August 24, 2016
PayPal Bets on Gambling
Sept. 17, 2015
Since its 2003 merger with eBay, online gambling sites were no longer welcome as PayPal customers. After its split from the e-commerce marketplace, it looks like that decision has been reversed, albeit on a limited basis. According to an iGaming Business report, PayPal has reevaluated its position on processing payments for online gambling sites and has integrated with several, enabling users to fund online accounts using PayPal.
Websites for the World Series of Poker, owned by Caesars Interactive Entertainment, and horse-racing betting site Derby Games are now promoting PayPal acceptance to their users. The newly independent company said in published reports it is conducting a limited test with four U.S.-based gambling site operators. Even under the eBay banner, PayPal continued to service online gamblers in jurisdictions like Europe where the practice was legal. In the U.S. it will continue to prohibit gambling transactions “except for approved merchants in locations where gambling is legal.”