PayPal settles with State of New York re: gambling

CNET reports that PayPal will no longer allow residents of New York State to use its online payment service for gambling.

Under the agreement, announced Wednesday, PayPal will stop processing payments from New York customers to Internet casino Web sites as of Sept. 1. PayPal will also pay $200,000 in disgorged profits, costs of investigation and penalties, the attorney general’s office said. New Yorkers make up about 1.1 million of PayPal’s 17.8 million member accounts, according to the agreement.

PayPal’s press release is here.

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