying that the betting transactions the merchant wants to process are legitimate and legal in terms of the UIGEA, after which the merchant is given a specific code to speed future transactions and avoid almost automatic blocking.

What is not clear is how the merchant verification value program keeps abreast of the dynamic changes taking place in the US online gambling market, and whether repeated validation will be necessary every time a new legislative move changes the legalisation goal posts at state or federal level.

Related News Tags: , , ,



« News index »



BULLISH FORECAST FOR PENNSYLVANIA ONLINE GAMBLING

28th March, 2017 at 19:47:54
Hundreds of millions of dollars in new tax revenue possible with legalisation.

WEST VIRGINIA ONLINE GAMBLING BILL MEETS EARLY OPPOSITION (Update)

25th March, 2017 at 08:38:18
HB3067 faces political and time constraints.

ONCE RATIONAL GROUP IS PAID OFF, WILL AMAYA BE LOOKING FOR ACQUISITIONS?

24th March, 2017 at 16:47:40
$4.9 billion consideration agreed for Rational Group in 2014 is due for final payment this year...but what then for Amaya?

UK BOOKMAKERS ADVISED TO "BRACE YOURSELVES"

21st March, 2017 at 21:54:56
Government may be about to act on FOBTs, says MP.

MORE DETAILS ON COSTA ONLINE GAMBLING LEGALISATION BILL IN PENNSYLVANIA (Update)

21st March, 2017 at 21:54:56
Senator Jay Costa introduces his bill SB524 with the support of three other senators.