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Are Payment Processing Companies Safe?

Well it definitely depends on how you take that question. Yes, the majority of well-known payment processing companies and e-wallet are safe for the online casino gambler. But these processing companies are not safe if they are miscoding transactions going through financial institutions in the United States as a way to circumvent the Unlawful Internet Gambling Enforcement Act that forbids transactions with online casinos. A recent case has led to grand-jury indictments for three processing companies in violation of the U.S.’s UIGEA.

Currently the three companies have not gone to trial, they have merely been indicted, allegations including miscoding gaming transactions as a way to funnel U.S. monies into online casinos and sportsbooks. The charges range from racketeering conspiracy, to money laundering, bank fraud, and even charges for violations of the U.S. Wire Act. In addition to the three Utah based companies, BETUS.com is a part of the indictment.

BETUS used companies based out of both Utah (Gateway Technologies) and the Virgin Islands (CurrenC Worldwide) to deceive U.S. financial institutions and credit card companies. BETUS allegedly managed to deceive U.S. credit card companies out of roughly $150 million—and now the U.S. Attorney has plans to recover as much as they money as possible .

Right now the individuals associated with the online casino gambling fraud are not considered flight risks, so they are not incarcerated. Each individual is looking at charges of up to 72 years if found guilty of each charge and given maximum sentence: two years for transmission of wagers, 20 years for money laundering, 20 years for racketeering, and 30 years for back fraud.

The U.S. Attorney General Brett L. Tolman had the following to say about the online casino gambling fraud. “Payment processors who attempt to hide the true nature of the transactions they are conducting and the Internet gambling websites that use these payment processors will be prosecuted and brought to justice.”