PayPal Now Accepted at New Jersey’s DraftKings Sportsbook
A big name in the rapidly emerging and evolving New Jersey sports betting scene just took a major step to keep up with its competition.
Since its founding in 1998 by a group including Elon Musk and Peter Thiel, PayPal has been a revolutionary force in exchanging funds on the internet. It began for years as a service used to complete eBay transactions, but in 2014 eBay announced plans to make it into its own company
Why It Matters
For companies like DraftKings' sportsbook the addition of PayPal's services could be absolutely massive. For one, a large list of banks won't accept payments for online betting sites including:
- Wells Fargo
- TD Bank
- Capital One
- Bank of America
- Union Bank
- Huntington Bank
Additionally, several New Jersey sportsbooks have already taken the initiative to offer PayPal including DraftKings' oldest and most well-known rival FanDuel.
The FanDuel Sportsbook, which just released its mobile app, is joined by Caesars Sportsbook, SugarHouse sportsbook as the only other New Jersey bookmakers to offer PayPal. William Hill's sportsbook, though it was among the first to open outside of Vegas and PlayMGM's both currently don't offer the online transaction service.
A Big Step Forward
DraftKings is already one of the industry leaders in New Jersey being one of the first major brands to develop in the Garden State after the SCOTUS legalized sports betting at the federal level and state government followed suit.
CEO Jason Robins saw it as a continuation of the company’s emergence as a household name in not only sports betting but sports in general both in America and around the world.
“I am excited to begin this new chapter in our story by officially launching what I believe to be the most innovative, mobile sports betting product in the U.S. We have put immense thought and significant resources behind the development of DraftKings Sportsbook and I'm confident that sports fans in New Jersey will enjoy using it to make the experience of watching the games even more interesting and thrilling.”
The daily fantasy provider and fledgling sportsbook reached an agreement with Atlantic City’s Resorts Casino to enter into a sports betting partnership. Robins was excited for the deal back then and the potential for being a major name in a brand new market.
“It's a new thing, so people are trying to see how they want to go about it, who they want to partner with. Anytime you've got a big market about to be created, there's so much opportunity out there that everyone should benefit, as long as you do it the right way.”
Even more recently back on August 3rd, the DraftKings sportsbook launched its sport betting app in partnership with software provider Kambi a full month before chief competitor FanDuel.
Now, thanks to the agreement with another major brand in PayPal, DraftKings can continue its ascendency into the rapidly expanding world of American sports betting.
This is not only good news for DraftKings, but for the state of New Jersey’s sports betting market as a whole as credit card decline rates currently surpass 75 percent across all businesses. Credit cards, as a result, account for just 20 percent of all online gambling transactions in New Jersey.
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