Bank of America allowing debit-card transactions for account wagering
Bank of America, the second-largest bank in the United States, with 66 million customers, began approving debit-card transactions with account-wagering companies in August, the National Thoroughbred Racing Association said Wednesday.
The NTRA, which coordinates federal lobbying campaigns on behalf of Thoroughbred racing, said that the change occurred due to the advocacy of several racing-connected legislators, including Rep. Andy Barr, a Republican from Kentucky. Barr is a member of the House Financial Services Committee.
Most banks and debit-card issuers have approved transactions between customers and account-wagering companies for years, after lobbying by racing officials for the approvals. Debit-card transactions are the easiest way for account-wagering customers to deposit money, and the transactions usually carry no fees, unlike credit-card transactions.
In a press release, the NTRA said that the Bank of America decision “is expected to have a positive impact on overall U.S. parimutuel handle.”
Wagering on mobile and internet devices is legal in nearly every racing state in the U.S. During the height of the shutdowns caused by the coronavirus pandemic last year, virtually all wagering was conducted online.