The company began as a money transfer provider and was later purchased by eBay in 2002. This led to PayPal becoming widely known as a safe option for making online financial transactions. PayPal has since become its own company, but continues to provide the same kind of safe financial services it has become so well known for.
Thanks to the company’s reputation, many online casinos now offer it as a payment option. Since PayPal is available in many areas of the world, you can use it wherever you are. This platform also makes it easy to transfer funds between different types of currencies.
Establishing a PayPal Account
Before you can use this option for online gambling, you will first need to establish an account. You can do that by going to the company’s website and entering your full name, email address, and a password. You will then need to confirm this email address before you can send or receive any money. Go to settings and click on “confirm this email” to receive an email message with a confirmation link.
Once you have confirmed your email address, you are then free to receive money. However, you will also need to place some money into your account before you can make a deposit at an online casino. This means you must also link a bank account or credit card to your PayPal account.
While logged into your PayPal account, click on wallet and then select whether you would like to link a bank account or credit card. Add some pertinent information such as your bank’s routing and account number or your credit card number and then hit continue. Credit and debit cards are linked instantly, but it may take a few days for PayPal to confirm your bank account. Alternately, you can also link your bank account instantly by logging into that account directly from PayPal.
Adding Money to a PayPal Account
Now that you have accounts linked, you are able to add money to your PayPal account. To do this, log into your account and click on “wallet”. This will bring up a drop-down menu where you can choose to “add money.” Select the source you would like to add money from such as your bank account, then enter the amount to transfer. Click “add” and PayPal will transfer the money to your account.
Transfer times do vary, and the company has virtually no control over this. For funds transferred from a bank account, you could wait between three and five days for the money to become available. Keep this in mind and plan accordingly to ensure you have money when you are ready to gamble.
Using PayPal for Online Gaming
Before making any deposits, you should first make sure you have money in your account. You can do this by logging in or by using their app. Once you are sure money is available, head over to the cashier’s section of your casino and choose “PayPal.” You will be prompted to log in to your account in order to verify ownership. You can then select the amount you wish to play with, and the funds will be available almost instantly.
Withdrawals to your PayPal account can also be made instantly, and do not come with any associated fees. However, you should remember that withdrawals are made to your PayPal account only, so if you want to transfer them to your bank account or credit card you might have to wait a day or two. Instant transfers are also possible in some cases, but do come with about a 1% fee.
Security is perhaps the biggest benefit to using PayPal for online gaming. Although you should always perform research on any casino you play on, the truth is that there is always some risk involved. Using PayPal minimizes those risks because you do not have to disclose any bank account or credit card information.
PayPal also makes it easier for you to control the amount you are gambling with. By loading your account only with a set amount, you can ensure you do not get carried away and gamble beyond your limits. You may even use and link a prepaid debit or credit card for even greater control.
There are no fees associated with using PayPal at online gaming sites. Even so, you could incur fees from your credit card if you use it to fund your PayPal account with.
There are a few disadvantages to PayPal, namely:
- Longer wait times for withdrawal transfers to your bank account
- Fees for instant transfers to a bank account or credit card
- Not all US players have the PayPal option available
PayPal has proven itself to be a trusted payment source, and is one widely accepted by online gambling sites from around the world. So long as you are mindful of withdrawal and deposit timeframes, this could be a great option.