Paypal Again Processing Ladbrokes Online Gambling Transactions
With the advancement of Representative Barney Frank's online gambling legislation this past week in the House Finance Committee, many company's around the world have started preparations for a possible return to the US market. One of these company's that could benefit from changed gaming laws is Paypal.
The payment processing company used to be heavily involved with the online gambling industry, but backed away from Internet gaming when eBay acquired Paypal. Now, it appears the processor is again eyeing a return to the US online gambling market.
Paypal has started processing payments for Ladbrokes, one of the largest online gaming company's in Europe. Ladbrokes and William Hill are competing with the likes of PartyGaming and Bwin for superiority within the gaming industry.
PartyGaming and Bwin decided to make a bold move this week by merging. Shareholders must still sign off on the deal, and, if completed, it could signal a future move into the US. By combining, Bwin and PartyGaming would become the biggest online gambling company in the world, and that would make them attractive to the US.
Paypal will be one of the many processors that will be lining up should the US change their laws. Billions of dollars could exchange hands between gamblers and casinos, and the processors would stand to make million by being a part of the transactions.
Rep. Frank's bill passed the House Finance Committee after the markup stage. During the markup, several amendments were added to the legislation. The main amendment centered on keeping any company that has violated current US law from receiving an online gaming license in the future.
If Paypal does jump fully back into the online gambling market, online casinos will certainly look into the option. Paypal was a trusted name among online casinos previously, with a strong track record of delivering top notch service to both the casinos and their customers.
July 30, 2010
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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