Banks are Restricting Online Gambling Transactions

Banks are Restricting Online Gambling Transactions 300x198 Banks are Restricting Online Gambling TransactionsOne major issue that seems to be standing in the way of states that are legalizing online gambling is that banks and even PayPal either severely or completely restrict the transactions that are made through gambling sites.

This issue seems to be the effect of the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006 which threatens stiff penalties to banks and credit cards for processing online gambling payments.

Casino.org notes that most banks are not allowing transactions while others are allowing some.

Caesars Entertainment spokesman, Seth Palansky, said, “This is all bank-dependent, there is an education that is ongoing regarding gaming transactions due to the new laws.”

It is believed, however, that these restrictions are written into the policies and functions of the banking system that once were told not to allow such practices. It is also believed that once more states legalize online gambling, the banks and credit card providers will revisit their policies and will begin to allow for transactions.

As the casino.org article also notes, if players are having a difficult time making transactions then states will have a difficult time fully instituting and reaping the benefits of a completely legalized online gambling infrastructure.



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