No More PayPal?!

Published February 17, 2004 by OCR Editor

No More PayPal?!

What is in the future for online casino payment?

EBay has intentions to buy out PayPal in a $1.5 Billion transaction. The U.S. House of Representatives is considering outlawing online gambling and PayPal has to reconsider its affiliation with the industry.

This is a huge problem for the online casinos. Many have just decided to accept PayPal as an alternative and not credit cards. Michael Tew from Bear Stearns stated There are a number of alternative payment solutions. The problem is in terms of size, none of them have as much exposure of usage as PayPal does.

Banks such as; Chase Manhattan Bank, Fleet, Bank of America, Direct Merchants Bank and MBNA have band online gaming transactions. Citibank, which hold 12% market share of America's credit card industry also does not accept online gaming purchases to date.

U.S. House of Representatives are currently reviewing two bills, introduced by Rep. Bob Goodlatte (R-Virginia) and Rep. James Leach (R-Iowa), that if passed will make online gaming illegal to play and illegal for payment companies to accept transactions.

The future of payment for online gaming looks rocky from this vantage point but there's still hope in offshore payment companies.

See also

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