New Jersey Gets New Credit Card Code
It should come as no surprise that the residents of New Jersey love gambling. Whether they’re at one of the state’s several casinos or enjoying no deposit bonuses by playing online, they love to see if lady luck is in their favor.
Unfortunately, the first year of legalized online gambling in New Jersey has been hit with a ton of issues, the most important of which being payment processing. For quite a while, it’s been difficult for credit card companies to process payments. That’s all about to change.
New Jersey will soon have a brand new credit card code coming this Spring. New Jersey is the first state to test this out, which demonstrates how advanced their framework for regulated Internet gambling is when compared to Nevada and Delaware.
New Jersey’s Division of Gaming Enforcement made a statements regarding the issue, saying “as the banking industry becomes more familiarized with legalized Internet Gaming and patrons become more educated about the various options for funding accounts, further improvements are expected.”
It’s going to be interesting to see what impact this has on the Internet gaming industry. As of late, new players wanting to sign up and fund their accounts in New Jersey have had difficulty doing so, with many players reporting that their transactions were denied by several major credit card companied. It’s said that the denials have to do with the aftermath of UIEGA laws, but the improvements currently in the works will solve that situation.
Analysts have been up in arms as to why online signups have cooled off a bit in recent months, and this situation may be the reason. Several recent statistics show that 73% of Visa and 44% of Mastercard transactions are approved.
As we move into 2015 and more states consider legalizing and regulating online gambling, this is exactly the type of change that the industry needs. Though the change is only limited to New Jersey, it’ll undoubtedly be adopted by Nevada and Delaware should New Jersey see a large change.
Pennsylvania and California are on the short list to legalize online gambling, and the statistics that come from this move will undoubtedly have a hand as to how far that issue progresses.
Meanwhile, Sheldon Adelson continues to seek to end the quest to legalize online gambling. He’s preparing to pitch the Restoration of America’s Wire Act once again in an effort to shut down online gambling once and for all.
Regardless, this change is the forward progress that we need. It’s long been theorized that online gambling isn’t a hypothetical question, but more of a necessity. The demand from consumers is too large, and states can make use of the extra money. If New Jersey’s new credit card code is successful and causes a spike in the amount of online gambling players, you can expect other states will be quick to legalize and adopt this new credit card code.