PayPal Returns to Online Casinos

Published July 30, 2010 by OCR Editor

PayPal Returns to Online Casinos

e-Commerce business to resume services to Virgin Casino.

e-Commerce business PayPal is to reportedly renew its services to select online casinos, a year after withdrawing from casino websites due to industry instability.

Ladbrokes and 32Red were the first two companies to strike new agreements with PayPal, with Virgin Casino also reportedly reaching an agreement with money transfer firm last week.

The good news signals another shift in PayPal's on-again, off-again relationship with the online gambling industry.

The company has stayed largely away from online gambling since a 2002 decision by its parent company eBay after the United States federal government accused it of violating the law by transferring funds to offshore gambling websites.

However, PayPal has signed major deals along the way, including agreements in 2009 with online gambling giant 888 and with e-wallet provider Neovia, which enabled PayPal to be used as a payment method to online casino customers via Neovia's Netbank system.

PayPal was established in 1999, and is the most widely used online payment company in the world, with annual revenue well in excess of $2 billion.

Mentioned in this article

See also

Paypal Returns to Online Gambling in US

The Impact of PayPal's Return to US iGaming

Skrill Competing with PayPal for US Online Gambling Market

Special: PayPal's Comeback to iGaming

Neteller Frozen Funds Thawed


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