PayPal at a glance
Back in 2003, PayPal made the decision to voluntarily withdraw from being a payment option for many gambling sites, only resuming their service in 2010 for a select few websites. Doing so only for organisations that operate in countries where gambling is legal, PayPal have now ensured that they are a respectable option for all customers. While other e-wallets are offered as options by bookmakers, PayPal is undoubtedly the standout for most customers looking to utilise this option. For those still unfamiliar with PayPal as an operator, let’s take a closer look at their history.
Online bookmakers are required to provide a number of different methods of banking in order to meet the demands of their customers today, with depositing and withdrawing cash using PayPal having become one of the most popular options available to punters. So, which betting sites cater for those registering with PayPal? This review will outline what PayPal is, as well as the advantages of using the platform and how it can be used effectively.
What is PayPal?
For those who are not already familiar with what PayPal is, the following points are among the most important to know and understand.
- Originally founded back in 1999.
- PayPal is an American online payment platform which supports money transfers.
- Allows users to link their bank account to PayPal account in order to deposit and withdraw money with online bookmakers.
- PayPal is licensed and regulated, while encryption technology ensures for secure transactions.
- PayPal transactions are among the quickest online today, allowing for rapid deposits and withdrawals using betting sites.
PayPal History
Having been founded back in 1998 as Confinity, PayPal have quickly become the most successful company of their type, despite having initially been established as a software company for mobile devices. However, having merged with online backing company, X.com, in 2000, they quickly began to make major moves in their new marketplace. Now focusing upon money transfers, the newly renamed PayPal went public in 2002. In 2002, PayPal were acquired by eBay for over $1.5 billion, just a matter of months after going public.
With over 200 million active users worldwide, PayPal returned to being an independent company in 2015, with offices in the USA, Singapore and Luxembourg, helping to cater for customers in over 200 different market. PayPal was issued with a banking License from Luxembourg back in 2007, helping to improve their reliability and trustworthiness. As well as this, there new license allowed them to conduct banking operations in the European Union. Elsewhere, PayPal is regulated as a bank by the banking supervisory authority of Luxembourg, the Commission de Surveillance du Secteur Financier.
Meanwhile, having ended their deal with eBay in 2015, PayPal have only gone from strength to strength, with the company having acquired a range of companies along the way, adding to their levels of operation across a variety of markets.
How Does PayPal Work?
PayPal provides bettors with an efficient and easy method of both sending and requesting funds online, perfect for those who are registered with a betting site accepting this option of banking. All that is required to send and receive money is an email address, with PayPal users having to link their credit card or bank account upon registering also.
Punters are required to input all of their personal data upon signing up too, with PayPal depositing a small amount of money into personal accounts in order to indicate that it has been verified. Bettors will be able to either deposit funds from their bank account onto PayPal or deposit onto your betting account directly through PayPal. Thanks to PayPal, betting customers can deposit and withdraw funds at any time and as quickly as possible.
PayPal in Betting
The number of betting sites offering PayPal as a valid method of banking has increased significantly over the years, due to the efficiency and ease of using it for both deposits and withdrawals. This perhaps comes as little surprise given the fact that PayPal is now a name that is synonymous with the world of money transfers, with some bookmakers even offering generous welcome bonuses for those who make opening deposits via this method, along with others. Those registered with PayPal are able to deposit funds in just a matter of minutes on to their betting account, while the withdrawal of winnings is also a quick and stress free process.
PayPal in the UK
With PayPal having been granted a banking license from Luxembourg in 2008, those in the UK are able to take advantage of their money transfer platform thanks to laws set by the European Union. After being awarded a license as an electronic money issuer with the Financial Services Authority a year earlier in the UK, all European accounts registered with PayPal have since been transferred to their Luxembourg-based bank.
Advantages of Using PayPal
When it comes to using PayPal for your online betting needs, there are a number of advantages for punters to be aware of. The speed and ease of transactions are the main positives, with all deposits being processed almost instantly, while withdrawals are generally completed within just 24 hours, however this is often even quicker.
The simplicity of using PayPal is also a major selling point, with transactions being able to be processed in just a few clicks, whether on desktop or mobile. PayPal is also very reliable, while they have built a good reputation thanks to their security and trustworthiness. Elsewhere, fees surrounding transactions are minimal, meaning that punters are able to take home a large proportion of their winnings. PayPal also sets high limits for punters, perfect for those looking to stake high amounts on their favourite sports teams and players.
How to Deposit and Withdraw Using PayPal
Both deposits and withdrawals are made easy thanks to PayPal, with the following steps having to be taken by punters in order to complete such transactions:
Is Online Betting with PayPal Safe?
PayPal’s success is largely down to its simplicity of use, however the fact that it is a completely secure and safe platform is of the most importance. With PayPal ensuring that they are 100% trustworthy in this area, a whole host of new customers have been attracted to their e-wallet site. Users are now able to process transactions without any worries, whether it be depositing at an online bookmaker or any other marketplace. Using PayPal with your online betting platform ensures that you will never be required to share any of your banking details with them, with just your log in details required to process transactions thanks to PayPal. While you can be sure that PayPal is completely secure, it is also important to ensure that the website in which you are operation operates in a similar manner.
This can be achieved by looking out for an HTPPS at the start of the address bar, which means that all data is encrypted. All bookmakers operate differently when it comes to this issue, with come encrypting all data on their platform, while others ensure that encryption begins when personal data is being both sent and received, including when making deposits or withdrawals. As with any such operation, you should ensure that your PayPal username and password are kept secure, as well as making sure that you are encrypted when entering such information.
PayPal offer a help page surrounding this exact issue, including how to spot fraudulent attempts, as well as how to prevent them in the future. Elsewhere using PayPal, you can report any emails in which you believe to be phishing directly to the company.
Costs Involved in Using PayPal
Despite PayPal not charging any form of fee when it comes to bookmakers, there are costings involved in sending and receiving money using your account. This is one area of the PayPal operation in which they perhaps score poorly, especially when compared to some major credit and debit cards. There are certainly methods that can be used in order to minimise the amount in which you are charged for processing such transactions, with fees depending on your location, currency of choice and the destination of your money. However, in the end, it is certainly worthwhile transferring your money using your PayPal account balance or a debit card that is linked to your account. With transactions taking just a matter of minutes normally, with payments free from additional costs, the whole process is easier than ever before.
Reasons Against Using PayPal When Betting Online
Undoubtedly, there are both advantages and disadvantages of using PayPal as a banking method when betting online. Despite this, PayPal can still be considered as a viable option for many, with their excellent level of buying and selling options. Due to PayPal obviously not being an actual bank, they are not subject to the same terms and conditions when it comes to compensation of customer protection. In terms of negative factors, some PayPal users have reported certain limitations when it comes to customer accounts, which often restrict the ability to either send or withdraw funds.
This situation can often occur with frozen accounts, meaning that funds will temporarily be unavailable until investigations into such issues are completed. While this is part and part of using such a banking platform, designed to protect customers and their finances, accounts are sometimes locked with relatively little explanation, as well as for extended periods of time. Finally, those within the UK may be slightly dubious of the fact that PayPal operate under a license from Luxembourg, with no individual UK license. Despite these issues, such problems are a rare occurrence,
How to Open a PayPal Account
Those wishing to open a PayPal account in order to fund their betting accounts can do so in just a matter of minutes, with the following steps having to be taken in order to complete the process:
- Enter the PayPal website or download the PayPal mobile app.
- Click on the “Sign Up” option located in the top-right hand corner of the page.
- Enter your email address and create a unique password.
- Complete the form containing personal information, including your legal name and address.
- Enter your credit or debit card details (this can be done at a later stage also).
- Verify your account via email.
PayPal Fees / Costs Involved in Using PayPal
Despite PayPal not charging any form of fee when it comes to bookmakers, there are costings involved in sending and receiving money using your account. This is one area of the PayPal operation in which they perhaps score poorly, especially when compared to some major credit and debit cards. There are certainly methods that can be used in order to minimise the amount in which you are charged for processing such transactions, with fees depending on your location, currency of choice and the destination of your money. However, in the end, it is certainly worthwhile transferring your money using your PayPal account balance or a debit card that is linked to your account. With transactions taking just a matter of minutes normally, with payments free from additional costs, the whole process is easier than ever before.
Alternatives to PayPal
PayPal is undoubtedly the most historic and well-known platform of its kind in operation today, however there are also a variety of other e-wallet style accounts available to betting customers online. The following are among the most commonly accepted by bookmakers when it comes to depositing and withdrawing funds:
- Neteller
- Skrill
- PaySafeCard
Such platforms each have their advantages and disadvantages, whether it be surrounding speed or fees, with PayPal generally being regarded as the standout money transfer platform available to betting customers in the UK.
Betting Using PayPal FAQ
The following are questions and answers surrounding some of the most talked about topics when it comes to PayPal and online betting, offering readers a better insight into how the platform works.
Is it safe to use PayPal when sports betting? Betting using payments via PayPal is 100% safe, with the e-wallet platform having gained an excellent reputation over the years thanks to their reliability and security.
Do I have to verify anything when using PayPal? Punters must verify their PayPal account before it can be used in order to deposit and withdraw to and from their betting site, which can be done in a matter of minutes after registering an account.
Will there be any fees added when using PayPal? The majority of deposits and withdrawals are processed free of charge by PayPal, however this will depend on the method used by punters to fund their account.
What do I do if my payment is declined? The majority of bookmakers will offer an alternative for times when payments are declined.
How long will it take before my deposit is received by the betting site? All deposits made using PayPal are processed instantly, allowing punters to take advantage of time-sensitive markets.
How long will it take before my withdrawal is received from the betting site? Withdrawals made using PayPal generally take anything up to 48 hours to complete, however they can take up to maximum of five working days.
Banking Tips for Online Betting
Whether you are looking to use PayPal or another method of banking, there are a range of factors that must be taken into consideration, with the following tips having been put in place in order to help punters make the most of their time online.
- Weigh up all the options – With most betting sites offering a range of banking options on their platforms, it is important that punters do not rush into making a decision as to which method best suits their needs. Look into the advantages and disadvantages surrounding each, including the use of PayPal, before making a decision based on such factors.
- Fees – Be sure to look into any potential fees that may be incurred when it comes to betting online using a particular method of banking, as there is nothing worse than not being able to take home all of your winnings due to charges that have been put in place.
- Does Your Bookmaker Accept PayPal? – Whether you are looking to take advantage of PayPal’s ease of use or another method of banking, be sure to understand whether or not the betting site in which you are registered with actually accepts it when it comes to depositing and withdrawing cash.
- Betting Limits – Different banking methods generally come with limits in terms of deposits and withdrawals that can be made. As a result, it is important to decide whether or not the option in which you are looking to take advantage of meets the demands of your betting strategy and budget.
PayPal for Betting Sites
PayPal is regarded as the most popular and trusted online money transfer platform in the world today, and with good reason. As a result, the number of punters taking advantage of PayPal has increased significantly over recent years, with the ease of use and efficiency of their platform meaning that they can concentrate more on which sports teams and players they are looking to back, instead of how to deposit and withdraw funds. PayPal certainly has a range of advantages over some of their rivals, including security and speed, with some minor fees being incurred at times. However, with more and more betting sites now accepting PayPal as a method of banking, it is certainly an option that should be taken into consideration, if you are not already using it.
Conclusion PayPal Betting Sites: One of the Smartest Methods of Depositing with Online Bookmakers
Banking with an online bookmaker should indeed be a simple process, with factors such as live streaming, customer service and bonuses holding much more significance. With most of the major and traditional bookmakers now having agreements in place with PayPal, your search for a long-term banking platform could well be over.