Paypal Begins Steps to Re-Enter Online Gambling Market
Paypal is altering its long-time policy against processing online gambling payments, beginning in the UK market. The processor, which allows a nearly instantaneous transfer of money from one account to another, has dropped its gaming site ban to allow bingo sites and online casinos to once again use its service.
Gambling industry insiders are speculating that Paypal may be preparing itself in case the UIGEA is repealed in the US, and the huge US market becomes available again to payment processors.
Similarly, Google had refused online gambling ads since being admonished and fined by the US Department of Justice. But the search engine is now accepting gaming ads in the UK, and is said to be anxious to return to taking online casino ads in the US.
Paypal will process payments for Internet casino 32Red, a gaming company listed on the London Stock Exchange. The casino does not accept US players, so Paypal is not concerned with UIGEA problems.
UK online bingo sites have also adopted Paypal as a payment method. Paypal assures players of secure transactions, without having to release bank account or credit card numbers.
While Paypal still seems to be operating cautiously to avoid causing legal trouble with US authorities, the acceptance of gambling payments is seen by observers as the beginning of the reversal of the online gambling block.
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