The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. That, in turn, is likely to encourage more online bettors to pony up for the Kentucky Derby and other horse races. Essential reads, delivered weekly. By providing my email address, I agree to CreditCards. While the Chase decision primarily affects online wagering, it also could impact at-the-track betting via mobile phone, says Alex Waldrop, president and CEO of the National Thoroughbred Racing Association.
Waldrop says his organization is working with three other major card issuers — Bank of America, Capital One and Wells Fargo — on reversing their approaches to ADW transactions. The three banks have been declining all ADW transactions, he says. What about American Express and Discover? Both companies prohibit gambling-related transactions on their credit cards, but Waldrop says the thoroughbred association also is pressing American Express and Discover to permit ADW transactions.
While major credit card issuers historically have blocked ADW transactions, some issuers have enabled those deposits to go through. So, exactly how is Chase enabling ADW transactions now? It switched transactions via licensed, regulated ADWs in the U.
For fear of running afoul of federal law, credit card issuers for years have routinely denied gambling transactions, including off-track bets on horse races, since passage in of the federal Unlawful Internet Gambling Enforcement Act. Waldrop says he and his colleagues — including U. Andy Barr, a Kentucky Republican who co-chairs the Congressional Horse Caucus — successfully lobbied Chase and its card-processing partners that ADWs using the more acceptable code are legal, regulated outfits, unlike potentially shady gambling ventures in other countries.
Waldrop explains that the Unlawful Internet Gambling Enforcement Act made it unlawful for financial institutions to handle illegal betting transactions via credit card. For years, the thoroughbred association and other horse-racing groups have argued that the federal Interstate Horseracing Act takes precedence over the Federal Wire Act, which prohibits online betting, Waldrop says. The Interstate Horseracing Act allows interstate wagering on a legal, regulated race in the state where the race is run and in the state where the bet is placed.
The merchant code arose to account for the differentiation between the two laws, he says. Will other card issuers enter the race and allow ADW betting with their cards? Time will tell. A Payments Journal piece about the largest U. Probably not.
The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.
John Egan is a writer, editor and content strategist in Austin, Texas. Aside from CreditCards. Follow these steps to learn how to add your favorite credit cards to the mobile wallet on your smartphone. Essential news and expert tips in your inbox every week. My filly ran a huge race and fought back at the end.
This race was her first time around two turns today so she should get a lot out of this race for sure. She kind of sucked back at the break. I was going to try to get her in a good spot. But they went fast anyway so it worked out good. She showed a good effort going against these horses. Account: Forgot. PIN Forgot. Horse Racing News. Learn More. Horse Betting News. Watching race replays is an invaluable handicapping tool for horse betting.
This is a space for friendly local discussions. No racist, discriminatory, vulgar or threatening language will be tolerated. Be transparent. Use your real name, and back up your claims. Keep it local and relevant. Make sure your replies stay on topic. Review the Patch Community Guidelines. Reply to this article Reply. See more local news. It also could lead to acceptance of these types of transactions by other leading credit card issuing banks that have not allowed their Visa or MasterCard customers to use their cards to fund licensed and regulated ADW accounts.
Said Barr, who serves on the U. House of Representatives Financial Services Committee and is Co-Chairman of the Congressional Horse Caucus: "I am delighted that this latest move by Chase will have a positive economic impact on Thoroughbred racing and breeding in Kentucky and across the nation. I have appreciated working with the NTRA and Chase to make this development possible and look forward to continuing our efforts on behalf of Kentucky's signature equine industry.
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