Wednesday May 21,2014 : WILL TIGHTENING UP REGULATIONS PERSUADE CREDIT CARD COMPANIES TO COOPERATE?
New Jersey politicians discuss tighter regulations for processors to get the banks on board.
One of the main reasons for the slow growth of legalised online gambling in New Jersey – the refusal of some credit card companies to cooperate on deposits – is to be addressed with a new bill, says New Jersey Senator Jim Whelan.
Speaking at the East Coast Gaming Congress in Atlantic City Tuesday, Sen. Whelan said that New Jersey wants to subject companies that handle Internet gambling deposits and payments to stricter licensing requirements, in the hope it will make banks more willing to allow the use of credit cards to fund online betting accounts.
Whelan, a former Atlantic City mayor, said the bill will require payment processors to obtain a casino industry service license in place of the present requirement for an ancillary licence, which is easier to acquire.