Just a few days ago, news was spreading that online payment processor PayPal could be offering their services to the United States online gambling market. The company was rumored to be considering the option and now according to an article at OnlinePokerReport, PayPal is in talks with the Division of Gaming Enforcement in New Jersey.
According to OPR, the EGR site had released information that PayPal and the Division of Gaming Enforcement were in talks for licensing the payment processor and then even more news began to be released on the subject. Chris Krafcik, of Gambling Compliance, posted on Twitter and basically confirmed the discussions by stating: “#NewJersey DGE confirmed yesterday it was in licensing discussions with PayPal. #Nevada GCB said PP is not currently a license applicant.”
So basically, New Jersey is discussing the option of PayPal offering their financial services for online gamblers while Nevada is not. While the direct impact of PayPal being added as a financial option is unknown, we do know that New Jersey has seen payment processing trouble from the very beginning. If PayPal was added into the mix, the state would have another payment option, and one that is considered to be a trusted provider among US residents.
Players in the US recognize the PayPal brand and know that their money is secure with the service, a big reason why the option would be welcomed in the online gaming marketplace. The option is easy to use and would provide a simple source for depositing and withdrawing funds. As mentioned by OPR, there are also other positives that can come from PayPal entering the market.
If PayPal goes live in New Jersey, it would put pressure on other payment processing companies to begin offering services in the market. It would also help to push other states to begin expanding regulation for online gaming services. It is also believed that PokerStars and Full Tilt will begin offering online gaming in New Jersey this fall and by entering the market, PayPal would be ready for their launch. PayPal is already working with PokerStars to offer chip purchasing with PayPal services at free play sites for US users, so they could easily transform into a real money payment provider.
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