The Online Gaming Industry Given the BootPublished August 6, 2002 by OCR Editor
Lately The Internet gaming Industry along with its patrons have been facing difficulties making transactions online, since many credit card companies and banks have been denying their charges.
As new reports surface on the immanent matter, Bank of America, one of the chief banks, has united with other banks all over the country, on a quest to ban consumers from using their credit cards for online gambling purposes. Bank of America has already started to notify thousands of its credit card customers in Arizona, announcing that they won't be legally responsible for unlawful business, even though it might fail to turn down charges. The notification said, "Display of a payment-card logo by an online merchant does not mean that an Internet transaction is legal where you conduct it."
More and More banks have been joining the "nationwide bank panel" to bar credit card usage for online gambling purposes. Regardless of being illegal in Arizona and a number of other states, the ban has increasingly taken center stage all over. Sebastian Sinclair, of Christiansen Capital Advisers of New York believes that the online gaming Industry will be hit hard depending on the ramifications of credit card companies and banks strict policies.
However, Mr. Sinclair proceeded to say," But that will work itself out over time as alternative payment mechanisms arrive on the scene."