America’s horseracing industry is predicting a banner year ahead after the nation’s leading financial institution okayed online betting with its credit cards.

On Tuesday, the National Thoroughbred Racing Association (NTRA) announced that JPMorgan Chase & Co had begun approving credit card transactions with US-licensed advance deposit wagering (ADW) sites, otherwise known as online race betting.

JPMorgan Chase & Co is the nation’s largest credit card issuer, with over 80m active credit cardholder accounts across the country. Its decision to approve transactions stamped with the ADW industry’s 7802 merchant category code could lead to other major card issuers approving similar measures, which would significantly boost online pari-mutuel betting handle.

NTRA CEO Alex Waldrop hailed Tuesday’s announcement as “a major victory for our industry” and singled out the lobbying efforts of Rep. Andy Barr (R-KY), who serves as Co-Chairman of the Congressional Horse Caucus and (more importantly) serves on the House of Representatives’ Financial Services Committee.