Growth in Casinos Accepting PayPal
If you’re familiar with the internet in any way, shape, or form, then you are hopefully familiar with the name PayPal. PayPal is one of the top choices for websites looking for help with their ecommerce. PayPal first started off in 1998 as a company called Confinity. This company’s purpose was to create security software. In the year 2000, Confinity merged with an online banking company called X.com. This new company was headed by Elon Musk —the same man responsible for bringing us the Tesla cars. After some internal disagreements and rearrangements, Musk decided to focus solely on the money transfer aspects of X.com. It was in 2001 when PayPal finally got the name we know it by today. PayPal grew at a rapid rate and went public by 2002. Shortly after going public, PayPal was bought by eBay for $1.5 billion. PayPal split off from eBay in 2014, and the company’s success is showing no signs of slowing down.
As of 2010, PayPal was available in over 190 markets and accepted 25 different types of currency. As of this year, PayPal has almost 200 million active user accounts. In 2015, the number of payments that were processed through PayPal was over 4.9 billion, and their yearly revenue is estimated to be around $10 billion. It’s obvious to see that PayPal is doing very well for itself. It’s earned the reputation of being the best in terms of online money transfers.
It was because of this reputation that PayPal was not too keen on the idea of doing business with online casinos. In the beginning, online casinos were not particularly known for their legitimacy or security. Regulation was still trying to catch up to the changing landscape of gambling, and because of this many online casinos fell through the cracks. It’s understandable that PayPal was apprehensive to lend their services to companies that were less than desirable business partners.
However, over time the online casino market expanded. This expansion coupled with better regulation led to more and more licensed and authorized online casinos. After seeing how successful and lucrative online casinos could be, it didn’t take long for PayPal to jump on board.
But, PayPal still has a reputation to uphold, so they don’t do business with just any online casino. In order for an online casino to partner with PayPal, they must first undergo a small investigation. Online casinos must prove to PayPal that they are operating within a jurisdiction where gambling activities are legal. In addition to this, the online casino must also prove that they can block gambling activities from users in the U.S. or any other jurisdiction where gambling is illegal.
It’s because of this thorough dedication to safety and security that PayPal has maintained its great standing over the years. If an online casino is endorsed by PayPal, then you know you’re on a quality website. You shouldn’t have to worry about the security of your information or money when gambling online. Online casinos should be a place of fun —a place for you to blow off some steam at the end of a long day. It’s difficult to relax and play your favorite casino games if you’re constantly worried about the status of your sensitive information.
The trajectory of online casinos is not that different from PayPal’s own. Just like PayPal, online gambling is a market that continues to grow more with each passing year. Luckily for gambling enthusiasts, PayPal’s interest in the world of online gambling has also grown. This means more and more online casinos are partnering with PayPal now than ever before. If you want an online casino experience free from worry, then seek out one that uses PayPal for its money transferring services. To help you get started on your search, you can find a list of licensed online casinos that use PayPal by visiting casinoklub.org.
When you use an online casino that has teamed up with PayPal, you can leave all of those concerns behind. There’s a reason this company is the top money transferring service in the world — and that reason is their commitment to providing the best security of your sensitive information and your hard earned money.