New Jersey Division of Gaming Enforcement rules on payment processing

The New Jersey Division of Gaming Enforcement extends its reach to the payment processing side of the online New Jersey gaming and labels processors as authorized for the processing of the players deposits.

Skrill, a leading provider of online Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and payment solutions, has received approval from the New Jersey Division of Gaming Enforcement, and will be the sole provider of e-wallet services for online gambling in the newly regulated state.

Skrill is one of the largest online payment solution providers in Europe, and supports over 40 currencies and 100 payment options to over 150,000 merchants. Skrill also has over 36 million account holders and is the largest online gambling wallet in the world. Skrill operations in the US will be known as Skrill USA, Inc. - a registered money service business.

"We're extremely excited about the new opportunities opening up in the US market for gambling merchants and consumers. Skrill's global reach aligned with local expertise makes us the perfect partner to work with businesses in this market.” Skrill USA CEO, Neil Steinhard added on the approval from the NJ DGE.

Interestingly enough, Paysafecard, which joined the Skrill Group in the beginning of this year, also received authorization from the NJ DGE to provide online gaming payment solutions.

New Jersey’s online gambling laws are quite demanding to any company interested in providing services to their internet gamblers. The regulations state that any entity interested in providing internet gaming services must be located in the US and needs be approved by the NJ DGE. Further restrictions require the online casinos to have a physical counterpart in Atlantic City, with having the online platform located in-house at the resort, and must be linked to a third party software developer. The software developers must apply for a license as well; similarly, they must be linked to one of the casinos in order to apply. Payment solution providers need to be approved by the state in order to cater to the awaiting online gamers, as with Optimal Payments when they were approved by the DGE in October.

This kind of requirements instilled on payment solution providers are something that we have yet to see in other regions where gaming is legal. It seems that New Jersey is showing anti-trust issues with all the companies that need be involved to offer online play.

New Jersey’s legal offering will begin a trial period on November 21, and will be officially launched 5 days later on November 26.

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