PayPal is best known as a payment solution for eBay shoppers but the last ten years have seen it grow and grow in stature amongst online bookmakers. And now, outside of debit and credit cards, it is the most popular way of moving funds to and from online sportsbooks amongst the betting public.
Nowadays eBay only accounts for around fifteen percent of transactions on the e-commerce site and that figure is gradually falling. But the number of gambling related transactions through PayPal is on the rise.
Why use PayPal for sports and casino transactions?
There are numerous reasons for PayPal’s popularity with online sportsbook and online casinos alike:
Convenience: PayPal is very convenient and quick to use. You don’t need to type in a long card number, simply remember your email address and password.
Speed: Funds are added to your online account immediately and withdrawals go back to your PayPal balance equally as quickly.
Security: PayPal has repeatedly shown itself to safe and secure.
Fees: Online sportsbooks and casinos normally absorb any transaction fees unlike some other payment solutions.
Integrity: PayPal now has a long track-record, so punters should have no reservations about using it; PayPal can clearly be trusted.
Privacy: Transactions on to and off of online betting sites via PayPal do not show up on bank account statements.
Approval: PayPal approves merchants (online bookmakers, casinos, betting exchanges etc) meaning punters can rest assured that only sites which have been fully vetted can offer deposits and withdrawals via PayPal.
Restrictions: Primarily a safety net for online bookmakers, PayPal take it on to themselves to prohibit transactions for gambling activities by customers based in the 47 U.S. states where online gambling is not yet legal, along with other countries where online gambling is prohibited.
We would recommend transferring your betting funds via PayPal for all of the reasons above. Naturally all the major players offer PayPal transactions but so do some of the smaller operators and this acts as an endorsement for their integrity.