Recently credit card companies have began their attempt to stop or slow down transactions made to online gambling companies. Visa has been the latest major credit card company that has started their restrictions. First, Mastercard initiated the crackdown and now EGRmagazine.com has stated Visa will begin. It is estimated that nearly tens of thousands of online gamblers will be affected by this.
It did not come overnight, as there has been legislation going on for months to restrict the use of credit cards for gaming. On June 1st the Unlawful Gambling Enforcement Act will take place. What this law does is bans the facilitation of Internet gaming from banks and other companies that accept payment.
Recently users at major gaming sources such as pokerstars.com have noted that their credit card information was entered correctly, but they were declined repeatedly. The message that most users received when they inputting their information was: Declined. “Your credit card transaction has been declined. If your credit card information was entered correctly and you have sufficient funds, your transaction was probably declined due to Internet gaming restrictions set by your credit card issuer.”
Before the ban, all it took was correct credit card information to deposit money for gaming. The folks at pokerstars.com claim they do not use the codes such as “7995” for their transactions like a lot of others will do. They have always used other ways to code their transactions, by inputting other Internet companies.
The UIGEA was passed at midnight of the day Congress adjourned for the 2006 elections. There was a version similar to it that passed through the House in 1999, but the Senate declined passing the bill. One of the influential individuals who forced the bill not to pass was lobbyist Jack Abramoff.
Originally, the “UIGEA” law was supposed to take effect on December 1st of 2009. The United States Treasury allowed a minor delay to give companies up to a year to work out details on how they would comply with the law.
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