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Paypal and Online Betting

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What Is PayPal?

PayPal Logo
If you’ve ever had an association with paying for anything online (especially if you were an eBay user several years ago), then the chances are that you’ll have come across the PayPal payment method before. Founded in 1998 – at which time it went under the name of Confinity – PayPal became available to the public in 2002. Later on in the same year, it became a wholly owned subsidiary of the eBay brand before becoming an independent company by the year of 2015.

Throughout its time of operation, PayPal has been a bit of a tricky option when it comes to online gambling. It’s now accepted on a much higher level at online sportsbooks than it ever was before. At one time, though, very few platforms would support PayPal payments for funding accounts with. Once it became an independent company after its break from eBay, though, things started looking up for it in relation to the gambling industry. Even despite its lesser ties to sports betting and other gambling sites, PayPal remains as one of the internet’s most used payment systems, being available to millions of people throughout the world.

What Is It About PayPal That Makes It Unique?

PayPal operates in the same way as many other online e-wallets, so in comparison to these, it doesn’t really have anything that is unique about it. However, one thing that you can say about all online wallets is that they provide a more secure way of transferring funds from one location to another. Comparing this to a credit or debit card deposit, this definitely stands out as being a positive.

Furthermore, it’s potentially the world’s most well-known e-wallet. While it may not have Neteller’s status in the online gambling world, it is known on a more diverse scale, as you can use it to purchase items from online stores or to send money to other PayPal users. Therefore, what it does hold over all the other e-wallets is the fact that it is a known brand and therefore has quite the special standing with users.

Getting Started with the PayPal Payment Method

So, if you do take the option of funding your sportsbook account with PayPal, how do you use it for this? Well, you will need to locate a sports betting site that accepts deposits using this method first of all. Fortunately, we have brought together a collection of sportsbooks that do enable you to make transfers with it, which you can read about right here.

Additionally, it’s not only about the funding method, but if you’re looking to bet on specific sports or specific lines, you’ll need to locate a platform that provides you with such. So, make sure you browse through this section of our website to find the right sportsbook for your PayPal depositing needs.

Upon locating the right platform for you, you’ll need to sign up for a PayPal account, which is free of charge to do through the website. Opening a personal account requires you to input some of your details, such as your name, email address, and country of residence, and also create a password for the account. This process doesn’t take long, and you will be able to access your PayPal wallet swiftly. Make sure that you create a password that you’ll remember but that is also secure, as you’ll need this to be able to process transactions through.

Once you have done this, you can operate it in one of two ways. The first of these is to upload funds directly to your PayPal wallet. This is basically what e-wallets operate like as standard, with users uploading funds to their account and then utilizing them at sites that support such transactions. PayPal accepts a few different payment methods that you can make use of in order to do so. Visa and Mastercard credit and debit card options are available to use for this, while you can also send money from your online bank account easily.

As an alternative, you’ve got the option of linking a bank account or a card to your PayPal wallet. This way, when you use it, instead of taking money from the e-wallet, the funds will come from your bank account or card, through PayPal, and then onwards to your chosen sportsbook. You will also need to confirm your bank account once you have added it to PayPal, which will see the company deposit 1p into your bank account. A 4-digit code will also be on display on your statement. Once you know this 4-digit code, you need to enter that on PayPal to confirm everything.

Regardless of which method you use for funding, if the online sportsbook accepts PayPal deposits, then you will be able to transact with either of those ways of funding. So, you’ll then need to make your way across to the cashier page of the sportsbook and select the PayPal payment option from the drop-down menu there. Then, enter the amount of money that you would like to deposit into your sports betting account. After you proceed from there, you will be asked to enter your PayPal username (which is the email address that you opened your PayPal account with) and the password that you set up.

Once you have done this, details of the transaction that you want to make will show up, and you can confirm by proceeding onwards. You’ll then be taken back to the sportsbook site where your balance should already show the funds that you’ve deposited. With this in mind, you can start placing bets on your favorite sports events as soon as possible.

What Is the Fee Structure Like with PayPal?

Paypal Fees
It’s quite common for certain payment methods to invoke fees, either for uploading funds or using their services to make payments. PayPal operates on a bit of a different level, though, because when you choose it to fund your sportsbook account, most of the time, this is free of charge to do. If any fees do come into play, then it will come from the actual sportsbook itself, rather than PayPal. So, before you join it, you need to make sure that the sportsbook you’re signing up to will allow you to make free deposits with PayPal.

Now, there can also be discrepancies when it comes to sending money to locations outside of your home country. For example, if you’re funding a sportsbook that is based within the United Kingdom, and you have your PayPal account there, too, then fees won’t be applied by PayPal. Alternatively, should you be sending money to a location outside of the country (where a currency conversion is also taking place), then a fee will also be added on top of this. For example, if you’re sending money with a currency conversion to somewhere in the United States, Canada, Northern Europe, or one of the European Zones, you have a fixed fee of £1.99 to pay. Everywhere else comes with a fee of £3.99.

Pros and Cons

Paypal Pros and Cons
So, why should you consider adding funds to your sportsbook account with the PayPal e-wallet? Well, one thing that stands out the most about PayPal is that it is a secure payment method to utilize. This is because you’re not exchanging information about your bank account or credit/debit card with the online platform. With this not floating about on the internet, your funds will be a lot safer. This is the most common reason why some bettors make use of such e-wallets for funding their online accounts.

Further to this, when you make use of the PayPal service to fund your online account, you’ll find that it makes use of instant transactions. So, once you confirm the deposit that you’re intending to make, you’ll see the funds already in your sportsbook account once it’s all completed. Instant deposits are something that we appreciate at our chosen sports betting sites, and with PayPal, you’ll always have the ability to start placing wagers straight away.

Additionally, in most cases, adding funds to your online gambling account won’t invoke additional fees. The only case that this will occur is if and when a currency conversion takes place during the process. Yet, if you hold a PayPal account in USD, and you’re wagering in USD at the sportsbook you’ve chosen, for example, you won’t be affected by this. So, without additional fees to pay on anything, PayPal stands quite appealingly at the forefront of several other payment methods.

There’s very little not to like about the PayPal option, although one thing that stands out about it in a negative way is that many online sportsbooks do not support it. While the number of them that do has increased over the past couple of years or so, it still trails behind Neteller and Skrill, and even ecoPayz, some might say. Naturally, you need to be signing up to a sports betting site that supports payments from this method, if it’s one that you’re looking to make use of.

 

FAQs

Why Should I Link a Bank Account to My PayPal Account?
While you don’t specifically have to link a bank account to your PayPal e-wallet, it does assist you with making payments more easily and swiftly. You also don’t need to have funds in your PayPal wallet, as you can simply process a transaction that comes directly from your bank account, travels through your e-wallet, and then into your online sportsbook. Additionally, with a linked bank account, sending and withdrawal limits are removed from your account, meaning that you’re not restricted with how much you can deposit at your chosen sportsbook.

What Type of Credit or Debit Cards Can Be Used with PayPal?
If you wish to use a card with the PayPal wallet, then you have the option of using Visa, Visa Delta, Visa Electron, Mastercard, Maestro, Eurocard, and American Express.

Can I Withdraw Through PayPal as Well?
Withdrawals are possible through PayPal, which will take money from your sportsbook and add it to your PayPal wallet. As with deposits, these are usually free to process through. Following on from this, you can do as you please with the funds in your e-wallet. You can either use them for purchasing items online or funding an alternative sportsbook, for example. Otherwise, you can withdraw them out of your PayPal account and back into a bank account.

How Do I Verify My PayPal Account?
The website only requests essential information from you when you sign up for an account with PayPal. However, as you transact with the service, the company is under legal obligation to know more about you as a user. To verify yourself, you need to go to your account and then click on “Confirm Your Bank Account.” This will then take you through the process spoken of above, where PayPal will deposit 1p into your bank account with a 4-digit number that you need to confirm.

How Do I Send a Payment in Another Currency?
If you’re playing at an online sportsbook with a currency that is different from your PayPal currency, it will go through a conversion. There’s nothing for you to do in this respect. Once you log in via the sportsbook’s cashier page, the conversion will show up for you before you confirm the transaction. If you’re happy with it (and with the additional fee that you need to pay for the conversion), then you can proceed, and the conversion will occur automatically.

To Conclude With…
Funding an online sportsbook account with the PayPal e-wallet is an easy enough process to go through, although it’s just a shame that it’s not more widely available to use at these sites. As mentioned, though, it has grown in popularity and support at online platforms, so there’s the potential for this to continue and for it to be more readily on hand as an option. It’s great that it doesn’t have extra fees to pay when funding accounts, which is something that does plague one or two other e-wallet options.

Yet, the fact remains that PayPal is one of the most well-known e-wallets to exist in the world today. So, if it’s usable at the sportsbook that you’ve chosen, it makes for a great option to utilize for funding your account. The transactions are instant, there’s the added benefit of increased security over options like card deposits, and you can also withdraw back to your PayPal wallet. Fees only come into play when a currency conversion needs to take place, and you don’t even need to have money in the actual wallet itself, as you can link it to a bank account or card. All in all, we can say that it is one of the better e-wallets to exist, if only it was able to be used at a larger selection of sports betting platforms.