Online Financial Service Providers Extend Reach
July 2, 2009
PayPal is by far the most popular method of remitting funds online with over 70 million people around the world using its services. It was started in 1999. In 2002 it stopped catering to transfer of funds to all forms of online gambling sites, including online casinos. This was pursuant to the moves in the United States against online gambling. PayPal did not want to risk prosecution there, which would severely affect its substantial non-gambling business.
Recently however PayPal UK had reversed this policy. The United Kingdom has a government regulated online gambling regime. Online gambling operators are allowed to advertise their products in the media. Therefore PayPal UK saw merit in being part of this growing market. So powerful is the brand equity of PayPal that online casino operators immediately began to accept payments and make withdrawals through PayPal. The popular United Kingdom based online casino 32 Red became the 75th online gaming site to partner with PayPal. The importance of having PayPal on board is evident from this statement released by Pat Harrison, Operations Director for 32Red. Harrison said, “The addition of PayPal to our banking methods allows players to manage their finances, deposit and withdraw easier than ever before. We’re positive that our strategic alliance with PayPal will also mean we will introduce more new players to our best casino service this year.” Other leading United Kingdom online casinos using PayPal are Betfair, Ladbrokes, Victor Chandler, Betfred, Paddy Power and Littlewoods.
Ivobank is in many ways the opposite of PayPal. It is a new financial services provider, having being launched only last year from London. Unlike PayPal, Ivobank has been designed to cater solely to the online gaming industry. In fact it is the only bank regulated by the Financial Services Authority of the United Kingdom that services only the online gaming industry. In a short space of time Ivobank has created a special place in the Scandinavian online gaming industry with leading online casino operators like Expekt, NordicBet, UniBet and Betsson as its clients. Now Ivobank is all set to consolidate that position by allowing transactions in Norwegian Kroner. This will be a big relief for the numerous Norwegian online players who currently have to exchange currencies in order to play casino games online. “The ability to support Norwegian Kroner reinforces our commitment to our Scandinavian merchants,” said Neil Caldwell, Business Development Director for Ivobank.
Ivobank is offering the following benefits to its Norwegian customers. There will be no loading fees on all credit and debit card deposits until August 27. All withdrawals are free. Ivobank will offer interest on gaming funds deposited with it. All funds up to £50,000 are guaranteed by Ivobank. Ivobank also offers a special VIP package for high rollers.
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