In another sign of the growing acceptance of legal Internet gambling, online payment processing giant PayPal is slowly reentering the gaming world by again teaming up with U.K.-based casino and sportsbook suppliers such as Ladbrokes and Virgin Casino.
Despite serving as one of the original electronic payment methods at online casinos in the 1990s, Paypal began withdrawing from international Internet gambling markets in 2002 and by the time the Unlawful Internet Gambling Enforcement Act defining American gambling laws was passed in 2006, were essentially not doing any business with casinos or sportsbooks online at all.
Last year saw Paypal reenter the market in limited fashion, first offering their payment services at sites providing Internet bingo in the UK before reestablishing a relationship with 888.
In July of this year, PayPal announced that they would be providing services to customers at Ladbrokes sportsbook and 32Red Casino; Virgin Casino is expected to announce the installation of PayPal services sometime this week, and rumor has it that the recently merged BWin/PartyGaming gambling business will also be reaching an agreement with PayPal soon.
Established in 1999, PayPal is today the single most widely used online payment company in the world and last year reported annual revenue of over $2.1 billion.