PayPal Resuming Service to Online Casinos

Published on: July 29, 2010 

PayPal is the leading online electronic payment system in the world.  Many people use PayPal to pay for goods and services online, to set up their online businesses, and even to use the company’s credit cards for purchases.  As a money transfer company they are highly successful due to their inexpensive personal transfers of payments.  PayPal tends to make their money with their business services and credit cards with fees.

This successful company withdrew from the online casino market last year.  They feared the volatile issues online casinos can have.  For example, the US will not allow online casinos to have USA players, which meant many US players would find illegal operations and break the law regarding money transfers and online casinos.  There was also some trouble with scams in certain online casinos around the world.  PayPal didn’t want to get caught in the issues, which has meant their focus was more on finding firms they could trust.

It has taken a year, but PayPal will be re-entering the online casino world working with such firms as Ladbrokes and 32Red.  These two UK based online casinos are the most well known to players around the world, and especially in the UK.  These two online casinos have award winning set ups and the most players in the industry.

PayPal feels they can create a good relationship with these online casinos and perhaps open their doors up to other casinos in the future.  They have already made an agreement with Virgin Casino.  Virgin made the announcement last week that PayPal will allow deposit and withdrawal of funds from their online casino.

A little history on PayPal:

PayPal was established in 1999.  It is the most trusted money transfer site perhaps due to its association with Google and reputable companies.  They are well known for their speed of service and protection of customers’ data.  They have not had any issues with hacking or data protection breaches since their inception 11 years ago.

They are not a monopoly company; however, most online sites tend to sign up with PayPal before going with something like Net Teller.  When they pulled out of the online casinos it was a huge blow to those online casinos regarding their consumers.  Consumers suddenly had to rethink about trusting money transfer sites and how to get their funds into their online casino account.  Online casinos didn’t come to a dead stop, but it is good to have PayPal back.

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