If you’ve ever wondered why it’s so hard to deposit at an online casino, you’re not alone. There are lots of casinos out there that make it difficult to get money into your account. And most times, when you can’t fund your account it may not be the casino’s fault. After all, we take Visa, MasterCard, AMEX, prepaid debit cards, and all kinds of other methods.
But some casinos don’t. Some casinos only take credit cards. And even those credit cards are restricted based on the type of bank you’re with. Every wonder why that is? Most of it has to do with complex regulations that a lot of people don’t understand.
Back in 2006, the US government passed a law that made it illegal for credit card companies to process charges related to “illegal” gambling. Here’s the thing, though. The act never clarified what illegal was. Most agreed that illegal had to do with sports betting since the Wire Act was designed to prohibit betting on sports, not casino gambling.
In 2013, the US government actually clarified that the Wire Act only applies to sports betting, and not poker or casino games. But here’s the problem. Most credit card companies in the US and internationally had already changed their systems. When that whole “illegal” gambling scare passed in 2006, Visa, MasterCard, and the others changed their systems to ban online gambling transactions.
Now that the government agrees that the Wire Act doesn’t apply, the credit card companies are starting to change their systems over. Unfortunately, a lot of online casinos work with processors and credit card companies that are still sitting on the fence or that haven’t yet changed their systems over. That’s caused a lot of confusion for new players. You see that a new site takes Visa. You type in your number. Everything looks good. And then boom. It hits you. “It” being an error message.
At Palace of Chance, we work with US banks and payment processors that have already changed over their systems to accommodate for the new, clarified regulations, so depositing is in most cases, easy.
There is one caveat, though. When you make your first deposit, we ask that you fill out a credit card authorization form. This is to protect our community from players unlawfully throwing money into their account using a stolen credit card. Imagine getting excited about a big slots tournament featuring tens of thousands of dollars only to discover that the money in the tournament was actually funded through stolen credit cards. Not cool, right? We don’t think so either, which is why we take the necessary precautions.
If you don’t want to fill out one of those forms, don’t worry. At Palace of Chance, you can use all sorts of other payment methods to fund your account, like Neteller, Click2Pay, and P2P transfers. No matter how you choose to make an online casino deposit, you’ll find that our payment methods are secure and easy.