Sorry sports fans, I’m not referring to the NBA Basketball team. In one of my earlier reports, I had mentioned the possibility of PayPal joining the online gambling world. Well, according to Online Poker Report, it is getting closer and closer. According to a tweet from GamblingCompliance’s Chris Krafcik he tweeted, “#NewJersey DGE confirmed yesterday it was in licensing discussions with PayPal.”
Now this is only New Jersey, but what about Nevada and Delaware? Krafcik continued in his tweet that, “#Nevada GCB said PP is not currently a license applicant.” There was no word on where Delaware stood, in regards to how far, or if they were in negotiations with PayPal. So, sadly, it sounds like some more work needs to be done to secure PayPal to these other two states as well.
If PayPal joins New Jersey’s online gambling providers, will this be a good thing? According to Online Poker Report, there are definitely a list of positive reasons, including:
- “Boosting consumer awareness and educational efforts surrounding online gambling
- Pressuring other payment processing entities to fully embrace the market,
- Further delineating regulated online gambling from unregulated sites,
- Adding a powerful ally in the push to expand regulation to other states, and
- Diminishing the lingering credibility questions surrounding the online gambling industry.”
So this all sounds great for New Jersey, but will there be a benefit for PayPal? Well according to Forbes, in 2013 they, “estimated that the company has over 50 million active users in the US.” Online Poker Report added, “PayPal would have the immediate, obvious impact of providing a popular, relatively easy-to-use payment option to the market.” So, from those statistics, it appears PayPal has nothing to lose and everything to gain.
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