eSports event organiser Gfinity have parted ways with PayPal after the online payment processor pursues more concrete legal data on the flow of eSports cash through their channels, and Microsoft and The Coalition create Gears of War eSports circuit with a $1m guarantee.
It seems the recent skin betting debacle has reached the eyes and ears of the payment processing giant PayPal. According to industry sources such as sbcnews and Dexerto, PayPal has started to tighten up their knowledge and understanding of the flow of eSports cash, and it’s already caused one eSport giant to jump ship.
eSports event specialists Gfinity has been in the business for seven years has over 532,000 registered teams using their site, and over 165,000 Twitter followers. In the past week, they took the decision to divorce from PayPal telling Dexerto that PayPal’s new demands (they wanted them to retrieve legal documentation from all countries of involvement and each US State) would be too cost prohibitive, and the process would take too long. Gfinity does business in more than 25 countries. PayPal wants assurances from their eSports partners that the money moving through the site hasn’t passed through gambling mitts.
Gfinity made an announcement on their website that they would be switching to a debit/credit card system. Also, subscribers have to withdraw their funds direct to their bank account, can only make one withdrawal per month, and will be charged a £3.00 transaction fee.
If Gfinity decides to do business with PayPal in the future, the handover process will be a smooth one. Earlier this week PayPal and Visa agreed to join forces rather than compete, as they have done for many years. PayPal will now allow their users to link their PayPal account directly to Visa debit and credit card services and will stop discouraging users from using Visa products.
Visa have made a commitment to keep fees stable for PayPal, and will create ‘economic incentives’ for their customers who push business through the payment processor.
Gfinity and MGL Launch Gears eSport Circuit
Microsoft’s Gears of War 4 might not be the most popular eSport in the gambling circuit, but all of that might be about to change after Microsoft, and The Coalition announced plans to launch the Gears eSports Pro Circuit.
The beauty of this event is that anyone with a game controller and a copy of the game can compete. The tournament begins in October and spans a 10-month period. Major League Gaming (MLG) and Gfinity will organise the events, and players earn ‘Gear Pro Points’ by competing in select MLG online ladder matches. The players with the most points get to compete in live LAN events in cities such as London, Paris, Mexico City, Columbus and Las Vegas for prize pools reaching upwards of $250,000.
Fans will also be able to purchase in-play skins with a portion of the money going towards prize pools. Xbox and The Coalition will be adding $1m to the finals prize pool bringing it in line with the top Counter-Strike: Global Offensive events.
You can follow the action through weekly MLG Gears eSports broadcast showcasing the online highlights.
We will bring you further news on the betting options when they become available.
