The past decade has brought a lot of significant changes for gamblers. During this time, online gambling has been booming and is now a large and extremely profitable business across the globe.
Before the aforementioned revolution of widely available fast internet access and social media, online gaming used to be quite risky and many gamblers avoided it whatsoever. However, nowadays online gambling is fully legal in many countries of the world which implement appropriate legislature in order to maintain the security of producers and consumers of such services.
Alongside with the higher general demand for online gambling, operators have made more payment methods available. PayPal is now seen as one of the safest and most convenient ways to process online transactions.
PayPal's Policy Regarding Online Gambling
It is important to mention that payments through PayPal are not accepted at every single online casino. It is the prerogative of the best online gambling venues. Indeed, many customers tend to regard online casinos that accept PayPal as secure and reliable operators. PayPal is known for its strong requirements from companies that utilize its services, as well as for their careful supervision. Whenever a considerable of legitimate users complain about a specific online casino, PayPal bans their account and discontinue cooperating with that company.
Gambling operators need to take into account that PayPal cooperates only with those venues that possess a valid gambling license in the country where the customer is based. For instance, a payment from a gambler with a UK PayPal account will only be accepted if the funds are to be deposited into a PayPal casino that is fully licensed to operate in that country. Such a license requires substantial investments from an online casino, but this is also a contribution to their reputation of a trustworthy online gambling operator. It may be regarded as an obstacle to fully free operation of Pay Pal casinos, but it certainly works to the customer's benefit.
How to Use PayPal for Online Gambling
It is extremely easy to register a PayPal account. At first, all it takes is a valid e-mail address. As soon as you confirm your e-mail address, you obtain a basic account. You may then proceed to connecting your online account to your debit or credit card or directly to your bank account. There are a few crucial things to take into consideration when you use your PayPal account for online gambling purposes:
• Deposits and Withdrawals
As a rule, we recommend only those online casinos that accept PayPal both for deposits and for withdrawals. But always remember to pay attention to their terms and conditions. For instance, some operators will only enable deposits through PayPal and won't release winnings to your PayPal account. Other casinos may require the earnings to be withdrawn through PayPal to be higher than your initial deposit. Always make sure you are fully aware of the casino's policies before you sign up for its services. One more thing to bear in mind is the timeframe within which your transaction is processed. PayPal casinos tend to process your payments within 1-3 business days, while card transactions may take up to an entire week.
• Minimum Requirements
The general rule requires your deposit to amount to at least $10-$25, however, there are numerous exceptions.
• Countries that Accept PayPal PayPal casinos are not authorized to allow online transactions from every single country. Depositing and withdrawing through PayPal is almost guaranteed to be accepted if you are in Germany, Spain, United Kingdom, Ireland, Italy, Portugal, Denmark, Austria, Finland or Sweden. Keep in mind that gambling operators are only allowed to provide the PayPal function in those locations where they are fully licensed to do so.
• Deposit Bonuses
Some gambling providers reward you with a certain deposit bonus depending on the way in which you choose to deposit your funds. For instance, members of the Playtech chain of online casinos add 15% on top of the deposit you make through PayPal, whereas 10% is added to deposits via credit or debit cards.
• Deposit Fees
On the other hand, it is not uncommon for online casinos to actually charge you a certain fee for depositing money from your PayPal account. For instance, transferring money from a PayPal account to a Betfair account will cost you an additional 1.5% of the funds deposited.
Advantages and Disadvantages of Using PayPal for Gambling
There are certain benefits as well as drawbacks that are associated with using PayPal for an online casino account. Let us consider the pro's first:
• Ease of Use
Among other payment methods, PayPal is widely praised for its user-friendliness. All you need to do is click «deposit», enter the amount, type in your account details, and the payment is processed within a blink of an eye, and an appropriate record is made in your transactions list.
The security of PayPal accounts tends to be challenged by cybercriminals throughout the globe, but the company's track record safety-wise is truly outstanding. PayPal often restrains suspicious transactions which makes fraud highly improbable.
PayPal services are utilized by millions of users worldwide, hence, it is likely that some of the readers are already registered.
• Licensing requirements
As it has been noted above, PayPal requires from casinos a gambling license for the country where a PayPal user is based. This is a huge benefit for customers as you can be entirely sure that the operator is fully regulated to conduct such business.
As you can see, the benefits of using your PayPal account for online gambling are quite obvious and we recommend you to at least try it. At the same time, there are a few drawbacks to be aware of:
• Not accepted everywhere
It has been mentioned previously that not all online gambling operators accept payments through PayPal. Sometimes the casinos where PayPal is not available, offer the most generous deposit bonuses.
• Not available in all locations
The list of the countries where PayPal is available for online gambling is somewhat restrained. Still, if you are located in Denmark, Sweden, Germany, Austria, Spain, United Kingdom, Italy, Portugal, you may be sure that your transaction will be successful.