PayPal is perhaps the best-known digital wallet and online payment platform on the World Wide Web. Most people who have purchased anything online will have come into contact with PayPal, with ecommerce giant eBay adopting the service back in 2002 (PayPal is now the eBay’s preferred user payment option for all transactions). PayPal is available worldwide and has millions of registered users. It also has a terrific reputation for excellent security, which is what makes it such an effective and popular payment method for so many different online betting sites.
Here, we’ll take a look at a bit of the history of PayPal, as well as how to use the platform and some of the advantages it has. But first, a list of the betting sites that accept it.
PayPal works in a simple way. You can make deposits into your PayPal account directly from your bank account. Whilst the transactions can take a couple of days to complete, the money is often moved across rather quickly, sometimes even within the space of a few minutes. Like other payment platforms and digital wallets, PayPal acts as a secure mediator that ensures your bank account remains a safe distance from your betting account. It sits in the middle of the two and adds an extra layer of security that can give you some much needed peace of mind.
PayPal began as a security software company named Confinity back in 1998, but soon merged with online banking client “X.com” to turn into a money service. The business was officially rebranded as PayPal in 2001, and after acquiring thousands of new customers and generating millions of pounds in such a short space of time, the payment platform was quickly snapped up by eBay for a cool $1.5 billion in 2002. The company has spawned as many as five subsidiary businesses (Braintree, Paydiant, Venmo, PayPal Credit, Xoom Corporation) and is worth over $10 billion today.
Most bookmakers accept PayPal as a method of payment and withdrawal. They are one of the biggest and most reputable digital wallets after all, and they are a brand name that customers deem to be trustworthy. Some bookmakers actively encourage users to pick PayPal as their go-to payment method, even offering free bets and bonus deals for people who make their first deposit on the betting site by using the PayPal system.
Actually using PayPal itself is refreshingly easy. First off, you need to set up an account and connect it to your bank account. This will involve the input of your basic personal information, followed by your bank account number and sort code. Once you have registered an account with PayPal, you can make a deposit immediately. All you need to do is navigate to your PayPal account and click “Deposit” and enter the desired amount. This money will then travel over from your bank into your PayPal account. You can then link up your PayPal to your online betting account, which keeps your bank details at arm’s length from the gambling site at all times.
If you spend more than a few hundred a month, PayPal may also ask you to “verify” your account at some point, which is basically another of way of you proving that the account is indeed yours. The company take security very seriously (which is reassuring) and want to make sure that active, busy accounts have legitimate owners. Verifying your account involves making two small deposits and may involve answering some security questions.
Excellent security measures are in place to ensure your money remains safe and sound. With PayPal, you’ll never have to share bank details with gambling sites.
You may not want betting transactions to appear on your monthly bank statements, and using PayPal ensures this privacy. When you use this digital wallet to handle your betting site withdrawals, deposits, and transfers, all the transactions will appear on your statement as PayPal activity, not betting site activity.
Withdrawals from PayPal may take a couple of days to go through, but more often than not the money will appear in your account instantly. Depositing money is usually an instantaneous process too. These high speeds are hugely advantageous to anyone who wants to make a bet quickly and easily with a chosen bookmaker. With PayPal, you have fast transactions without a security compromise.
A lot of the PayPal deposits are completely free to make, and withdrawals are usually free too. Occasionally, a small fee may be taken, but overall the service is extremely cost-effective and affordable.