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Banking Transaction Codes

The international financial system is linked around the globe as credit card and banking companies process transactions and swap monies that their patrons use. The system is complex in the way that the banks are able to handle the huge volume of daily transactions and accurately process through for each and every customer. When it comes to the online casinos however, this is a much tougher call because for all of the complexities in place, the coding process is actually quite simple. Credit card companies have a very simple system in place that gives business a code based on the type of business they run and then, when you are making a bank and credit card transaction with the company it processes through as that type of transaction.

Online casinos and gambling sites are another beast entirely though because not all of the sites have been properly classified as gambling transactions. And to take it a step further, the financial system is not equipped to properly process multiple types of transactions that come from the same company. That means that a land based hotel that also runs a restaurant and casino may process through the financial system as an “accommodation” purchase no matter what you actually bought from the company – food, gambling, or a place to sleep, the banks have no clear way to tell the difference.

The current banking transaction process is in place on an international level and to readjust and recode all of the transactions to better reflect a new payment processing system would be incredibly difficult, time consuming, and would cost a lot. And the crux of the situation though is the fact that online casino transactions are still going to happen even if the banks and credit card companies go through the recoding process. There are loopholes and the internet gambling industry has in the past and will continue to in the future exploit these loopholes and oversights.