Why did Paypal get out of the Offshore Sportsbook business?

[CHOPTALK]

Just because Ebay purchased Paypal is not a good reason to get out of the sportsbook business. Is there any legal reasons that I dont know about? Im sure the would be the dominent money transfer agent right now if they still catered to the sportsbooks.

 

[sherman]

i think they (ebay) didn't want any problems...

 

[PixWinns]

It's a shame because Paypal was handy. Could purchase online just like a credit card.

Thanks,

 

[sherman]

LOVE Pay Pal though I hardly use it anymore...

 

[Number13]

f***ing government again

 

[CHOPTALK]

It's a shame because Paypal was handy. Could purchase online just like a credit card.

Thanks,

Thats correct!! I buy and sell on EBAY from time to time. It would be really nice to handle my EBAY and sportsbook accounts all in one. Paypal also has a great debit card that you can use like a credit card. It would be nice to fill up the gas tank with your baseball winnings at the pump. LOL

 

[dmmd98]

As was mentioned before the government forced paypal's (ebay) hand in getting out of the gambling transaction business or else they were going to come down hard on them so paypal backed away and now is focused on what is does best which is do nothing when you get ripped off by someone. (I've heard too many horror stories about them)

 

[PatrickMcIrish]

Did I read that Google was getting into the online PayPal type of business? I glanced over it but could have sworn I saw that....

 

[dmmd98]

yes google is thinking about getting into that business but nothing set in stone yet

 

[WildBill]

Good ole Elliot Spitzer threatened them with some serious charges and a major lawsuit. They said we give up and agreed to some fine. Now to show they are living up to the terms of the agreement, they have to enforce these hard ass rules saying they will fine you and steal from your account if you do gambling transactions with them.

 

[RobFunk]

It really is too bad. Personally, I liked paypal better than Neteller.

Paypal was a pioneer to this type of payment option.

 

[JayC]

Actually, I was the pioneer of that type of transaction. I got my friend to set up a company in 1996 called virtualwire.com. They took your credit card, and then they would send it to any one of their registered merchants. They would send an email to the mercahant to confirm that the money was good. they got shut down before they saw 10 transactions, they didn't have the clout or the financial muscle that Paypal did.

In the spring of 2001, I spoke at a gaming conference in Miami. I met some of the Paypal people there including one of their senior executives. He told me we want to get into the gaming business and we are willing to fight with you and we are not afraid. I said great, could use the support.

So they got into it, and if I recall it was the gaming sector that took them from the red to the black. Then they went public. Then they got bought by Ebay. Within days of the Ebay deal, someone did an expose that they made a lot of money from the online gaming business. Then came the threatening letters from Spitzer. Then within weeks Paypal left the online gaming sector.

Thanks for all of your support Paypal, glad you were not afraid and willing to stand up to the governmemt.

 

[superstar]

Google its about to get into the biz with their e-wallet----->paypal competition

Maybe this new e-wallet can be used in gambling establishments.

 

[nimue77]

As I mentioned in the politics forum, paypal was charged with violating the patriot act, which is being used for lots of things beyond terroristic activities - as I always knew it would be.

 

[nimue77]

<!--StartFragment --> PayPal charged with breaking Patriot Act | Tech News on ZDNet
<!--StartFragment --> Missouri Tells PayPal to Pay Up for Patriot Act Violations
<!--StartFragment --> Paypal threatened with Patriot Act forfeiture
<!--StartFragment --> PayPal Cited for Patriot Act Violation
<!--StartFragment --> CNN.com - EBay's PayPal accused of violating Patriot Act - Apr. 1 ...

 

[Phaedrus]

Google released a statement that their Wallet service was not planned to be a stored-value payment service like Paypal and that it was not really competition for PP's market share.

But what a story ... I went to Google to look up the statement and a search for "Google" AND "PayPal" turned up over 2,700,000 links. Heh.


Phaedrus

 

[WildBill]

Ebay will put up major roadblocks to make it hard to use there. Of course it may not matter, Google is eating their lunch with all kinds of power sellers now saying screw Ebay and instead going the paid link route to sell directly off of Google traffic. If that trend continues Paypal might get desperate and reenter markets such as gambling. Its a long shot for now, but never say never. There certainly isn't a better platform and use than offshore transactions.

 

[earl]

so is gov.co. going to crack down on neteller now to prevent offshore gambling?

 

[Whoson1st]

Earl,
I don't want to make fun of your question. But I think the best answer is that this is America....and NOBODY knows except the lawyers and they don't agree.

 

[CHOPTALK]

so is gov.co. going to crack down on neteller now to prevent offshore gambling?

No they wont because Neteller is based out of the country.