New Jersey State Senator, Ray Lesniak, spoke at the Mobile and Tablet Gambling Summit USA at Bally’s on Monday regarding his optimism for the future of online gambling in the state even though it has had a slow start, which he claims is due to difficulties related to credit card companies.
State regulators report over $100 million in New Jersey revenue since regulated online gambling began in November 2013.
Credit card companies have been unsure of the legalities in approving online gambling transactions and Lesniak told delegates:
“Don’t expect stellar results until the major credit card companies come on board.”
“Right from the beginning we didn’t think that the original projections ... made sense,” he said. “We were among the more conservative analysts out there. We came out with a $200 (million) to $300 million projection for the first year.”
“I think it’s a legacy thought,” he said. “I think it’s just a matter of educating the payment processers that it is now legal.”
Paddy Power executive Eamonn Toland agrees with Lesniak in that the refusal of credit card companies to approve online gambling payments “...is one of the biggest challenges to the industry."
jade
9 years ago
I don't use a credit card to pay for my gambling entertainment. The reason that I don't use a credit card is because in my opinion, it is not like purchasing a product like a sofa. So, I don't think that the credit card companies will let you put it on you credit card like a product purchase. Gambling is not like paying...
I don't use a credit card to pay for my gambling entertainment. The reason that I don't use a credit card is because in my opinion, it is not like purchasing a product like a sofa. So, I don't think that the credit card companies will let you put it on you credit card like a product purchase. Gambling is not like paying the electric bill. In fact, I can't see it being anything but a cash advance and they are expensive to get on a credit card. Even if you could pay for gambling as a regular purchase using a credit card. I wouldn't do it. If you loose the money you will still owe that amount until you pay off that card. A cash advance is the last balance you will pay on a credit card. All other purchases are paid off first. To me, using a credit card for gambling is crazy. As soon as the credit card companies are convinced that credit card payments are legal for gambling in New Jersey and that no laws are being violated. The credit card companies will jump on board so fast that I don't even know how to end this sentence.
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yapro123 9 years ago
Sure credit card companies slow everything, like they usually do. I really did not like any payment processors, because as for that i read about USA players and their withdrawals - most times payment processors work very slow.
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