Betfair confirms plans to offer PayPal as new banking option

[bigboydan]

02.27.2006 (01:00 PM CST)
SBR Bill Dozer reports: UK-based Betfair(SBR rating A+) confirms plans to offer PayPal as new banking option. PayPal removed information referring to gambling activity from sections 2.7 and 7.2 of the User Agreement for Austria, Germany, and U.K in November of 2005. PayPal.co.uk’s AUA previously included the following language: Using the PayPal service to receive payments for wagers, gambling debts or gambling winnings, regardless of the location or type of gambling activity.

[tacomax]

[bigboydan]

i never thought i'd live to see the day when paypal would be back in the gamming bussiness again.

[tacomax]

Me either, BBD.

They know they lost out big time when they had to hand everything to Neteller. I'm pretty surprised, though - obviously America doesn't mind if Paypal is used for gambling as long as Americans aren't gambling themselves.

[bigboydan]

i wonder how this move will effect the Neteller's bottom line.

[SBR_John]

That should not be a shocker but some how it is. Its a great move by Paypal.

[slacker00]

Wow. I remember my first ever gambling deposit was via Paypal. I never thought they'd allow gambling transactions again. Hey guys, they give you almost 5% interest on anything in your Paypal account!

When does this take affect?!

[Illusion]

Amazing, I thought I would never see that option again.

[pags11]

I thought paypals stance was they didn't associate with online gambling companies?...

[Dark Horse]

That's why I love this forum. :an_cheers

Didn't know about the 4.48% interest at Paypal... Holy macaroni.

[bigboydan]

Didn't know about the 4.48% interest at Paypal... Holy macaroni.

brick made mention of this before here on the forum. never thought we would live to see the day where that would be used for gamming though.

[JoshW]

PayPal Supports Online Gambling in Europe

PayPal Supports Online Gambling in Europe
By Ina Steiner
AuctionBytes.com
May 03, 2006
PayPal users in the UK can now use the online payment service on Betfair, a large online betting-exchange available in the UK and in other EU countries where online gambling is allowed. Spokesperson Amanda Pires said PayPal changed its policy a few months ago.

The company still prohibits the use of PayPal for gambling in the U.S., where online gambling is illegal. U.S. accountholders are not allowed to use PayPal on Betfair, and Pires said Betfair has strict technology that blocks U.S. users.

Interestingly, a search for Betfair on the eBay UK website reveals hundreds of "systems" for making money by gambling on Betfair

http://auctionbytes.com/cab/abn/y06/m05/i03/s02