PayPal Cracks Down on March Madness Betting

PayPal has restricted some accounts for their apparent participation in March Madness betting, according to a report appearing in Bloomberg News Thursday. 

Emails were sent to those suspected of using PayPal’s service for violation of the gambling policy.

The emails read: 

“It has been determined that you are in violation of PayPal’s Acceptable Use Policy regarding your sales/offer of March Madness sports pool,” according to the report.

Targeted customers are required to sign an acceptable use affidavit prior to their account being reactivated. 

The user agreement for PayPal prohibits “activities that involve gaming and/or any other activity with an entry fee and a prize.”

The company would not comment on how it identified customers whose accounts had been shut down.

March Madness officially kicked off Thursday March 15 and is considered one of the most lucrative sports betting events of the year. 

- Aaron Goldstein, Gambling911.com