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Thu, Oct

PayPal to Re-Enter Online Gambling Market

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PayPal has signed a deal in terms of which it will become a payment service provider for Neovia Financial, well-known merchants in the UK gambling industry.

After being afraid to do business with the US gambling industry and being stopped from accepting payments for the online casinos in the US by its parent company, eBay, PayPal appears to be preparing itself in the hope that the UIGEA will be repealed in the US.  It will, however, not yet process payments from US Customers but only in such jurisdictions where Internet gambling is presently regulated.

The reason that payment processors are presently reluctant to accept online gambling transactions in the US is the fact that the US government has recently seized a number of bank accounts relating to online gambling payouts.

It would appear, however, that PayPal has dropped its gaming site ban and is once again allowing bingo sites and online casinos to use its service.

PayPal has no problem with processing payments for Internet casino 32Red as this casino does not accept US players.

Many UK online bingo sites have also adopted PayPal as a payment method as this payment processor allows an almost instantaneous transfer of money from one account to another.