According to a recent press release, New Jersey Division of Gaming Enforcement (DGE) officials alluded to a new credit card code for legal internet gambling transactions that could greatly aid players’ ability to deposit on regulated sites.

According to the DGE release, “A new credit card code has been created for legal online gambling transactions and it is expected to be in effect spring of 2015… As the banking industry becomes more familiar with legalized internet gaming and patrons become more educated about the various options for funding their accounts, further improvements are expected in this area.”

The same release revealed, perhaps shockingly, that just 73% of Visa transactions are approved for regulated online gambling sites, while a scant 44% of MasterCard transactions are successful. Both metrics should increase with the introduction of a new credit card code. DGE officials noted that the rate of chargebacks for internet gambling is lower than it is for retail transactions.

Whether the new credit card code would apply to transactions in the regulated markets in Nevada and Delaware is not known. Also up in the air is how much adoption the new code will actually have and whether it will have a significant impact on the number of internet gamblers who can successfully deposit.

The DGE release also touched on the effectiveness of the state’s geolocation mechanisms, which make sure a would-be gambler is actually located in New Jersey before allowing him to play. “The Division has worked with the geolocation vendors and casinos to enhance the technology to make it more accurate and reliable and to reduce false negatives,” the release read, adding that geolocation currently has a 98% success rate.

Interestingly, online poker accounts for 25% of New Jersey’s revenue, while casino games make up the remaining 75%. As the DGE pointed out, “Not all of New Jersey’s platforms offer poker, but the percentage breakdown for revenue on platforms that offer both poker and casino games is approximately 40% poker and 60% other authorized games. This presents an opportunity for creators of online games to introduce their products to New Jersey gaming operators.”

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