MasterCard was the only major credit company to ban its customers from online gambling. But Visa, MasterCard’s biggest rival in the US, has also recently blocked its cardholders from betting online.
The Unlawful Internet Gambling Enforcement Act (UIGEA) will not be put into enforcement until June 2010 but the move by Visa will already disallow millions of Americans to participate in online gambling.
Representative Barney Frank of Massachusetts has been working diligently in trying to reverse the UIGEA and has gained momentum recently after getting support from fellow lawmakers. He has the one responsible for delaying the ruling until June.
Frank chairs the House Financial Services Committee whose main focus right now is getting the economy back on track. The congressman has not found time yet to get congressmen together to discuss his anti-UIGEA proposal.
As June nears, Rep. Frank has less and less time to get a debate started for his proposal. He can again ask the Treasury Department, however, to postpone the publication of the UIGEA which could give him until the end of the year.
Many MasterCard holders did not expect the ban and now subscribers of both Visa and MasterCard are shocked by the announcement that signifies the credit card companies will strongly abide by the US anti-online gambling law.
E-wallets have gained popularity over the years and they might just be the only option for most American gamblers. The move by the credit card companies means millions of dollars of losses for them.
