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Credit Card Companies To Blame For Failed New Jersey Internet Gambling

Tuesday October 29,2014 : LESNIAK BLAMES CREDIT CARD COMPANIES FOR SLOW NEW JERSEY TAKE-OFF
 
New Jersey senator still optimistic on the future of online gambling.
 
Addressing the Mobile and Tablet Gambling Summit USA at Bally’s on Monday, New Jersey state Senator Ray Lesniak said he remains optimistic on the future of online gambling in New Jersey despite the slow first year of operations, which he attributed in part to the uncooperative posture adopted by several major credit card companies.
 
State regulators have reported just over $100 million in New Jersey revenue since the intrastate regulated and licensed online gambling regime launched in November...well short of politically inspired estimates during the legislative stage.
 
Addressing the credit card difficulties, in which several major credit card companies have obstructed online gambling transactions due to legal uncertainties, Lesniak told delegates:
 
“Don’t expect stellar results until the major credit card companies come on board.”
 
He was supported by Alex Bumazhny, a gaming analyst at Fitch Ratings, who said his firm expects legal Internet gambling in New Jersey to generate $120 million in 2014, with incremental, single-digit growth in following years.
 
“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.”
 
Bumazhny said the reason for the disappointing performance of the New Jersey market was that some major credit card companies and banks have hesitated to approve Internet gambling payments because online betting in America was long considered illegal under the Unlawful Internet Gambling Enforcement Act of 2006.
 
“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 shared the view of Lesniak and Bumazhny, saying that the refusal of companies to process online gambling payments “...is one of the biggest challenges to the industry."



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Betradar Launches US Sports Betting Solutions - With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.

Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

Final 12 For MPNPT Morocco - Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).

MPNPT Morocco Updates - Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.

MPN Poker Tour Morocco Day 1A - The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.

2018 MPN Poker Classic - The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.

PDC and Sportradar Renew Deal - Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data

Poker Yaar Joins MPN - Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.

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