Online payments proving a difficult issue in the world of online casino deposits in New Jersey.
The online gambling industry in New Jersey has surpassed expectations for revenue and as of March 2014 the industry was up 15% to $11.9 million. There are, however, many problems to iron out as the new online offerings from the likes of Party Poker, Ultimate Gaming and Betfair are met with issues that are not in their control.
It is the online payment processors that are the big issue right now, to the extent that the Central Account Management System (CAMS) has stated that only a dismal 46% of all credit card deposits to New Jersey iGaming sites have been successful. That means that 54% of all paying customers were stopped in their tracks because they couldn't make a deposit. CAMS CEO Mr. Matt Katz was recently quoted regarding online payments that it is, "the single biggest thing that's holding it the industry back".
As of now the most successful online payment method is MasterCard seeing 73% of payments processed while that number drops to 44% for users of VISA, American Express and Discover whom are not approving most of the online transactions whatsoever. One of the reasons for this was summed up by William Tsang the spokesman for American Express, "American Express does not do business with high-risk industries and we prohibit the use of the card for any gambling services."
The fact that these major companies are not approving payments is not good for the image of online gambling even though it is totally legitimate in many countries and specifically in states of the US since the new legislation was passed. The industry will continue to grow and these companies will get a rude awakening in the near future so players should not worry too much.
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