Paypal is the oldest and without doubt, the world’s most well known e-wallet. Founded back in 1998 in the USA, they have been closely knit as the top payment method on ebay and have gone through a lot of changes in their history. They started as a software developer under the name “Confinity”, with the first money services being launched in 1999. By 2001 they had merged with the “x.com” online banking company and changed their name to Paypal, while in 2002 they were acquired by ebay for a fee of 1.5 billion dollars. Although they have not been associated with online betting in the same extent as other e-wallets (Skrill, Neteller), they have expanded their services in recent years and are now accepted on many sports betting sites.
Online Betting with Paypal
The thing that makes Paypal stand out, is the fact that they are by far the most safe online payment service. Countless transactions are completed everyday through their servers, while the endless resources and prestige of ebay are an added guarantee of stability and security. Additionally, they focus on six levels of precaution measures. Personal data privacy, fraud prevention, 24/7 monitoring on every transaction, dispute resolutions, secure encryption technology and global member protection.
As a bettor, you might want another reason to choose a different payment method besides the traditional ways of bank wire transfers and card deposits. Pretty much like any other e-wallet, Paypal can be utilized in order to make an instant top up, in most cases, free of charge. What makes them stand out though, is the fact that you can claim a deposit bonus if you make your first deposit with Paypal (or various promotional offers), which is not the case with other e-wallets. Each withdrawal is completed within 3-5 days, free of charge, while there’s a chance you won’t be subjected to any paypal-to-bank-account fees, depending on your bank.
Please note, that Paypal does not allow deposits on bookmakers located in countries where gambling is considered illegal (such as the US). This means, that unless the betting firm holds a license in the said jurisdiction, you are prohibited from using Paypal for the following gambling activities: Games of chance and games of skill, casino games, sports books or sports betting, horse or greyhound racing and gaming machines.
Top 5 bookmakers that accept Paypal
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Creating an account
There are two types of accounts on Paypal, the “personal” and the “business” one. The business account is mostly associated with e-commerce and organizations, while the personal is for everyday transactions, including betting. Simply enter www.paypal.com and click on the “sign up for free” button at the center of your screen. Choose your type of account, enter your country of residence, an e-mail and a password. On the next screen, you have to fill in your personal information, such as name, nationality, address etc.
Make sure to carefully read the user agreement terms and conditions. Following that, you will have to link a credit/debit card to your account, by entering your card’s information and clicking on the “link card” button to confirm this action. A small amount will be temporarily debited from your credit card, as a means of verification. You will get your money back, after a couple of days.
Deposits and withdrawals
In order to make a deposit through Paypal, you have to go to the payment section on your bookmaker and select the according method. You must enter the required amount and afterwards, you will be transferred to your Paypal account, were you must log in, to confirm the payment. If you wish to receive money, you have to once again, go to the payment section, choose Paypal, enter the amount you wish to withdraw and enter your bookmaker password.
Adding money to your Paypal account is quite easy and can be done either through your bank account or by using the Paypal CASH service. In the first instance, you must have a bank account linked and enter www.paypal.com. Click on the “add money” button situated beneath your balance. Choose which bank account you will use, enter the required amount and click “Add”. In order to use the CASH service, you must log in once again, select the amount you wish to deposit and find a vendor close to you who co-operates with Paypal. You will have to present the special barcode that was issued when you requested the deposit and obviously, the according cash amount. A service fee of 3.95€ will apply and your account will be credited instantly.
There are three ways of withdrawing money. You can send money to a linked bank account, request a personal check or use the Paypal debit card. In the first case, you will receive your money within 3-4 business days, a check will take about two weeks to clear, while if you use the card, your funds will be available at any time.
Making a deposit is free of charge, however, each time you withdraw money on your Paypal account, you will be hit with a 3,4% commission rate. If you receive more than 3.000€ each month, then you can qualify for a better “merchant rate” that can minimize the commission to as less as 2,4%.
One of the things that make Paypal stand out is their attention to security and protecting their customers. As a result of their collaboration with eBay, they were bound to invest on transaction safety, something that comes quite handy to bettors as well. Every payment is encrypted using the latest technology, while your personal and financial information are sure to remain undisclosed.
If you wish to withdraw money directly form your Paypal account, keep your personal financial information private and perhaps avoid high fees when receiving money through your bank, then it would be wise to acquire the prepaid Paypal Mastercard. All you have to do, is log in to your account, click on the “Get your card” banner, fill in your information and you will get your card within a few working days. Do note, that this service is not available to every country.
If you happen to be on the move or do not have access to a computer, you can sign up for the Paypal mobile service. First of all, you must go to www.paypal.com/gomobile. Following that, sign in to your account, choose your country of residence, enter and confirm your phone details and download the Paypal app.
Pros and cons
The advantages and disadvantages of using Paypal on online betting can be summarized to the following:
- Accepted on almost any reliable and popular bookmaker.
- Instant money transfers from your bank account to PayPal, as well as to any bookie
- Safety. Keep your personal and financial details private
- Over 20 years of experience in online transactions
- Customer service. You can contact the call center from 08:00 to 16:30 GMT Monday to Friday, or send an e-mail to the support center.
- Reliability. PayPal guarantees that your balance and transactions are safeguarded using the latest encryption technology.
- Paypal Mobile. Access your account, complete transactions or top up your bookie balance, wherever you are
- You may be hit with certain fees on deposits and withdrawals, depending on your bookmaker
- Every transaction you complete, is documented via your credit card, meaning that it is visible to your local financial authority.
Where to bet with Paypal
|Bookmaker||Deposit Charge||Min. Deposit||Max Deposit||Pending Time||Withdrawal Charge||Min Withdrawal||Pending Time|
|Free of charge||€10||No limit||Instant||Free of charge||€10||A few hours||Claim|