Credit card deposits have been a growing problem at the online
casinos, but more so lately with a few changes USA facing casinos
woke up to. MasterCard, one of the world's largest credit card
issuers recently implemented a complete and quite comprehensive ban
on online gambling deposits using their branded cards and that
includes the online casinos, as well. Analyzing a large chunk of
data related to online gambling transactions, the credit card issuer
was able to identify a large number of processors working for
various online casinos and other gambling websites and effectively
block all transaction, leaving the online casinos without an option
for MasterCard processing.
According to various reports, the MasterCard online casino
transactions were easy to spot by the multi-billion dollar company.
The majority of the transactions were initially coded as gaming and
once the authorization for them failed - they were bounced to a
different credit card processor and the same transaction was
repeated, but this time the code which identifies the nature of the
merchant was chanced to something different than gambling and
raising less suspicion. MasterCard was quick to catch up to those
processors and the action alone was enough for every other business
working for the online casinos to stop instantly processing gambling
transactions with MasterCard credit cards.
This is indeed bad news for many online casinos,
considering that MasterCard equals to roughly half the credit card
transactions attempted at an online casino. The result was even
worse, if some reports claiming that MasterCard credit card
transactions had higher success rate for the online casinos, are
true. To make matter worse, rumors are currently circulating in the
online gambling community that VISA is also looking to implement
similar ban on gambling and casino related online deposits, although
many processors claim that they still accept VISA credit card
deposits.
Players, however, still have plenty of choice when it comes
to depositing at the online casinos. Ewallets funded by a checking
account through an electronic check or direct deposit are currently
the best way to deposit money at the online casinos if a credit card
is not an option.
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