PayPal selectively re-enters the industry

It was recently reported that the ever popular online payment method, PayPal will be renewing its full service offering to selected online casinos.  This means that players frequenting its casino partners properties will be able to pay and play using PayPal.

The decision comes nearly a year after the processor withdrew from the world of online casinos, reportedly due to the instability of the industry at the time.  However it was also reported that its parent company Ebay had been accused of violating United States law whilst transferring funds to offshore gambling websites which was probably the major cause for the company’s hasty departure, although the company did still maintain industry ties with by using payment processor Neovia’s Netbank system.

According to reports, Ladbrokes and 32Red were the first groups to establish new partnership agreements with PayPal, however it is also apparent that Virgin Casino has recently reached an agreement with the payment provider and it seems more will follow.

PayPal offers players safety and convenience when affecting financial transactions online and their re-entry into the online gambling arena is one that will be welcomed by many of their loyal customer base which generates over $2 billion in revenue annually.