February is almost over and spring is right around the corner, a time that should see New Jersey’s online gambling revenue increase to some degree.
The reason? A new credit card code is due to be implemented sometime this spring that will allow banks and financial institutions to more readily accept credit card deposits made by would-be online gamblers in the Garden State.
A number of poker players and gamblers got shut out in previous attempts to make a deposit and play at NJ gaming sites. A startling number, in fact. The New Jersey Division of Gaming Enforcement (DGE) recently listed success rates of deposits by credit card in 2013-14 to be 73% for Visa users and only 44% for Mastercard.
It is quite likely that a bunch of those players who were unsuccessful in making deposits simply gave up and didn’t return. Between getting online and creating an account, proving that your location is within New Jersey, and trying to push a deposit through with Mastercard or Visa, it wasn’t smooth sailing in navigating all three steps for many. At least in the early going after launching in November 2013.
I’m speculating here, but it certainly seems logical that only those very intent on gambling online would continue finding ways to jump through the necessary hoops if they were halted anywhere along the process from booting up to trying to deposit. I’ll bet you there are a lot of recreational players who wouldn’t do it.
Personally, I remember getting in the car and going to a MoneyGram outlet to make a deposit or two after the UIGEA came into play and my credit cards were no longer accepted. Would a casual player go to those lengths? Doubtful. That was before the poker sites figured out that if they created bogus Internet companies, financial institutions would accept the credit card deposits.
In any event, the DGE had a pow-wow with representatives from the U.S. Office of the Comptroller of the Currency and the New Jersey Department of Banking and established a new four-digit credit card code number that will allow New Jerseyans to sail right through when depositing at gaming sites via credit cards. The code number will be specific to igaming in New Jersey.
Once that goes into effect, it would be wise to alert the wannabe players who got shut out previously and never returned that it’s high time to try again. Perhaps the marketing departments of the casinos tied to the gaming sites can devise a way to give a bonus to players who failed to make successful credit card deposits and have found their way back to give it another go.
After implementation of the new code, we should see the percentages of deposits via Visa and Mastercard inch a lot closer to 100%. And that, in turn, should also boost igaming revenue in New Jersey.
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