New Jersey launches new credit card code for online gambling
The US state of New Jersey has introduced a new credit card code for processing all online gambling payments made in the state.
The move comes after a significant number of failed payments have been identified by the US Office of the Comptroller of the Currency, New Jersey’s Division of Gaming (DGE) and Department of Banking and Insurance.
The launch will improve acceptance rates for online gamblers in New Jersey addressing the concern of major credit card companies which have been declining approval for transactions due to their uncertainty over the online gaming market in the US.
The new code confirmed by regulators in New Jersey will take effect in the state later in 2015.
A DGE statement said: “As the banking industry becomes more familiar with legalized internet gaming and patrons become more educated about the various options for funding accounts, further improvements are expected.”