Like most high-profile gaming conferences, ICE North America is expected to produce its fair share of soundbytes and breaking news. Before the showroom doors are flung open on Tuesday, and before the first word is uttered during one of the education sessions, there is already some news to break.
Mazooma, a leading payment processor in US online gambling markets, unveiled a new payment processing product ahead of the ICE North America show: Mazooma Gateway.
According to a press release issued by the company, Mazooma Gateway provides US online gambling and sports betting operators with, “two premier payment methods–eCheck Select and OBT.”
The press release goes on to say:
“The Mazooma Gateway will enable merchants to broaden their customer base, add incremental volume, and increase clearing channel redundancy with technology that has been proven over 15 years of high-volume online gaming processing. The solution will be available to net new operators as well as merchants who already offer either eCheck Select or OBT on their website or native app.”
Mazooma wouldn’t say what US online casinos and sportsbooks will deploy the Mazooma Gateway. That said, the company is currently working with a number of US online gambling operators, and it would be surprising if most, if not all upgraded to the streamlined Gateway product.
The company’s current list of clients includes:
Payment processing has been a thorn in the side of online gambling operators in legal US markets.
After years of prohibiting online gambling transactions, and having to conform to the Unlawful Internet Gambling Enforcement Act passed in 2006, banks and other financial institutions were wary of processing payments from any online gambling site, be it a licensed and regulated site in new Jersey, or, and unregulated offshore operator.
The willingness to process payments has improved over the years, particularly after the advent of a new credit card MCC code for legal bets. However, there are still a number of banks that decline all gambling transactions, thus the need for alternative payment processing options that help facilitate these payments, like the ones Mazooma offers.
Further, the launch of Mazooma Gateway is yet another indication that it will be business as usual in the legal US online gambling industry.
That’s good news with the cloud of the Department of Justice’s recent opinion regarding the Wire Act’s applicability to online gambling hanging over the industry. It’s a matter that’s currently working its way through the courts.