The recent entry of PayPal as a transaction facility in online gambling establishment is welcome news for internet gamblers. PayPal being the most popular of all online payment processor, this news could be equally welcome to the online gambling houses and also to PayPal.
Internet gambling industry, which has annual revenue of 26.6 billion US dollars in 2009, is expected to benefit the most from this new partnership. PayPal which is the most widely used web money, boasting of more than 100 million memberships will also undoubtedly receive a sizable chunk of the increase revenues.
PayPal is one of the most famous and widely trusted electronic payment methods in the world. Millions of online transactions are made daily with PayPal – in no small part due to its affiliation with Ebay. E-Wallets allow transfers using credit cards, debit cards and bank accounts. One of the main benefits of PayPal and other e-wallets are that they are quick and easy to set up, and they offer an extra degree of privacy and security since your personal bank information is only shared with the individual e-wallets and therefore not third parties such as the online casinos that you want to deposit funds into.
It was previously against PayPal policy to allow personal transactions with gambling oriented businesses. However, when this changed Ladbrokes were the first to adopt the popular payment system in an exclusive deal. Recently however, the number of casinos that allow PayPal transactions has increased greatly with casinos such as Bet fair, 888.com, Bet365 and Paddy Power all allowing players to manage their casino, poker and sports betting account finances with PayPal. It is worth noting that it is only large, well respected and UK white-listed companies that are able to offer this service.
By being so reputable and so widely used it comes at a great convenience to many online players to be able to deposit and withdraw funds to and from online casinos using this form of online payment. It’s probably fair to say that online betting does become easier with PayPal.
Although the reach of this casinos with PayPal facility is still restricted to only a few gambling houses and only a few countries can avail it, this also brings good news to online gamblers. Even though the online industry always had a healthy choice of net banking options like Neteller, Moneybookers etc. in the past, the entry of PayPal to the list will surely bring internet users closer to them. For the simple reason that most internet users managing online transactions use PayPal, Online casinos now become much more accessible.
For now though, the option of using PayPal as a deposit method is adopted by only a few big casinos. This includes Ladbrokes and William Hill and a few others. As time goes by, it is expected that more gambling houses will join the fray.
Even in the few PayPal Casinos that offer this facility today, only deposits from a few countries in Europe and Australia are being accepted. This includes Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Portugal, Spain, and Sweden & United Kingdom (UK).
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As more online casino sites use PayPal net banking facility and the restrictions of deposits based on region is lifted, it should surely mean a big boost to all concerned – the gambling houses, PayPal and the online gamblers.