PayPal Return A Game Changer For US iGaming

Recently Chris Grove on Online Poker Report stated online processing company Paypal would make a return to US iGaming “in the coming months.” That rumours has now taken a step closer to reality after Chris Krafcik from Gambling Compliance tweeted yesterday:
“#NewJersey DGE confirmed yesterday it was in licensing discussions with PayPal. #Nevada GCB said PP is not currently a license applicant.”
If Paypal succeeds in gaining the applicable license, the company’s presence in the New Jersey online gambling market could have a significant impact on a market blighted by payment processing issues since legislation was introduced at the end of last year. In fact, the difficulty potential players have experienced trying to get funds onto iGaming sites has been so frustrating that it has been cited as a reason why New Jersey online gambling revenues so far have come in considerably under expectations.
Further compounding the problem is the fact many financial institutions, such as Bank of America, Wells Fargo, and American Express, have continued blocking online gambling transactions stateside, while lesser known web wallets currently dominating the market, such as Skrill or Neteller, have thus far failed to gain the trust of online gamblers.
Needless to say, Paypal’s return to the USA has the potential to reverse many of the depositing and withdrawal problems holding back the industry. Furthermore, a huge proportion of Americans already have Paypal accounts in place as a result of their shopping at such sites as eBay and Amazon, and as a Paypal representative stated, recently:
“While we’re not yet in the business of solving gridlock, we know that wherever we can shave time from the payments process for our 148 million active account holders, we’re giving them back one of life’s precious resources.”
PokerStars already offers a Paypal service to its customers around the world, and if the poker room then gains access to the New Jersey market then it is sure to later be accepted in Delaware and Nevada as the payment processing company of choice.