Credit Cards pulling for Online Gambling Regulations in U.S.

MasterCard has reportedly spent $880,000 in the first half of this year to appeal to the US government in behalf of Online Gambling Regulations. They are lobbying not only on behalf of online gambling but also for buying prescription medication online. So far they have been in touch with the Treasury, Congress and the Justice Departments with their issues.

They are not revealing their officially stance on online gambling, but they are showing concern for how regulations if any, the UIGEA will impose, will affect their finances.

In step, Visa has contributed $200,000 for legislative lobbying efforts in the first six months of this year as well. Both credit card companies stand to make money off of gambling transactions and will lose countless dollars if regulation is not passed. The cost alone of trying to monitor US citizens to see if they are using their money to gamble online, could be astronomical.

Credit card companies don't necessarily approve of using credit cards for gambling, but see no problem with people using their debit cards, which deduct available funds in existing account. Online gambling is very popular in the US and players are finding other means to make deposits into the gambling accounts.