PayPal is one of the most popular online payment methods used across the globe. The company reports that it has more than 192 million active users spread across 200 countries. One of the reasons that influence its popularity is flexibility. PayPal supports more than 100 global currencies, and it allows customers to withdraw to bank accounts in 56. Among the supported currencies are the EUR, GBP, and USD.
PayPal began processing online gambling transactions in 2009, and it is one of the most trusted payment options for punters. Due to its wide adoption by punters, the number of online bookmakers accepting supporting PayPal payments is also growing by the day. For those who have never funded their online sports betting accounts with PayPal, here are some compelling reasons why you should give it a try.
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Advantages of using PayPal to fund your online betting account
The major reason why punters prefer to make payments to their bookmakers using PayPal is privacy. When making PayPal payments, your personal banking information remains confidential as the company does not pass it along to third parties. This means that even the bookmaker itself does not get this information hence your funds are safe, even in the event of a breach. Another thing is that banking institutions will not be able to trace any payments you made to your sportsbook, which can play to your advantage if you’re planning to apply for a loan.
Thirdly, PayPal allows you to make instant deposits to your online betting account so that you can begin betting immediately. Your funds will reflect in your account soon after crediting, and you can use the money to stake on any betting market as soon as you want. The same processing speed applies to withdrawals, and you will find that most online bookies process PayPal withdrawals within 0 to 24 hours of making a request.
Lastly, PayPal allows you to credit your betting account via even when you’re playing on mobile. This means that you can move money directly from your PayPal e-wallet to your mobile betting account or sportsbook app and begin playing immediately.
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Getting started with PayPal betting
The only thing you will need to start depositing cash to your bookie account via PayPal is an e-wallet. For those who don’t have a PayPal account, you can register one online by completing a free registration form on the company’s website. You will be required to fill in your name, e-mail address, date of birth, access password, physical address, and financial details such as your bank or card details.
After opening your PayPal account, you may be required to supply the company with documents to prove your identity before you access some services. The required documents are mostly a scanned copy of your driving licence or passport and utility bill to prove your residence. You are free to start transacting online with PayPal as soon as you complete the sign-up process.
Making a deposit using PayPal is pretty easy. All you have to do is to find and click on the PayPal option in the deposit section of your favorite bookie. You will be redirected to the PayPal page where you’ll be required to log in using your email and password and confirm the payment. The funds will appear in your betting account instantly, and you can now wager on any sports and odds market. Once you make your deposit using PayPal, the payment option will be available for withdrawal, and you will just have to click on it when submitting your withdrawal request.
Availability of PayPal
PayPal is an accepted banking option for top betting sites in countries that have legalized regulated online sports betting. Most of these countries are located in Europe, and they include the UK, Belgium, France, Germany, Italy, Spain, Austria, Denmark, Australia, Sweden, Ireland, Portugal, Greece, and Finland. In the US, New Jersey and Nevada-based bookmakers allow punters to deposit and withdraw funds to their online betting accounts.
Most horse racing and daily fantasy sports sites in the US also support PayPal payments. You can confirm if your favorite sportsbook processes PayPal payments by checking the cashier section.
Are there any disadvantages of betting with PayPal?
There are only two downsides of using PayPal to funding your online sports betting account. The first one is that the option comes with some charges. Most online bookmakers don’t charge transaction fees for PayPal payments, but the company charges you 2.9% fee whenever you make a deposit from your attached credit/debit card. However, you will not be charged anything if you’re using an existing PayPal balance or electronic transfers from your bank account. Also, moving money from PayPal to your bank account is free.
The second disadvantage is that most bookmakers tend to exclude PayPal users from their deposit bonuses. It is, therefore, advisable that you check the availability of these promotions before making your first deposit.
Online betting with the most trusted e-wallet
Founded in 1998, PayPal has established itself as a prominent e-wallet by creating a strong brand presence that is built around trust. The company has the best interest of consumers at heart, and they have a buyer protection program that benefits all users, including punters. There’s also an added layer of security between you and the sportsbook which ensures that your banking details and financial information are safe from fraudsters. Lastly, all your PayPal transactions are encrypted for security, and you can contact their customer support services in the event of any payment disputes or other technical issues.