Western Union is an American based financial services company, which is most known for their money transferring service and now closed telegram service. Western Union has more than 520,000 agencies all over the world, which helps people send and receive money no matter where they are. Western Union is by far the biggest company of its kind, having more than $6 billion in revenue yearly.
History of Western Union
Western Union was founded in 1851, when Ezra Cornell bought back one of his bankrupt companies and named it "New York & Western Union Telegraph Company". In 1855, the company merged with a major competitor and formed the company "The Western Union Telegraph Company", the official birth of Western Union. Western Union rapidly started to buy out other businesses and quickly covered a large part of America.
In 1871they introduced the first money transfer outside banks. Customers could simply go down to the Western Union agent, deposit the amount they wanted to send and few hours later the receiver could pick it up anywhere in USA. This new product was a revolution in the way we handled money and how we could transfer it.
In 1943 Western Union had acquired more than 500 competitors, including their biggest rival. At this time, they almost had monopoly on the entire telegraph and money transfer market. Despite having monopoly on the market, by the 1980's Western Union had to rebrand themselves away from telegrams and more towards their money sending service, due to decreased revenues and profits.
Their new slogan became "The fastest way to send money worldwide" and started to expand heavily with new agents worldwide. The rebranding worked, making revenues and profits rise and focus started to drift away from telegrams.
In 2006 Western Union completely removed the telegram service, after 155 years of telegram service. The total amount of telegrams send yearly at this point was only 20,000, due to people sending emails, SMS and letters instead.
By 2013 Western Union is doing 231 million consumer to consumer transactions, 432 million business payments and in total moving around $79 billion.
Western Union and Online Gambling
Western Union is available in most online casino sites, especially the US friendly ones. Western Union is not used very often by players from Europe and other countries where gambling is legal, due to its complicated steps before money will be in the account. Instead Europeans will use credit cards or e-wallets to fund their gambling accounts.
Western Union can be used to deposit and withdraw to gambling sites, with the help of the specific site you want to play on. To make a deposit with Western Union, you have to contact the casino site and ask for the Beneficiary Name to send the payment to. Once you have gotten all these information you contact the site again and give them the money transfer control number. When all of this is done, you will have deposit successfully on a online casino site. Despite the complicated steps and the funds not hitting your account instantly, it is by far one of the best ways to deposit and withdraw as an American player.
US Friendly Casinos and Western Union
Western Union is one of the most popular deposit and withdrawal options for US friendly casinos, because the casino sites will receive the money quickly as well as being able to process cash outs quickly. The main issue is the fee when sending a Western Union transfer, but many sites will reimburse the fee from Western Union if you deposit more than a certain amount of money.
By using Western Union, the casino sites can bypass the Unlawful Internet Gambling Enforcement Act (UIGEA) and take American players and deposits. Since Western Union transactions are hard to trace back to gambling, Western Union transfers are a safe and reliable way to handle funds.