American’s have had access to PayPal since the late 1990’s, and to online gambling websites for even longer, but for nearly two decades, they have been unable to use the two in conjunction, especially since the UIGEA was passed in late 2006. Now, thanks to regulators in Nevada, players accessing poker sites regulated in the Silver States will be able to use PayPal to fund online gambling accounts.
With that said, thousands of online gambling enthusiasts in the Garden State will be especially pleased to know that PayPal is applying for a vendor’s license there as well. PayPal was previously granted acceptance for gambling payments in Delaware, although no operator has invoked the service yet.
Considering the fact that Nevada, which is known to be more strict when it comes to iGaming licensure approvals, has already given PayPal the nod, the chances that New Jersey will follow suit are all-but guaranteed.
In New Jersey, the high rate of credit card decline at regulated iGaming websites has been so severe that many would-be players have shied away from the online gambling market.
Furthermore, those who already have an account with an online payment processor generally prefer to stick to just one account, keeping their funds in a single location rather than spreading them across multiple processors. Thus the future introduction of PayPal for New Jersey gaming sites could be a huge boon for the state’s internet poker and casino websites.
Already, operators like Caesars Interactive, which owns WSOP.com and HarrahsCasino.com in New Jersey, are anticipating the launch of PayPal for online gambling in the state, and have vowed to invoke the payment processor as soon as it becomes available.
888, which operates all three poker and casino websites in Delaware, does plan to employ the services of PayPal, but has not chosen to do so yet. Although PayPal has already been approved by the state’s regulators, 888’s finances are currently tied up in additional iGaming ventures in Nevada, which may have something to do with the company’s hesitation in entering into an agreement with PayPal at this time.
Online Gambling with PayPal in the US incites Excitement
Considering how long PayPal has kept its distance from the US online gambling market, this turnaround of events is causing mass excitement among both players and industry stakeholders.
Casino and poker fans in New Jersey were ecstatic to hear the news. With PayPal being one of the most trusted online payment providers in the world since 1998, the majority of American online consumers already hold an account with PayPal, meaning they will be able to use the service to fund their online gaming accounts the instant it becomes available.
Analysts are also predicting the iGaming market will grow to new heights in the US once PayPal arrives in New Jersey. The general consensus is that, if PayPal deems internet betting to be a safe market, potential players will too. And once other states see how lucrative a mass player pool can be, they will alter their opinion on the need for regulation.