Poker News – New Jersey’s Internet gambling five-day soft launch is underway, and the failure of banks and credit card companies to process transactions has proven to be an early hurdle. After the Unlawful Internet Gambling Enforcement Act was enacted in 2006, many institutions implemented systems to reject gambling transactions, but now that individual states are legalizing online gaming, banks and credit card companies must adapt once again.
Bloomberg originally reported that Bank of America Corp., Wells Fargo & Co., American Express Co., and Paypal refuse to allow online gaming transactions due to previously established guidelines or out of fear that they could be held liable for underage gamblers and those who might be able to bypass geolocation restrictions.
