Major news broke on Thursday when it WSOP NV announced they are now accepting PayPal for online poker deposits. PayPal agreeing to soften their stance on gambling deposits is huge for the regulated iGaming industry and has given iPoker players a trusted third-party payment processor to fund their accounts.
We often use the phrase “good for poker” when referring to positive developments. WSOP NV now accepting PayPal is fantastic for poker and today we look at a few reasons why PayPal will be fantastic for the regulated iGaming industry.
Trusted E-Wallet With Massive Following
PayPal is easily the most trusted e-Wallet in the United States and one of the most popular in the world. Many of us either have PayPal accounts or have made a payment to someone using PayPal’s payment system.
A large number of e-merchants in the United States have added PayPal to their checkout options due to the popularity of the e-Wallet so it makes sense that WSOP.com explored this option.
PayPal now offers players a third-party deposit option that has a proven track record and has been devoid of connections with online poker scandals in the past.
Opens the Door for Other Operators to Offer PayPal
Now that WSOP.com NV is offering PayPal as a deposit option, it is a matter of time before this expands to other operators. By PayPal allowing WSOP NV to accept deposits for online poker, they have set a precedent that other sites can take advantage of.
In the upcoming months, expect most operators to add PayPal to their list of deposit options and don’t be surprised to see them offer an incentive for players to make a deposit via PayPal.
We feel confident in predicting that by the time Pennsylvania or California goes online; all licensed operators will be offering PayPal as a primary option for funding accounts.
Peer to Peer Transfers Returns to Online Poker
One of the major benefits that players enjoyed with unregulated online poker was the ability to transfer funds via a peer-to-peer transfer. Now that PayPal is a deposit option in regulated online poker, peer-to-peer transfers have also returned.
Some may argue that players could have used NETELLER to make personal transfers, but we know that the popularity of the medium was limited. PayPal is a popular option that was used as an offsite option for moving around funds pre-Black Friday.
Of course, if you sent money to someone via PayPal, they would have to cash out from their account and then transfer funds back onto the site using a bank account or other third-party payment processor.
Now with PayPal, if someone sends you $100, you can take that money and immediately deposit it online. While PayPal transfers may not be as ideal as intraclient transfers, it does give players a third party option to make transfers that’s safe and secure.