A new coding update for credit cards in New Jersey may spell good things for the growing online gambling industry in the Garden State, which will allow more transactions to be successfully processed.
Currently more than a quarter of Visa transactions and half of Master Card transactions related to regulated online gambling are rejected, due to a 7995 code tied to them. That 7995 code is seen as poison by many banks, who do not want to violate the Unlawful Internet Gambling Enforcement Act by processing gambling transactions.
A new 7801 code would come out as standing for government licensed online casinos, and would hopefully alleviate many of the issues tied to processing payments of Atlantic City casinos throughout New Jersey. Online gambling in New Jersey has gotten off to a relatively slow start since it was legalized in 2013, and that slow takeoff is being partly attributed to the declining of transactions by credit card processors.
Casino Listings will update this story as more developments arise.