Visa and Mastercard Start Blocking Online Poker Transactions

Well, we all knew it was coming. Frankly, I’m surrised it didn’t happen sooner. It’s funny how easily giant corporations ignore stuff when it is against them making money. But it is here, and now getting a straight deposit or payout from your online poker site just got a heckuva lot harder.

In reality, it was most likely the precedent of the Rennick case and subsequent appeals that the big wigs were waiting on, to see if they had a chance to skirt prosecution if anything were to happen. The bucketloads of cash the make on Online casinos would far outweigh any legal expense if they thought they could win. But with the Rennick guilty verdict being upheld after this last appeal, they’re pulling the chute.

All in all, this shouldn’t cause the industry to collapse, certainly most regular online poker players have had experience jumping through a hoop or two already trying to deposit or cash out, so most people know the ins and outs of the bizz, but that’s not to say that it wont scare away a LOT of current and potential customers. June 1st 2010 is going to be interesting.