|Recent moves to block credit card transactions for Internet casinos won’t significantly affect the major gambling sites, a payment expert told the iGamingWorld conference last week. |
Alternative systems such as debit cards and 'smart cards,' which authorize cash transactions, are widely used in Europe and the United Kingdom - where online gambling is flourishing, said Graham Newall, CEO of Apollo Processing Ltd.
Another speaker at the conference, Marc Falcone concurred. Falcone, a gaming equities analyst for Deutshe Bank Securities, said that credit card transactions are not such a concern outside the US.
Other methods of payment include wire transfers, cheques, money orders and debit cards, as well as emerging ATM –type solutions, although it remains to be seen how customers will adapt to new technologies, Falcone said.
Fears that their banks will be financially liable have been partly to blame for major US credit card issuers blocking Internet wagers.
Other payment systems will likely take their place, Newall said, though US regulators could ultimately make that determination if gambling is legalized in this country.
“Credit Cards were not invented for internet use” says Newell, and as a result online merchants including online casinos will continue to develop better, and more efficient methods of depositing funds. There is a such a demand for online gambling it justifies a “private clearing system” specifically for online gaming transactions. If that system is not held in the USA then casino industry executives say “so be it”.