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Jul
20th

2012 Funding Options for American Internet Bingo Players

Even though the US government has relaxes their stance on internet gambling it can still be difficult for players in the United States to find a reliable and safe deposit and withdrawal option at many internet bingo sites. The Unlawful Internet Gambling Enforcement Act (UIGEA) is still the law of the land and prohibits credit card companies, banks and online payment processors from handling gambling related transactions. Many credit card companies ban all gambling transactions including those at legal Las Vegas casinos. In addition many credit card companies charge higher interest rates for any transactions at casinos including those for drinks, food and accommodations. Generally credit card companies charge the same interest rate as cash advances for casino transactions.

The first internet bingo sites and casinos appeared in the mid 90’s and for years there were no problems until the UIGEA was passed in 2007. Then the assets of several online payment processors such as Neteller were seized. Thousands of players had their accounts frozen and it took almost a year for them to recover their funds. The future of internet gambling is uncertain. The attorney general is a political appointee and today’s lenient policies could be replaced by stricter policies if a new administration takes office in January 2013.

Despite the laws against internet gambling there are still several deposit and withdrawal options available to American internet bingo players. Pre-Paid credit cards are popular and can be used for deposits and withdrawals. Since the cards are pre-paid the restrictions are fewer and most online bingo sites accept pre-paid visa and MasterCard’s. The acceptance rate is high and recent reports indicate that a majority of American players are using pre-paid credit cards at internet bingo sites and casinos.

Recent reports indicate that American Express and Discover cards have a low acceptance rate at internet casinos and bingo sites. The same source says that the acceptance rate for MasterCard is declining and that Visa cards have the highest acceptance rate at US friendly gaming sites.

Money transfers are another option. Money transfers such as Western Union are somewhat inconvenient but are reliable. Many sites pay American players with checks that they can deposit in their personal bank accounts without too many questions being asked. Money transfer options include Western Union and MoneyGram. Both services charge higher than average fees.

As gambling policies in the US become more liberal players can expect more funding options in the near future. Most experts believe that it is just a matter of time before internet gambling is legal in the United States.