A new credit card categorization code has been created and is expected to be rolled out this spring according to the New Jersey Division of Gaming Enforcement.
In a press release dated January 2 and released on Monday, the DGE reflected on its first year regulating online gaming in New Jersey and shared its goals for the future.
In addition to the statistics surrounding licensees, accounts created and revenue generated, the New Jersey regulator examined the role of payment processing in the state’s first year offering online gaming.
According to the release, statistics show that 73% of all Visa transactions are being approved as compared to a 45% approval rate of all MasterCard transactions. The DGE also pointed out that the chargeback rate for Internet gaming is less than the rate experienced by retail merchants.
In addition to credit cards, there are a variety of other convenient and secure methods that igaming customers can use to fund their accounts in New Jersey. With the addition of more approved payment processing options and continued education of consumers, further improvements are expected in New Jersey payment processing success rates for online gaming.
Fraud detection mechanisms put in place to combat payment fraud apparently have been successful. The DGE notes that the New Jersey State Police arrested Diana Zolla in April 2014 after she had claimed that nearly $10,000 worth of charges on her credit card and associated bank fees were made fraudulently. However, the State Police Casino Gaming Bureau, Financial Crimes Unit discovered that Zolla had made the credit card charges on her own.
