After an absence of more than 10 years, PayPal has quietly re—entered the online gambling scene as an e-wallet provider in the United States. It is speculated that this shift comes after the regulation of gambling in Nevada, New Jersey and Delaware, as the company was strongly opposed to gambling in the past.
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Since becoming independent again, PayPal is debt-free and in a prime position to grow. Therefore, according to former Wall Street trader now world poker champion Andy Frankenberg, PayPal’s renewed participation in regulated online gambling markets, especially if more US states follow suit, makes perfect sense and would be a great opportunity for them.
This of course is great news for players and operators alike, as PayPal is a major trusted e-wallet provider world-wide. And in the interest of complying with evolving US gambling laws as well as meeting the requirements of their payment partners, PayPal specifically approved its vendors and is launching a pilot program to assist four major Real Money Gaming (RMG) operators in setting their gamers up with the PayPal service via these merchants.
The addition of PayPal as a banking option is a big move for the industry and begs the question whether subsequently more US states will come to the party. So far all we know is that PayPal is brand new to Ceasars Interactive Entertainment (CIE), WSOP.com and most recently, 888 Poker NJ