In a move that will please both the gambling industry and consumers, PayPal has announced that it will release software that will allow customers to block gambling-related transactions.
This comes in response to the increasing popularity of online gambling, which some belief may pose a risk to consumers. The best US PayPal casino sites offer the new optional software, which you can check on the information on providers when choosing your casino. The new software was created to give customers in the UK and US better control over their gambling habits and was developed by Gamban.
Paypal and gambling sites
PayPal is used by millions of people around the world every day to send and receive money. In 2020, they processed over 3 billion transactions worth a combined total of $311 billion US dollars. While PayPal is best known for being used in e-commerce, the service also has a strong presence in the online gambling industry. Some people use PayPal to gamble online because it is a fast, secure and easy way to make deposits and withdrawals. Creating an account is simple and easy. You can add funds from your bank or card and then make online payments with just a few clicks.
Given PayPal’s global popularity, most online gambling platforms accept payments made through the service.
What is the purpose of this software?
Gambling is a fun pastime for most. However, it has the potential to grow into an unhealthy habit or addiction. As of late, there has been a growing demand for iGaming sites to promote responsible gaming and provide aid to those who may have a gambling problem. Providers of iGaming licences will only offer licenses to websites that take measures to protect players and urge them to gamble responsibly.
Allowing users to block transactions gives them the power to control their gambling. Many sites have deposit limits that enable players to restrict how much they can deposit within a certain time, such as per week or month. Furthermore, the UK has recently outlawed all gambling sites from credit card payment acceptance.
In 2019, PayPal looked closely at how its services were used and found that many transactions were related to online gambling. Although this might not be an immediate problem, the review showed that many of these transactions were associated with gambling addiction. To provide its users with an automatic blocking system, it partnered with Gamban, a software provider.
With the new PayPal update, users can go into their settings and automatically block all payments made to an iGaming site. This makes it easier for people with gambling addiction to refrain from depositing money into a gambling site while they are trying to recover. Gamban announced that the move to block gambling websites was a welcome one and would give players a better chance of recovery when combined with self-exclusion and support.
What impact will this have on iGaming payments in the future?
In light of increased scrutiny from gambling authorities like the UK Gambling Commission, online gaming sites need to be more careful about the payments they offer and how they treat players. Not to mention, payment services must consider the ramifications of permitting unrestricted gambling payments.
With the improvement of software solutions, payment providers have more options that allow players to control their spending habits. This software can automatically detect if a payment is made at any gambling-related site. Users can block specific transactions to gambling or iGaming sites.
In the following months and years, other payment services will likely do the same, as most providers are also cautious of being linked to gambling addiction. Payment providers play a vital role in helping problem gamblers curb their habits and prevent them from accruing debt.
How to know when gambling is becoming an addiction?
A few signs can indicate if gambling has become an addiction. These may include an increased preoccupation with gambling, loss of control over spending and behavior, or the continued use of gambling despite negative consequences. Other symptoms may include feeling anxious or depressed when unable to gamble, lying about the amount of time spent gambling, or neglecting important responsibilities in favor of gambling. If you are experiencing any of these behaviors, it is important to seek help from a professional counselor or support group as soon as possible. Many resources available can provide support and guidance for those struggling with problem gambling.
In summary
The impact of payments to iGaming sites is expected to increase in the coming years as more providers adopt software solutions that allow players to control their gambling habits. This will help address the growing problem of gambling addiction, giving users a better chance at recovery with self-exclusion and support programs. If you are experiencing any signs of an addiction, it is important to seek help immediately. There are many resources available to guide those struggling with this issue and prevent further harm from occurring.
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