Paypal Changing Online Gambling Payment Protection
Gambling online safely just got a lot more difficult. Per reports, online payment processing company Paypal has made it known that they will cease payment protection for online gambling transactions in the near future.
Payment Protection Halt
Paypal recently went public with a statement, detailing their coming changes to their payment protection policy and user agreement. The switch is expected to impact buyer and seller protection via Paypal and will also include changes within the dispute resolution.
The company is specifically taking a step away from anything dealing with “gambling, gaming and/or any other activity with an entry fee and a prize”. Said activities will be included in an updated list of “ineligible items” for payment protection beginning June 25th in several countries. The United States is at the forefront of the news, while Canada and Brazil, among others, could be effected.
Not Just Gambling
The news isn’t just a bummer for online gambling outlets and individual bettors, but those trying to make payments on crowdfunding platforms or issue payments to government bodies. Under Paypal’s new guidelines, this will no longer be allowed.
— Entrepreneur (@Entrepreneur) May 11, 2016
An already dangerous journey, crowdfunding becomes even riskier without the aid of Paypal, who quite literally don’t see the reward any longer.
Per a BBC report, Paypal chalked up the change due to risk and uncertainty involving contributions to crowdfunding champaigns. More specifically:
“This is consistent with the risks and uncertainties involved in contributing to crowdfunding campaigns, which do not guarantee a return for the investment made in these types of campaigns.”
Paypal had already cut ties from the gambling world in the past, but in 2015 made a hush hush deal with WSOP.com to offer its deposit and withdrawal services in Nevada and New Jersey. Paypal suggested the trial run was part of a temporary experiment and will now be distancing itself from all online gaming payment processing.
Once the giant among online gambling payment processors, Paypal still offers it’s services to a wide variety of online shopping experiences, including the budding daily fantasy sports industry. Even that could be an ill-fated venture if the current trajectory of the DFS industry keeps going in a negative direction.
For now, Paypal remains one of the best ways to pay and get paid online and it seems the company is just cutting its losses in areas of risk and uncertainty. It’s hard to blame the move, but for bettor’s sake, hopefully there is a future where Paypal hangs around the betting world proudly once again.
Fantasy Aces, a fantasy sports operator, has found itself the target of a N...
An anti-corruption and money-laundering crackdown introduced in 2011 by Chi...
Last month Nevada State Assemblyman Jim Wheeler introduced legislation base...
In a move that shocked many, the Sacramento Kings have reportedly decided t...