PayPal Revives Online Gaming Payments
It was doubtful that PayPal and other online payment gateways would be able to resist the explosive and lucrative online gaming movement. The popularity of online games that involve spending money in a regulated, safe ecosystem has broken all records — this form of entertainment is a bonafide hit, worldwide and its earning show that. The gaming technology itself has become sufficiently secure that many are trying real-money games online with confidence.
The Big Whale
PayPal stands in a class of its own, being the biggest online financial service (with its early tie up with eBay). Whereas other e-wallets (like Neteller) and cash-vouchers (like Skrill) have embraced online gambling business, and have gained enormous traction on most casino websites, PayPal does not seem to regret taking a conservative, careful approach to Web-based gambling. It has a huge reputation to protect, and, a top concern for it is abiding by all applicable laws.
Federal laws in the US (intended to be enforced in all states) have forbidden online or mobile gambling — yet some states have written their own laws to include regulated, legalized gambling (which means it becomes taxable), similar to the UK. PayPal is featured by top quality casino sites in places outside the US where it is allowed, and in 2015 it has begun handling a few high profile American casinos in states like Nevada and New Jersey where the games are perfectly legal now. Even Google is warming up, embracing gaming with its Chrome browser enhancements.
Get this Party Started
Now that PayPal is loosening its collar a bit in order to service the growing demand for payment and withdrawal processing from legitimate gaming sites, a snowball effect could begin — in favor of the world’s mobile gamers, a rising majority of online activity.
More and more entertainment content is becoming available in the online space (strongly competing with staid offline content) so it stands to reason that the world’s top online banks will adjust and adapt, aiming to master this type of business. If PayPal is moving in that direction, being the biggest fish, then all the other payment services (and even governments and lawmakers) also will join in the fun and the profits of handling online entertainment services.
A lot of different fields of development had to converge to create this moment in history. Historically, the current mobile computing revolution all over the world (especially in developing economies) is simultaneous with a great equalizing of the way that the Web itself treats mobile traffic and traditional desktop or laptop access.
Because the cost barriers of using a personal device to get online have dropped so low, and the maximum amount of people are joining Web culture, we are seeing the rising importance of financial tools for them to use. PayPal is synonymous with secure, easy online money handling — so it is perfectly positioned, and its timing for embracing gamers at sites like paypal-bingo.org is brilliant.