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I would imagine gambling sites would get a lot of chargebacks. Consider a user that transfers money to the site and loses it all. That user might initiate a chargeback to get their money back.

> PayPal also refuses to do business with online gambling

Not in Australia.

Most of the online gambling operators in New Jersey take PayPal, though you usually have to use either a bank account linked with ACH or a balance you already have in PayPal.

European gambling operators don't. It is pretty much impossible for a European operator to get PayPal (there have been a couple of exceptions).

The big UK gambling sites all accept PayPal.

And I can guarantee they all had to go through a long, painful process with reams of paperwork to get there.

This is definitely true.

what bunch, exactly?