Major bank now accepting credit deposits for ADW accounts

By: NTRA

Posted: Feb. 6, 2018

The National Thoroughbred Racing Association Feb. 6 said that JPMorgan Chase & Co., the largest bank in the United States and the largest credit-card issuer in the United States 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.

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, the fastest growing segment of the 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 U.S. Rep. Andy Barr of Kentucky and his staff,” 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, said the decision 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.”