MasterCard have shown their true colors when it comes to where they stand on the debate over online gambling in the United States.
While the major credit card companies have complied in full with the laws regarding the processing of online gambling related financial transactions, they are deeply unsatisfied with the Unlawful Internet Gambling Enforcement Act (UIGEA) and the loss in revenue it is costing them. MasterCard in particular have come out with guns blazing, after it was reported they are spending large amounts of money on lobbying the Government to change the laws.
In just the first three months of 2010, it was revealed that Mastercard spent no less than $840,000 lobbying for a variety of issues in the United States, a percentage of which went on trying to get politicians to introduce sensible and workable regulations for Internet gambling. This was money that appeared to be wasted as despite the high expectations of everyone associated with the industry, the key political thrust headed by Harry Reid and Barney Frank was quelled by resistance from conservatives opposed to any form of legal online gambling info: https://playcanadacasino.com/online-slots/.
For the credit card companies, this means the continued loss of millions of dollars each year that goes by without any change. The losses are caused by the commissions they are missing due to their inability to process financial transactions made by US citizens related to Internet gambling including online poker.
While Mastercard still makes millions from legal transfers of money to and from online casinos and poker rooms in other countries around the world, the United States represents by far the biggest market. This means there is the potential in that one country to earn credit card companies and other financial institutions able to transact money transfers more than they currently make from the rest put together.
There may be a light at the end of the tunnel for Mastercard if not on a country-wide level but on a state level where individual state regulators are at variance with the federal government on their stance over online gambling. New Jersey is spearheading the way with Florida and California not far behind with their ambitions to allow intra-state gambling online, especially poker which is seen by many as more a game of skill than a pure gambling pursuit. If these and other states are able to pass laws, then a determination by Mastercard must be made whether to violate rules contained in the UIGEA and process intra-state based payments for players where online poker is to be allowed.