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Bank Moves Against Internet Gambling

1 August 2002

PHOENIX, Arizona – As reported by the Associated Press: "Bank of America recently mailed out thousands of statement stuffers to its Arizona customers informing them that they can't use their cards for illegal transactions such as Internet gambling.

"Banks nationwide are increasingly prohibiting the use of credit cards for Internet gambling, which is on the rise despite being illegal in Arizona and most other states.

"Bank of America's mailer, which amended the firm's policies on various issues, includes a gambling summary informing card customers that the bank won't be liable for illegal transactions, even if it fails to decline them.

"…The tougher credit-card policies are having an impact on the online-gaming industry, said analyst Sebastian Sinclair, of Christiansen Capital Advisers of New York…"

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