PayPal is undoubtedly the world’s largest payment company. You can use PayPal for payments of any online work and purchases of products or goods. Online gambling isn’t any exception. Online gamblers who love to play Blackjack games or roulette or any other games can easily use the platform provided by PayPal. The fast transfer and withdrawal, and the provisions for the debit card, credit card and electronic statements for deposits made PayPal a go-to option for the online players.
But Is It Really So? Let’s Take a Close Look.
Some of the countries like India, Egypt, Turkey and even the USA have a ban on the use of PayPal for online gambling, while most of the other countries like Australia, UK, Sweden etc. allow the use of Paypal. PayPal is the most sought after way of online payments because of its fast deposit and withdrawal. There are several casinos all over the world, considering PayPal as their online payment gateway. It only considers those casinos which are legalised in their respective regions, therefore eliminating any kind of risk regarding illegal betting.
Paypal and The United States: What’s the fuss?
PayPal works with the legal ones in the respective jurisdictions. Therefore, if you are a resident of Nevada, Virginia, Indiana or New Jersey, you are lucky to use this fast and secured platform that’s been in use for nearly two decades now. But in most of the areas of the United States, PayPal isn’t allowed because of legal issues that the company follows with utter seriousness.
Growing the Online Payment Way for Gambling
In the early 2000s, it was the only e-wallet for online payment, including the gambling world. Paypal was hugely popular in online gambling because it worked with a lot of sites that accepted Americans. Back then, it was only limited to North America. After eBay’s purchase in 2002, things changed for some years, when it stopped processing all the gambling sites and gave rise to other Firepay and Neteller.
Betfair was the online betting site in Europe to accept Paypal on its return in 2009. PayPal was selective in processing legal online casinos only and therefore, got limited in the US whereas, in Europe and Australia where most of these casinos are legal, it was a profitable business with the online gamblers.
Betfair and PayPal’s Resurgence
Betfair’s acceptance proved to be a blessing for PayPal. Betfair is often considered to be a betting exchange where the players sell and buy, like stocks in a stock exchange. So Betfair’s acceptance made a lot of other popular sites in Europe and elsewhere work with PayPal.
Its European presence grew by working with the big names in the virtual sports and casino industry such as Bet365, William Hill and Ladbrokes. The other companies included 888, PartyPoker etc.
Entry In Fantasy?
PayPal even forged a unique space for themselves in fantasy sports’ online payment in the 45 US states where daily fantasy games companies operate.