New Jersey introduced its gambling venture on November 26, and so far, everything has been moving smoothly. Compared to states such as Delaware and Nevada, the state of New Jersey is considered to have a better framework in gambling.
With the recent changes, the state has decided to introduce a code for credit card for all payments that are processed through credit card online.
The Current Statistics
While Nevada and Delaware started online gambling before New Jersey, they simply don’t have enough numbers to make online betting legalised.
A rough estimate says that New Jersey has close to 8.8 million players and the website traffic is increasing by the day. As of now, the other states are simply sitting and watching the footsteps of New Jersey.
If the state manages to reach 1,000 hits per day, other states will also follow suit. What DC would be very keen at is to watch out for the legality and the profitability of this industry before they take a call on online betting.
As of now players from the USA are restricted to take part in any online casino outside their country.
An alarming number of failed transactions and a growing rate of frustrations among the state residents led to this move. This code will be rolled out by three joint authorities-Division of Gaming, New Jersey; Department of Banking and Insurance; and Office of the Comptroller of Currency.
This code will be applicable for all transactions that go through any gambling website in the state.
Since online betting got legalised in the year 2013, there has been a growing number of complaints from residents about repeat transactions.
Most credit card companies flatly decline their requests. According to DGE estimate, approval rate for VISA payment is close to 73%, while the approval rate of MasterCard is a very discouraging 43%.
This single move of credit card code will ease the playing experience. That being said, players need to wait until spring 2015 to avail this opportunity.
A spokes person from the DGE revealed that it will take some time before the whole process is streamlined. As of now, most banks are not aware of these internet gambling sites and that’s why the transaction failure has sky rocketed. They hope that with the introduction of the credit card code, they will be able to address the issues in a better way.