WSOP.com NV revealed that player at online poker sites are now able to use PayPal to find their accounts, shortly after this announcement WSOP NJ and 888 Poker NJ began offering PayPal as an option for funding.
PayPal and Gambling has for many years been like oil and water, not only did PayPal ban using funds from their payment processor, they also used it as a reason to suspend accounts as well.
Many in the poker industry had to be very careful not to mention poker or gambling for fear that their major source for receiving payments would be cut off.
Players using PayPal to move funds has to be just as cunning about moving their funds. There were instances where player did not think and sent money for “Poker transfer’ or “poker tournament fees” then found that their accounts had been frozen and even had funds lost.
Now PayPal is back! With New Jersey, Nevada and Delaware they are operating at the regulated level which is good news for players. PayPal and regulated online gaming businesses are a perfect fit as it makes sense that PayPal has begun working with the regulated sites.
We all know how far PayPal will extend with regards to security of funds and although some of their policies seem to be overboard at buyer protection rights, so allowing usage of regulated online poker sites is huge!
It must be noted that regulated online poker sites must be legitimate if PayPal will accept payments for funding the accounts. 888 Poker and WSOP.com will be subjected to the same rules as other sellers who use PayPal and includes the six month term buyers have to file claims against them.
The addition of PayPal as payment processor will now add an additional level of security for players and their funds. Regulated providers of online poker are required to segregate the funds so they are available when the players make a request for them. Players using PayPal to make deposits on regulated poker providers have six month to be able to file claims against the company if the poker sites do not provide the service that has been paid for.
PayPal’s agreement to serve as a payment processor on regulated sites could also help to further the cause of regulation of iPoker in other states. PayPal is a trusted universal Wallet which can be used in the USA. It is felt that using PayPal might ease the process when lawmakers make decisions on regulation in other states.
The potential for a payment processor that can quickly become the number one 3rd party processor of the gaming industry in the USA. It is just a matter of time before we will see places like Delaware Poker, PartyPoker MJ, Borgata Poker and Real Gaming jump on this lucrative bandwagon using PayPal.
It is expected that as online poker regulation expands, PayPal will expand with them. Not everyone who funds an account on a regulated site can use their bank account, added to this many are not familiar with other processors such as Skrill and Netteller and even less are willing to to to the actual casino to make a like deposit.
Many people own a PayPal Account with the ease of setting up an amount, it can also be linked to your bank account, This is now an excellent way for players to fund their accounts if their banks have issues related to online gambling.
Using PayPal players can quickly transfer funds to a fellow player through the fast transfer on the processor.
PayPal has chosen the perfect time to re-enter the gambling marker and using iGaming as the way to go for PayPal and Regulated poker sites.