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Paypal, which is owned by eBay, has come to an agreement with Neovia, the NETELLER parent company.
NETELLER is one of the biggest egaming payment processors in the world. This may seem like just a simple business deal, but it is far from it.
Paypal made this deal with the NETELLER parent company so that it can reach the egaming customers outside of the US including online gamblers.
eBay has backed up legislation to prosecute online gamblers in the United States but has reached out to make deals with the European egaming market.
The new laws would effectively eliminate the competition in the United States making it illegal for businesses like NETELLER to process online gambling transactions in the US. Now PayPal will be seen as a payment option on eGaming sites that use Neovia's Netbanx.
In 2002, Paypal stopped processing transactions for the online gaming community but recently the company has been trying to open their services to the eGaming industry once again. Cameron McLean, the paypal merchant services general manager says that the deal with Neovia, "offers PayPal an excellent way to reach this significant audience."
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