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Posted: Thu Mar 15, 2012 11:14 pm PAYPAL
PayPal is cracking down on March Madness gambling
3 hrs ago
If your NCAA pool has a bigger prize than bragging rights or a round of beers, make sure you don't use PayPal for those basketball-based transactions. Bloomberg Business Week says that the eBay-owned online payment company will restrict the accounts of any users they think are sending or receiving March Madness-related money. PayPal's user agreement (the one you totally read through line-by-line before clicking "Agree," right?) prohibits anyone from using the service for "activities that involve gaming and/or any other activity with an entry fee or a prize."
PayPal wouldn't say how they plan to ID any "alleged gamblers" but we're guessing it involves reading things like "TOLD YOU NOT TO PICK NORFOLK STATE" in the payment description.
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