Many gambling platforms provide their customers with the opportunity to use PayPal as the depositing and withdrawal method. Another worldwide trend allows gamers to use cryptocurrencies instead of traditional payment options. While banks continue to ignore cryptocurrencies, PayPal announced that it will enable its US customers to pay for the services in cryptocurrencies. All this means that crypto comes out of the shadows and becomes legal.
What May Change for PayPal Casino Sites?
Starting from March 30, the new PayPal casino customers in the United States may use cryptocurrencies from PayPal mobile wallets to make payments. The “Checkout with Crypto” feature will allow PayPal users to pay for services in cryptocurrencies such as Bitcoin, Litecoin, Ethereum, Bitcoin cash, etc. Initially, the feature will be available in deals with millions of US customers, and their list will expand in the future. The payment system will not charge fees for transactions using crypto.
“The use of cryptocurrencies around the world is the next step in the widespread introduction of digital currencies,” said Dan Shulman, the company’s Chief Executive. It means that the PayPal casino UK will soon be able to accept payments in cryptocurrencies.
How Does the Paypal Casino Work?
PayPal allows approved gambling providers to use its services in specific jurisdictions, where gambling is not prohibited by law. To be approved, the online casino PayPal must demonstrate that it can block gambling account holders in the United States and in any jurisdiction where online gambling may be prohibited by law.
Until the casino PayPal is approved, account owners will not be able to use this method to send payments for any type of gambling activity, including betting, winnings withdrawal, etc. For the online casino PayPal, gambling includes placing, receiving, recording, or registering bets, participation in lotteries, gambling for money, property, or other valuables.
How Does Crypto Casino Operate?
There are two varieties of crypto platforms: a regular online casino that supports crypto payments with Bitcoin as a payment tool; the second type is a platform, which runs the entire infrastructure on blockchain technology. It has no server, no licenses, no managers – the blockchain will take care of everything.
Even the best PayPal casino requires expensive service to operate. For example, it needs a license for electronic gambling. Such a license means that the casino is controlled by real people and they check it on a regular basis. The advantages of the crypto casino over a regular one are the following:
- It doesn’t require a license;
- No control is needed;
- No management is required;
- No extra fees;
- Higher chances to win.
As you can see, the crypto casino has many advantages. Considering the changes provided by PayPal, more casinos will be able to feel the advantages of crypto payments and move to more flexible models of operation. This is how PayPal and Crypto are changing the gambling industry right now. What should we expect next? Share your predictions in the comments.