REJECTED! NEW LAW HITS ADWS

[andymays]

http://www.paulickreport.com/blog/rejected-new-law-hits-adws/

Excerpt:

Many horseplayers attempting to use credit cards to fund legal advance-deposit wagering accounts were in for a surprise this week when their requests were turned down after the federal Unlawful Internet Gambling Enforcement Act went into effect June 1.

Excerpt:

One Paulick Report reader sent us the following message on Thursday: “I’ve had three credit cards that always worked at my ADW accounts denied by all of them today and yesterday. They said there was nothing they could do and that I would have to deposit through my checking accounts. … I play online poker a little and tested my credit cards there after this. All three still worked for deposits to the poker site I play at. I can’t bet races now as my accounts are close to empty.”

The Unlawful Internet Gambling Enforcement Act was to go into effect last Dec. 1, but was delayed until June 1, a move National Thoroughbred Racing Association CEO Alex Waldrop called “an important win for the racing industry.”

[horses4courses]

I've never used a credit card in order to wager on anything.
Any transactions go through my bank account.

This makes me wonder, though.
Just how long before the banks are forced to block those transactions, too?

And we live in a free society?

[lamboguy]

I've never used a credit card in order to wager on anything.
Any transactions go through my bank account.

This makes me wonder, though.
Just how long before the banks are forced to block those transactions, too?

And we live in a free society?good points. i go in and out every day with my accounts. its bad enough that i need 3 adw's to get teh job done these days. what i am finding is that there is to much govenment regulations for no reason going on in the last decade. first they come at you with patriot acts, then they go to internet gambling acts. these guys running this country into the ground all need to go.

in 2 minutes after i post this you are going to get the usual people blaming this on obama and democrats. please believe me, they are bad and their republican counterparts are every bit as bad if not worse.

[PaceAdvantage]

in 2 minutes after i post this you are going to get the usual people blaming this on obama and democrats. please believe me, they are bad and their republican counterparts are every bit as bad if not worse.Any tangential political talk will be deleted...save that for off-topic....

[DJofSD]

From the same report:

UPDATE: Yet another reader sent the following comment regarding how the UIGEA may impact horseplayers: "More importantly and what VERY few people know is that banks and credit card companies are making listings/keeping files on ‘gamblers’ via these funding requests and will cut credit limits. They know gamblers will default on payment at a higher rate than non-gamblers."

[slew101]

Twinspires still has the credit card options on their site, but a note saying "the new law may affect credit card deposits."

I believe if you use the phone service you'll have a better chance at making the deposits. The online transactions might be coded differently than phone charges.

[thespaah]

Hmm...Just to see what was what, I made a small deposit into my offshore( Because of the stupid laws in this state I cannot use a domestic ADW)account with no problems. Used a Visa card..

[jamey1977]

Hmm...Just to see what was what, I made a small deposit into my offshore( Because of the stupid laws in this state I cannot use a domestic ADW)account with no problems. Used a Visa card.. Are debit cards okay still ?
Who is behind this? Gambling is immoral? They think the same thing applies to horseracing ? Just a bunch of dim-wits in Washington as usual. My advice is for us to win,win,win, then we have nothing to worry about. Only getting our winnings back. This 2 to 5 Business Days for winnnings is ridiculous.

[horseking]

TVG, Youbet and BetAmerica still seem to be processing CC's fine. TVG seemed to have a problem for a couple days, but are processing normally again....I imagine that there are some compliance hoops everyone has to jump through prior to getting the CC's working again...

That being said, who knows what our issuing banks are going to do.

[ddog]

I've never used a credit card in order to wager on anything.
Any transactions go through my bank account.

This makes me wonder, though.
Just how long before the banks are forced to block those transactions, too?

And we live in a free society?



You are free to not use credit cards. The cards are granted and are not a right, nothing to do with a "free" country, cut out the hyperbolics.

Banks have been killed on credit card defaults, they are not being dragged kicking and screaming into this act.

[thaskalos]

I thought horse racing was exempt from the implications of this anti-gambling move...

[Wickel]

I thought horse racing was exempt from the implications of this anti-gambling move...

Ditto here.

[thespaah]

I thought horse racing was exempt from the implications of this anti-gambling move...It is!
This seems to be the work of the ADW's themsleves in anticipation of the new COnsumer Credit Act recently passed by the Senate and House. To my knowledge , the Bill is in committee to work out the differences in the House and Senate versions. Obama will sign it upon passage by full Senate and House votes of the final version.

[Spendabuck85]

I thought horse racing was exempt from the implications of this anti-gambling move...

From the Paulick article linked previously in this thread:

“The law has a clear exemption for account wagering,” said Peggy Hendershot, who handles legislative affairs for the NTRA. “It is very specific that activities conducted under the Interstate Horseracing Act are exempt. But credit card companies have taken different approaches on how to address the UIGEA.”

One method, Hendershot said, is an opt-in process where all gambling entities are lumped together under code number 7995. In that case, she said, the credit card company would have to validate the ADW companies as an exempted entity, which requires several steps. “Not many companies were validating our merchants (ADWs),” said Hendershot. “That might explain why people are having trouble (using credit cards to make deposits).”

Hendershot said MasterCard is employing a new code unique to pari-mutuel wagering and lotteries that makes the decision for banks on whether to approve a transaction with an ADW an “opt-out” process. “Our preference would be for Visa to switch from the 7995s to the code MasterCard has adopted,” she said.

[horseking]

It is!
This seems to be the work of the ADW's themsleves in anticipation of the new COnsumer Credit Act recently passed by the Senate and House. To my knowledge , the Bill is in committee to work out the differences in the House and Senate versions. Obama will sign it upon passage by full Senate and House votes of the final version.

Actually, I don't think that's it....I think that some banks have taken a "blanket" approach to gambling transactions and are not differentiating between legal & illegal. So I'm assuming that Twinspires/ebets/etc. processor/bank turned them off unexpectantly, resulting in them scrambling for a bank/processor that took a more "educated" approach.

[InsideThePylons-MW]

Actually, I don't think that's it....I think that some banks have taken a "blanket" approach to gambling transactions and are not differentiating between legal & illegal.

That's exactly what is happening. Banks don't want anything to do with this nonsense but it was forced upon them so they are taking the we will just block all gambling approach which is the easiest way to do it.

[tbwinner]

Was just able to do a CC deposit at YouBet, all funded in case of emergency/tote problems at Arlington tomorrow.

[WinterTriangle]

Who is behind this?

The credit card companies, of course.

Looking anywhere else to blame is silly.

[HUSKER55]

Just curious,

if you had an online bank account like paypal or clickbank would you still have problems?

[Robert Goren]

paypal will NOT deal with gambling companies and hasn't for years.

[startngate]

paypal will NOT deal with gambling companies and hasn't for years.Not entirely true. They do now deal with non-US gaming firms for non-US customers. For example, BetFair and Ladbrokes both accept PayPal deposits.

[46zilzal]

Oh MORAL MAJORITY please save us from ourselves!!!!

[PaceAdvantage]

Oh MORAL MAJORITY please save us from ourselves!!!!They have that in Canada?

[trying2win]

S-h-h-h! Don't tell anyone, but Canada is more bettor-friendly than the USA. Perhaps some of our American horse player friends feel a little bit like Howard Beale. Remember him? If so, my suggestion would be to direct your frustration by lobbying your state and federal government representatives, on what you think of some of their stifling horse betting restrictions.

T2W
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~"Nobody made a greater mistake than he who did nothing because he could only do a little."

-- Edmund Burke
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[thespaah]

Not entirely true. They do now deal with non-US gaming firms for non-US customers. For example, BetFair and Ladbrokes both accept PayPal deposits.Hmm. DO both or either of those sites pay full odds on exotics.
The offshore book I use limits bet types( no dime supers, no 50 cent tri's) and limits payoffs to 300-1. FYI, because of my statte of residence, I must use an offshore book because domestics like Youbet, etc will not take bets from states where PM wagering is not legal.
I am wondering if there is a way around this. Most if not all US sites require a social security number. Then they use that to find out where a potential customer actually resides based on information on credit reporting ocmpnaies such as Trans Union and Experian. So using say my parent's address in Florida won't work. Some sites require a copy of a customer's driver's license!

[harntrox]

Paypal mastercard debit works fine. I have the 'premier' business card, and have used it almost exclusively to fund my adws for over 4 years now. As a bonus, getting paid 1% cashback on all purchases, *including adw* is a great incentive to use their card.

[docicu3]

YOUBET had my deposit turned down today citing the above as the reason. Curious if others have today had similar problems??

[InsideThePylons-MW]

YOUBET had my deposit turned down today citing the above as the reason. Curious if others have today had similar problems??

Many have had your problem.

It might get a little better in the short term but in the long term it will get worse to where banks will just block all gambling transactions.