With 2.05 million active monthly users, Paypal is an incredibly popular payment platform that allows users to safely pay for products and services without revealing their bank account details to vendors. Every day, customers use Paypal to pay for anything from clothing to dating sites and, of course, for online betting in an online kaszino.
A huge number of online betting sites accept Paypal as payment, including Bet365, 888 Sport, and Grosvenor Casinos – and many of these sites actively advertise their affiliation with Paypal. This means that users can sign up to online betting sites and use their Paypal account to pay for deposits and bets without exposing themselves to risk by sharing their bank account details.
Paying the price for gambling
While Paypal offers an easy and convenient way of paying for online betting, the site is now offering fast payout casino payments to customers with the option to block gaming and betting sites on their accounts.
Online betting is considered by many to be a fun way of unwinding after a long day at work or passing some time during a commute and, for most people, there are no considerable problems with gambling as a pastime. Unfortunately, for others, online gambling can become an addiction which can quickly spiral out of control. We’ve seen in the news recently that up to a million women are at risk of becoming problem gamblers – something which can lead to debt and mental health issues. Because of this, guidance for online betting companies is to promote responsible gambling through a number of different initiatives to help prevent customers from getting into difficulties.
In 2019, Paypal discovered that a large percentage of customer transactions involved online gambling or betting – and that a significant percentage of these were linked to problem gambling. As a responsible vendor, Paypal decided to tackle this issue by partnering with software company, Gamban, to provide customers with an automatic blocking system.
The system allows customers to take control of their own spending on gambling sites by allowing them access to controls which will prevent them from paying deposits to online betting sites. These controls are aimed at helping those at risk from gambling addiction to effectively put themselves into ‘time out’ and stop them from spending more than they can afford on their gambling habit.
As problem gambling continues to be an issue for large numbers of people around the world, authorities and charities welcome initiatives such as Paypal’s partnership with Gamban in the hope that giving customers control over their gambling will also give them greater control over their lives.