JPMorgan Chase to Accept ADW Deposits

0 Flares Filament.io 0 Flares ×

LEXINGTON, Ky. (Tuesday, February 6, 2018) – The National Thoroughbred Racing Association (NTRA) today announced that JPMorgan Chase & Co., the largest bank in the United States and the largest credit card issuer in the U.S. with more than 80 million active credit cardholder accounts, has begun approving credit card deposit transactions with U.S. licensed and regulated advance deposit wagering companies (ADWs).

The decision by Chase to accept its cardholders’ account funding transactions with ADWs approved to use the industry’s 7802 merchant category code is expected to have a significant and positive impact on overall U.S. pari-mutuel handle, particularly advance deposit wagering, which already is the fastest growing segment of the U.S. pari-mutuel wagering market. 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.

“This is a major victory for our industry and one that would not have come about without the efforts of Rep. Andy Barr (R-KY) and his staff,” said NTRA President and Chief Executive Officer Alex Waldrop.

Said Barr, who serves on the U.S. 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.”

0 Flares Twitter 0 Facebook 0 Google+ 0 LinkedIn 0 Email -- Filament.io 0 Flares ×

Sign up for the AGameofSkill.com e-news



About Editor

Rich Nilsen is a 15-time qualifier to the National Horseplayers Championship (NHC), an event he has cashed in four times. He was the first player to finish in the top 10 twice. He was also a winner of a $24,000 package into Kentucky Derby Betting Championship I. A former executive with Brisnet.com, Rich is also a graduate of the University of Louisville Equine Business Program. He is founder of AGameofSkill.com, a site devoted to horse racing education and promotion.

Speak Your Mind

*

This site uses Akismet to reduce spam. Learn how your comment data is processed.

More in Horse Racing Promotion | Marketing, Horse Racing Survival
New Owners Plan to Restart Racing at Yavapai Downs

A Phoenix-based ownership group that also includes Kentucky Downs president Corey Johnsen has purchased Yavapai Downs with plans to restart...

Close