Many may think that their MasterCard and Visa credit cards are the thorn in online gamblers side’s because of their refusal to processor online gambling transactions. But on the contrary. Both credit card companies support online gambling regulation in the US. Since the UIGEA bill went in full effect in 2010, both companies have had to adhere to the new laws and enforce the no transaction rules, but they are not happy about the situation and have even lobbied Congress for internet gambling regulations!
MasterCard has spent hundreds of thousands, actually about $840,000 in lobbying the government for a few issues in the last quarter of 2010 and one of those issues is online gambling. Both MasterCard and Visa are losing millions of dollars if not billions in online gambling transactions and would like to see that business coming back their way. But alas their efforts to make Congress hear their reasons fell on deaf ears. But in 2010 more key legislators did join in the support of both Senator Harry Reid’s & Barney Franks bills, but the new incoming Congress wants no part of either. Both credit card companies are waiting to see what happens with “intrastate” gambling in the states of California, New Jersey and Florida because they would consider processing transactions for online casinos in those states if they can prove that it does not break the UIGEA bill.By Patricia C. Senior Editor casinoplayersreport.com