In terms of both convenience and security when it comes to online gambling there aren’t any better choices than PayPal. It allows you to quickly and easily fund and withdraw from your account and in the process you’re protected by the many security features PayPal has to offer.
Online Bookmakers That Accept PayPal:
*Info accurate as of 20-02-2019 for the UK market.
PayPal Betting Sites Compared: Limits & Fees
|William Hill||£5||Instant||24 hours||0%|
|Paddy Power||£10||Instant||1-4 hours||0%|
PayPal is a worldwide e-commerce institution, which allows you to make online money transfers quickly and securely between your PayPal account and the accounts of thousands of merchants and banks worldwide.
PayPal operates by storing money drawn from your checking account, and then allowing you to send the money via online transfer to the merchant of your choosing. Payments are processed quickly, and PayPal saves you the risk of providing your financial details directly to the merchant.
For any readers in North America, please note that PayPal will not process payments to any gambling sites for North American customers. The only way to deposit in a account from a North American PayPal account is by first transferring your money to a third-party, such as another e-wallet.
However, for users in the UK and Europe, PayPal offer a fast, safe, and convenient way to deposit and bet online as well as a quick and easy way to withdraw your winnings.
How to Use PayPal for Gambling
As one of the largest online payment processors, PayPal is widely accepted by online bookies, and many sites even offer a free bet bonus for punters who make their initial deposit via PayPal. Moreover, as PayPal is a fully electronic payment storage option, making a deposit to a bookmaker which accepts PayPal is extremely continent.
To get started with making a deposit via PayPal, you’ll have to first set up and fund the PayPal account. This requires inputting information from your bank account, and funding the PayPal account with a direct deposit from your account. This should show up in the account instantly using most methods.
For greater convenience, you can verify the account with PayPal, which involves essentially proving that the account is yours. This typically involves PayPal making two small deposits in your account, at which time you can verify the amount of the deposits. This will effectively link your bank account with the PayPal account, and allow you to deposit and withdraw money freely to and from the PayPal account. Presently, this is required for all account sending over $500 USD per month.
Once you have the PayPal account up and running, it’s just a matter of selecting it as your payment option, at which point the money will be withdrawn from you PayPal account as if it were bank account.
One of the best features of PayPal is that you can make deposits to your account at any time, and you can also withdraw your winnings at any time. As is standard in the industry if you bet with PayPal, all payments usually process instantly and withdrawals will be processed in 3-5 business days.
PayPal Security & Anonimity
If you’re using PayPal to process online financial transactions, then you are already in a pretty good place in terms of security. Specific security features aside, it is always a good idea, especially for the more security-minded among us, to use a third-party payment processor. This saves you from sharing your credit card or bank account details with a wide variety of sources, and instead means that you’re only providing the critical information to one party.
However, PayPal does recognise how critical the safety of your information truly is, and have taken all industry-standard measure to make sure that your information is locked up securely, and that you don’t maintain any liability should the information be compromised.
Please note that PayPal takes their security extremely seriously, and tends to err on the side of caution when dealing with potentially fraudulent activity. Particularly if you travel internationally, or deal with a lot of cross-border transactions, you might be see your account flagged, locked, or frozen with some regularity. This is usually sorted out with a quick call to customer service. It’s better to be safe than sorry.
Finally one of the best things about using any of the Paypal betting sites listed in our table above is the anonymity they provide you. If you deposit with Paypal then your bank statement only shows money in and out of Paypal, not a gambling operator.
History of PayPal
PayPal dates to the late 1990’s and early 2000’s. Although not originally an online payment system, it slowly merged into that as the need and desire for such as system become increasingly evident.
In particular, the popularity of online auction site Ebay.com propelled PayPal into the national spotlight. Although Ebay had its own payment system, the PayPal system was more flexible, as it allowed users to move their money around more freely. As such, PayPal become the online payment option of choice for a variety of websites, Ebay included.
In 2002 it was purchased by Ebay and has been used as the official payment option for all auctions on that site. However, it has also continued to operate as an independent business, and offers customers a convenient and secure method of processing payments online to a wide variety of merchants worldwide. As such, it is an ideal option for making deposits to, and withdrawals from, online bookmakers and since PayPal started to appear the method has grown quickly in popularity to the point where some punters will only use PayPal friendly sites.
Fees Associated with PayPal Deposits
There are two places where you could potential incur fees making a deposit using PayPal; either from the betting site, or from PayPal itself.
Fortunately, the former have essentially eliminated processing fees. I was unable to find any major sites which charges users a fee for placing a deposit via PayPal. However, any site could theoretically change its policy at any time, so always be sure to read the fine print before you commit to anything.
On the other end, PayPal does charge a wide variety of fees for performing different types of transactions. The fees you incur depend on the type of transaction, the type of account you hold with them, the type of payment option utilised, among other factors.