|Online casino gambling faced what analysts considered a turning point to its perpetual growth last week when PayPal’s acquisition by eBay became official. Earlier, eBay announced its mandate that once it did acquired the virtual payment provider, it would exclude online gaming transactions from PayPal’s range of services. |
PayPal is an accepted payment method at approximately 85% of the net’s online casinos, yet online casino gambling accounts for only 8% ($116.8 million) of its total business. It therefore began to look like gamblers were more reliant on PayPal than PayPal was on them. Those opposed to online gaming saw this as a nail in the coffin of the e-gaming industry.
However, online casinos have since announced that they were prepared for the impending PayPal decision, and that they were already implementing alternative payment solutions. “PayPal is a good payment method for online gambling. It is not however the only good payment method for online gambling” says expert Gabriel Black.
InterCasino (www.intercasino.com) is one of the net’s largest casinos and had been investigating and implementing new payment methods as part of its risk management strategy over the past several months. “Although the impending loss of PayPal is a disappointment, it doesn’t mean that players can’t deposit or bet using a wide variety of alternative payment methods. Yes, of course we still take credit card payment and wire transfers, but we have also introduced other payment methods that are specifically designed for e-commerce –as PayPal was.” Says Ryan Hartley.
One of the newest payment solutions introduced by InterCasino is 900pay. What is innovative about 900pay is that it charges your payment directly to you phone bill thus totally eliminating the need for a credit card. Electronic Checking Processing (ECP) is another method that InterCasino is introducing. With ECP you can make up to $2,000 in deposits weekly, directly from you bank account. It works exactly as a paper check, except your transaction occurs instantaneously and your signature is replaced by a PIN (Personal Identification Number).
What the PayPal decision has done, rather than curbing this industry, has made smart casino operators more aggressive in offering a wider range of payment methods. This means that as a player, you will be more likely to find a solution that is ideally suited to you.