Online Gambling Still A Risky Bet For Casinos, BanksSeptember 18, 2015 – In The News
William Bogot was quoted in the Law360 article, “Online Gambling Still a Risky Bet for Casinos, Banks.” Full text can be found in the September 18, 2015, issue, but a synopsis is below.
Online gambling has managed to become legalized within certain states such as New Jersey, Nevada and Delaware in different forms. Although this is true, there may be risks associated with the new market preventing traditional casinos from following suit. According to William Bogot of Fox Rothschild, “Part of the problem is that most major credit card companies and big banks remain unwilling to process credit card transactions necessary to pay for the activity.”
Bogot also mentions that, “Until recently, MasterCard denied half and Visa denied one-quarter of payment requests in New Jersey, where online gaming is legal.” He continues by stating “Banks are not obligated to process transactions, and gambling is an activity a lot of large players have steered clear of.”