Withdrawals from Paypal to your bank account are free, so suggesting you make a bank transfer deposit, using Paypal is free for all of your gambling-related transactions. Plus, money transactions between your Paypal account and the gambling site are instant.
You never have to give any online sportsbook your credit card information when using Paypal. Transfers between your Paypal account and your gambling account are free Most gambling websites process Paypal deposits and withdrawals for free, but the same goes for the majority of payment options. Paypal transactions are delivered instantly, but that is also common for most payment options.
Paypal, one of the most popular online wallets in the world, will celebrate its 20th anniversary in a few years. The roots of this online banking service go back to when four people — among which Max Levchin and Peter Thiel — founded a company called Confinity.
It so happened that X. Instead of competing with each other, the two companies decided to join forces in March and to re-brand as PayPal in As eBay gained popularity in the US, and eventually across the world, so did Paypal. For the first couple of years, Paypal gained users by offering the most convenient way for eBay users to pay and receive money for auctions. As eBay spread worldwide, Paypal followed and soon reached a global audience. Then, naturally, it was time to spread outside of eBay, and nowadays Paypal operates in over countries.
Many betting customers will now select a bookmaker partly down to the number of banking methods in which they provide, with PayPal featuring heavily on their list of priorities.
However, with PayPal having stated that they will only work alongside bookmakers that operate under the same guidelines as they do, the number of sites offering PayPal as a payment method is still fairly limited when compared to the number of bookmakers around today.
Back in , PayPal made the decision to voluntarily withdraw from being a payment option for many gambling sites, only resuming their service in 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.
Having been founded back in 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. Now focusing upon money transfers, the newly renamed PayPal went public in With over million active users worldwide, PayPal returned to being an independent company in , with offices in the USA, Singapore and Luxembourg, helping to cater for customers in over different market.
PayPal was issued with a banking License from Luxembourg back in , 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 , 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.
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.
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.