U.S. credit card companies do not agree with online gambling
Online gambling is becoming accepted by many U.S. states. But the stretch more the online gambling, the more vigorous is the attitude of opposition of financial services firms by refusing to mediate payments in both directions.
J. P. Morgan Chase, Wells Fargo, American Express, are some financial institutions that refuse to approve transactions for online gambling. They refer to U.S. law (Unlawful Internet Gambling Enforcement Act of 2006) which prohibits the use of credit cards for online gambling.
On the other hand, the licensed operators of online casinos and poker rooms in states that have accepted online gambling payment seeking alternatives to overcome these problems. They use direct deposit, but also accept payment by check or bank transfer.
Financial institutions are concerned the impossibility of checking the age of online players, and possible fraud favored by this system.
A report of H2 Gambling Capital estimated market value of gaming on mobile devices for $ 25.8 billion in 2018, 5% of the entire gaming market.
It’s just a matter of time until they accepted credit cards, say operators.