PayPal = BS, playing hand in hand with the US government...

[LesProfit]

I just read this post this morning on the "talkgold" forum (title was the same like I put to this thread, posted by "ebestbiz" yesterday):

"I have a friend whom PayPal account was closed some 2 weeks ago, because he had a sports betting picks service, and clients were paying through PayPal.

It seems that they introduced a new point in the rules, that no money can be exchanged in PayPal which is related to any kind of gambling activity, and selling picks is considered that (is considered information that leads to effective gambling).
Only companies which can prove that are registered in jurisdictions where gambling is allowed and that all there clients live in jurisdictions where online betting is not prohibited can use accounts to such activity.

Now all this is total and sky high BS, because first they did not informed well before my friend about this new regulation (they simply closed his account, but let him get out his money), and practically they destroyed his business built in almost 2 years, and secondly, a ton of handicappers and handicapping companies take payments through PayPal and absolutely none can prove that all their clients live in jurisdictions were sports betting is legal.

They should close all accounts used to take money for selling picks or allow all accounts to do this, simply as that...
But they do it selectively, which is again BS."

After reading this I went immediately to PayPal, looked at the terms and found this part:

"PayPal Acceptable Use Policy

This Policy was last modified on June 3, 2009.

Prohibited Activities
You may not use the PayPal service for activities that:

.................................................. .................

6. involve gambling, gaming and/or any other activity with an entry fee and a prize, including, but not limited to casino games, sports betting, horse or greyhound racing, lottery tickets, other ventures that facilitate gambling, games of skill (whether or not it is legally defined as a lottery) and sweepstakes unless the operator has obtained prior approval from PayPal and the operator and customers are located exclusively in jurisdictions where such activities are permitted by law."

If this is true, I'm scr....ed too, because I went tout, I have a small but very faithful following clients base, and I get my customer payments exclusively by PayPal.
Of course, I'm not even registered like a capping firm. Under these circumstances, I can wait any day that my account is possible to shut down, and there are no good alternative ways using other online processors. Things like Liberty Reserve, AlertPay and such are having huge funding and withdraw/conversion fees, and are used mainly by scam online operations like HYIP-s. In fact all that Talkgold forum is mainly about HYIP-s.

Way to go PayPal , just continue to kiss the a..ss of the US goverment!
And I really wonder what will happen with all those very established and registered capping firms who sell through PayPal???

[tigerman19]

gold-pay is the new thing. similar to neteller.

[Dr. Jack]

This is not new policy for paypal. Been this way for years

[The Judge]

Originally Posted by tigerman19

gold-pay is the new thing. similar to neteller.

GoldPay rocks and they just added e-checks. Anyone interested can email me for more info.

[Romanowski]

keep goldpay on downlow

judge you taking goldpay deposits now?

[The Judge]

Originally Posted by Romanowski

judge you taking goldpay deposits now?

Yes sir. ..

[THE Sports PROFIT]

Originally Posted by Dr. Jack

This is not new policy for paypal. Been this way for years

Was just going to say same thing??? Consider your friend fortunate that it's just happening to him now, and he should have had contingencies in place considering the industry climate.

[Romanowski]

gregg do you think you will be offering a slew of World cup lines

the whole nine, asian handicap, 3 ways, 2 ways, props, group stage and tournament futures etc

[The Judge]

For the World Cup, BetFirstClass will be offering virtually every kind of wager imaginable. However, if you want to wager on something that we do not have posted, you can call in and the clerk will get you a number on what you are looking for within a couple of minutes, This is true with virtually any sport, at any time.

[LesProfit]

Originally Posted by THE Sports PROFIT

Was just going to say same thing??? Consider your friend fortunate that it's just happening to him now, and he should have had contingencies in place considering the industry climate.

If this policy is in for a long time, than I must be really stupid because I still don't get it how a TON of touts (registered USA companies!) are selling through PayPal?????

PS:
The guy who's in that cited post is not my friend, I just found that post on the Talkgold forum.

[beejmi]

Interesting because people do sell picks, gambling books and videos (information) on eBay. My first thought was that they just want their "cut" (eBay seller fee + Paypal fee)

[THE Sports PROFIT]

Originally Posted by LesProfit

If this policy is in for a long time, than I must be really stupid because I still don't get it how a TON of touts (registered USA companies!) are selling through PayPal?????

PS:
The guy who's in that cited post is not my friend, I just found that post on the Talkgold forum.

Not going to get into with you, but policy has been in place for some time now.

As for how other's doing it, old adage of "if there's a will, there's a way," comes to mind.