PayPal eyes New Jersey gaming market
The internet wallet PayPal is positioning itself to process online gambling payments in regulated US markets for the first time.
The New Jersey Division of Gaming Enforcement (DGE) said Wednesday that they were in licensing talks with PayPal, according to Gambling Compliance.
The Nevada Gaming Control Board said PayPal was not a current licensing applicant.
PayPal has 50 million users across the US but hitherto these customers have been prevented from making withdrawals and deposits from their online gaming accounts.
Bank of America, Wells Fargo, American Express and others also denied those transactions.
The high processing refusal rate is cited as a reason for the stuttering performance of online gaming across newly regulated markets in Delaware and New Jersey.
PayPal’s entrance could help legitimise the online gaming market and encourage recalcitrant services to follow its example.
Two payment processors in particular will not welcome the news.
Neteller (owned by Optimal Payments) and Skrill are currently the go-to payment services for online gaming in Nevada and are popular around the world but do not have the brand recognition of PayPal in the US.
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