JPMorgan Chase to Allow Credit Card Deposits to ADWs

The National Thoroughbred Racing Association (NTRA) announced Feb. 6 that JPMorgan Chase, the largest credit card issuer in the United States with more than 80 million active cardholder accounts, has begun approving credit card deposit transactions with U.S. licensed and regulated advance-deposit wagering companies . 

The NTRA said the decision by Chase to accept 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 (Republican, Kentucky) and his staff," said NTRA president and CEO 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."