Paypal Back On Online Gambling Site Again
Published: Monday, February 27, 2006 Online-Casinos.com
PAYPAL BACK ON ONLINE GAMBLING SITE AGAIN
But not in the US of A....
Onling sportsbook players in the UK and Europe will be welcoming a familiar
face back this year following some sterling work by betting exchange group Betfair.
For several years PayPal was the e-cash system of choice for many gamblers,
particularly in the USA until the combination of federal enforcement activity
and a takeover by eBay precluded the e-processor from taking online gambling
financial action in the States. Neteller filled the vacuum and is now one of
the industry's most successful financial companies.
Betfair has now announced that it has made arrangements for its European customers
to make payments using PayPal. The arrangement will enable Betfair users living
in the UK and the other European Union countries to use PayPal to make secure
and simple payments to each other. The PayPal service will be fully integrated
with the account management section of the Betfair site so its customers will
be able to pay in and withdraw funds from their Betfair account in real time.
By using PayPal to settle their peer-to-peer transactions, Betfair customers
can use a variety of funding sources including credit and debit cards, their
existing PayPal balance and, in the UK and Germany, transfers from their bank
accounts. Betfair customers will also be able to withdraw winnings directly
into their PayPal accounts.
Betfair currently handles twice as many credit and debit card activities as
any other European website and expects these transaction numbers to increase
further thanks to the new agreement. At peak times Betfair matches up to 12,000
bets a minute and records 5 million transactions a day.
Geoff Iddison, Chief Executive of PayPal UK, said: “Betfair
is a popular, highly regarded, regulated and reputable online gaming site. By
having PayPal available to Betfair’s customers, PayPal will enable European
users to pay and receive funds safely and securely, without sharing any financial
information from simply an email address.”
PayPal, 100 percent owned by eBay, is a global online payment company
that enables anyone with an e-mail address to make payments online, whether
personal or business, within a secure online environment.
The company was set up in the US in December 1998 and acquired by eBay in 2002.
It reports that it has over 10 million accounts in the UK, more than 100 million
accounts worldwide and can be used to make online payments in 55 markets around
the world.
PayPal prohibits the use of its service for gambling activities by anyone located
in the United States.
