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PayPal drops payment protection on gambling transactions

The world’s most recognized online payment provider PayPal has announced that they will cease offering payment protection to any gambling-related transactions in the United States, Canada and Brazil.

In a statement made by the US company as part of an update to their User Agreement, PayPal will stop protecting gambling-related payments from June 25. This will include any activity that involves gambling, gaming or requires an entry free with a prize offered.

The new rules will not affect European countries for now, but will likely come in at a later date. In the UK and in parts of Scandinavia players can use PayPal at some gambling sites to place bets and wager real money.

Last year PayPal was separated from its parent company eBay, which led to speculation that this would allow the payments company to introduce more draconian rules regarding moving money and paying for good and services online. As well as gambling-related activity, crowdfunding and payments to government institutions will also become unprotected when the new User Agreement is enforced next month.