One of the quickest and safest ways to make online payments for all manner of goods and services is by using PayPal. This e-wallet can now also be used to make seamless deposits and withdrawals into and out of your online casino and online sportsbook accounts as well. Here we explain how PayPal works at online gambling sites and why you should be using it.
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Why Choose PayPal?
There are several reasons for selecting PayPal as your preferred payment method at a US online betting site. Here’s a shortlist of our top reasons for choosing PayPal:
- Reputation: PayPal boasts more than 300 million registered users worldwide. This is more than impressive, but shouldn’t be surprising if we keep in mind that we are talking about one of the most popular online payment solutions. So many satisfied customers can only mean one thing– PayPal is a reputable brand that deserves your trust.
- Payment & Payout Speed: This is probably the biggest advantage of using PayPal for your online transactions. You simply need to connect your bank account to your PayPal account, and you can make instant payments in no time.
- Security: You will not need to worry about the safety and protection of the funds in your PayPal account. PayPal uses cutting edge security protocols and encryption software, on par with those employed by major financial institutions operating online. When you open an account at one of the licensed and regulated US casinos or sportsbooks, you can be sure that your money will be held in a safe environment.
- Privacy: One more thing that PayPal does exceptionally well is protecting its users’ privacy. This means that you will not have to provide your personal information to a website every time you need to make a payment. All your personal details are protected, and you can make deposits and withdrawals completely carefree.
How to Open a PayPal Account
Now, let’s see how you can open your PayPal account and make the most of your online gambling experience on various US sportsbook and casino sites. Here’s an easy-to-follow guide to help you out.
- Head over to the PayPal site or install the PayPal app on your mobile device.
- Click “Sign up” and select the “Personal Account” option– this will allow you to send and receive money without having to share your payment information every time.
- Enter your telephone number.
- Provide your name and email address.
- Select a password you’d like to associate with your PayPal account.
- Tick the box to confirm you accept the T&Cs.
- Click “Agree” to finalize the account creation.
PayPal registration is easy and it can be finished in no time. Once you create an account with a US online casino or sportsbook, you can link your PayPal account for quick, secure, and easy transactions.
Funding Your PayPal Account
In order to begin making online payments using PayPal you’ll need to go through the verification process. You will receive a verification email with the link you’ll need to click to continue the process. Click on that link to be taken to the next step.
You will then be prompted to link your bank account or credit card to get started. To do this, simply go to your account page and click “Link a bank or card.” You will need to select the card type and enter the card info including card number, expiration date and CVV number. The CVV number is a set of three numbers you can find on the signature strip on the back of your card. If you are using an American Express card, the security code will be the four numbers above the card number.
After this verification step is done, click “Add Money” and enter the amount you would like to transfer. The minute your funds settle into your account, you can start depositing to your favorite online gambling site. You can also deposit directly from your bank account using your bank account and routing number. You will get to small deposits usually under 5 cents and you must verify the amounts before being able to use this option.
As soon as you connect your PayPal account to an online gambling site and fund it, you can start depositing money into any gambling account that accepts this payment method. Once you link your account, you will be able to make all future deposits in an instant.
Deposit and Withdrawing from Gambling Accounts
Deposits
Making deposits to your online casino or online sportsbook using PayPal is a breeze. You will need to log into your account and go to the Cashier section. Once there, select PayPal from the list of available deposit options and enter the amount you’d like to deposit.
You will then be redirected to your PayPal account page, where you will need to confirm the transaction. Click the “Send Now” option, and your deposit will be processed. PayPal deposits are always instantly deposited into your account, which means you can get started playing right away!
Withdrawals
Making a withdrawal is also very straightforward. Find the PayPal option in the Cashier section, enter the amount you’d like to withdraw, and the option you’d like to use for withdrawal. You will see the following options available: bank transfers, check, Visa and MasterCard debit and prepaid cards, and PayPay debit MasterCard. Depending on the method you choose, there could be some processing fees attached. Also, the transfer time varies from one method to another and can go anywhere between an hour to a couple of weeks.
For example, you can make a withdrawal using the check option if you are not in a rush to receive funds. It typically takes between a week or two, and the processing fee is $1.50. PayPal withdrawals are free and will appear in your account instantly after approval.
PayPal is the quickest and most secure option you can choose for your withdrawals. You will typically have to make a PayPal deposit before being able to use it for withdraws, but after that initial PayPal deposit, you will be good to go. Online sportsbooks and casinos will need to review the withdrawal before sending to your PayPal account, but once approved, it should show up in your account within minutes.
How to Get Money from PayPal to a Bank Account
One of the most convenient ways to transfer money from your PayPal account is by linking your preferred bank account. You will need to log into your PayPal account and select the Withdraw Money option. Select the bank account you’d like to transfer to and enter the amount you’d like to withdraw.
One of the reasons this withdrawal method is so popular is because these transfers are free of charge. When you choose this option, funds will typically be in your bank account on the next business day. Another option is to withdrawal using your debit card, which does charge a 1% fee, but will be in your bank account in seconds. We recommend using the free option that appears in your bank account the next day, but its good to know there is always the option to get your winnings sooner.
PayPal Company History
PayPal was founded in 1998 under the title of Confinity, a company that specialized in handheld device security software. When that business model wasn’t successful, they began focusing on creating a safe and secure e-wallet and launched PayPal in 1999. Confinity merged with X.com, an online banking company founded by Elon Musk, who is currently CEO of Tesla and SpaceX. In 2002, shortly after PayPal went public, Ebay acquired PayPal for $1.5 Billion.
PayPal was one of the first companies that offered online transaction services on online gambling platforms when they started operating in the early 2000s. However, PayPal’s association with offshore online casinos led to the company being charged with violating anti-money laundering laws. PayPal ceased to offer its services on online gambling platforms and settled the lawsuit by paying $10 million.
It wasn’t until 2010 that this e-wallet started accepting transactions on gambling sites once again. The major difference this time was that only legal and licensed websites in the countries in which online gambling was legal could offer this payment method.
European gambling sites were the first to hop onto the PayPal train, and once online gambling was legalized in several US states, they were quick to follow. As a result, players can now use PayPal for all their deposits and withdrawals at the majority of US betting sites.
