148 Million Account Holders Strong
Added: Sept. 1, 2014
Or, to put it another way, a long established and welcomed around the world payment processor could completely turn the tables on Internet Gambling in the United States. This payment processor is PayPal of course.
In recent news, it was revealed that high level executives are in the midst of serious discussions with the New Jersey Department of Gaming Enforcement. It does not take much thinking to figure out what this is all about. As you may already know, one of the frustrations that the newly legalized online casinos in New Jersey are facing is a refusal by some large financial institutions to process transactions.
These institutions who are refusing to play along include the banking giants Bank of America, American Express and Wells Fargo. In no uncertain terms, these organizations have made it perfectly clear that they want no part of any online casino transactions.
As you might expect, that puts the online casino player in the awkward position of seeking alternative payment systems or ‘web wallets’ as they are sometimes called. The most common of these are Skrill and Neteller. Unfortunately although both Skrill and Neteller are a popular choice in other online gambling markets they have not yet gained a significant amount of trust in the United States.
Considering the hurdles that are put up by the most trusted banking institutions in the United States to keep out online casino players, it’s a wonder any of the legalized online casinos in New Jersey, Delaware and Nevada have any online casino players at all. In fact, if you think about, this may be the explanation why the online casino market has not grown as fast as some initial forecasts.
Yet that whole saga in the on again off again story of online casinos in the United States may be about to take a completely different turn. You know PayPal, of course, as do a significant number of citizens around the world. Unlike those other so called ‘web wallets’ mentioned above, PayPal is a known and trusted name in the United States.
If these talks end up the way that many online casino players are hoping, it will be a complete game changer for online casino action in the United States. A spokesperson from PayPal was quoted as saying that “…while we are not yet in the business of solving gridlock, we know that wherever we can shave some time from the payments for our account holders, we’re giving them back one of life’s precious resources.”
In other words, PayPal knows that coming into the online casino industry will up the game for everyone.