One of the world’s most famous and widely used online payment systems, PayPal is known to millions.
The service, which first made its name in the UK when auction site eBay sprung up in the early naughties, has a global user base and is used for countless transactions on the web, as well as in real world stores. With a PayPal account set up and tied to your bank account or credit card, it’s possible to shop anywhere you see the PayPal logo.
In addition, PayPal enables small businesses including sole traders to sell goods and services online, with PayPal handling the payments. Due to its popularity, PayPal is offered as a payment method by a number of online casinos.
The Origins of Paypal
PayPal is an American alternative payments company that is one of the largest of its kind in the world. It’s popular at auction sites, ecommerce stores, casinos and other sites. The company launched in 1998 and was quickly snapped up by eBay.
In 2014, $228 billion was sent via PayPal in 26 currencies and 190 countries. In the process, it netted PayPal almost $8 billion in profits. Today PayPal has over 100 million users. As evidence of the might of PayPal, its second IPO in 2015 saw the company valued at a staggering $47 billion.
How Paypal Works
Signing up for PayPal is free. Once you’ve created an account, you need to link it with a credit card or bank account in your name. Select the bank account option and you’ll be required to verify your account by looking out for a small sum that PayPal deposits into it. Log into PayPal, enter the amount that you received and that will be your account verified.
Once you have a PayPal account, you can send money to friends and family free of charge. When paying for goods and services over the web, the fee per transaction is absorbed by the seller, so you shouldn’t be charged anything extra. Some sites however will apply a surcharge for PayPal payments to cover their costs.
Using Paypal to Deposit Funds with a Casino
While there are many casinos where you can use PayPal, it’s not as popular as Neteller, Skrill or MasterCard. For various reasons which include the commission that is charged, PayPal is less popular with casino operators than other payment types.
One of the things that PayPal sellers – especially those on eBay – grumble about most is the amount that is deducted in PayPal fees. This hasn’t been enough to stop customers from using PayPal, but in saying that with sites such as eBay they have little choice. Casino operators do have a choice, which is why many have elected not to use PayPal.
If PayPal is your preferred payment mechanism, the good news is there are still many casinos where you can use it to deposit funds into your account. Look out for the PayPal logo appearing in the footer of the website or on its Deposit page.
To add funds to a casino account using PayPal, log in to the casino, visit the page marked Deposit or Cashier and select PayPal as an option. You’ll then be redirected, either in the same window or via a pop-up window, to PayPal’s website.
Here you’ll need to log in with your PayPal email address and password, confirm the amount of money you wish to send and hit submit. The transaction should clear straight away, subject to the funds being in your PayPal account.
If you don’t have sufficient funds in your PayPal account but have it linked to your bank account via a debit card, you’ll still be able to complete the transaction, as PayPal will simply draw the sum straight from your bank (presuming of course that there are sufficient funds in your bank). With the transaction completed, funds should clear immediately into your casino account, whereupon you’ll be able to start gaming right away.
The Pros and Cons of Paypal
If PayPal is your only means of paying for goods and services online, you’ll be limited when it comes to casinos. You will find some casinos that will accept PayPal, but the majority won’t. That said, PayPal is extremely handy for customers who don’t have a credit or debit card or who simply don’t like submitting their card details on the web. PayPal doesn’t give you total anonymity, but it certainly prevents your credit card number and bank details from being shared with casino websites.
One detail that vendors will be able to see however is your address as it appears on your PayPal account.
With deposits clearing instantly and no fees to pay, there are certainly benefits to using PayPal at an online casino. When it comes to withdrawals, you can again use PayPal, though there may be a delay of a few days before the funds show up in your PayPal account.
The disadvantages of using PayPal extend to more than simply the narrow range of casinos that accept it. There’s also the possibility of casinos levying a surcharge to cover their costs, and there’s also the fact that PayPal isn’t as anonymous as some payment methods. That said, PayPal will provide a degree of privacy, and will certainly prevent gambling-related billing details from showing up on your bank statement or credit card bill.
Final Thoughts on Paypal
PayPal is a highly convenient means of paying for products on the web. Despite mass adoption, it’s still more synonymous with ecommerce than gambling, however.
If you’re an active PayPal user, you may find it handy to play at a casino that accepts PayPal. In the UK in particular there are gambling sites that are happy to accept PayPal. In the rest of the world, you’ll struggle to find a great selection of PayPal-friendly casinos however. When you do, you can look forward to deposits clearing instantly and no fees to pay provided the casino hasn’t added any voluntarily.
Due to the size of the company and the security measures it has in place, PayPal is at least a safe means of sending money, or as safe as any method can reasonably be.
FAQ
What is PayPal?
PayPal is a global payments system that enables you to send money to friends, family and online vendors.
How does PayPal work?
PayPal is linked to your credit card or bank account. Funds can be sent from these sources to PayPal and then from PayPal to the ultimate destination, be it an ecommerce store, auction site or casino.
Is PayPal safe?
Provided you keep your PayPal login details secure and make sure your email account isn’t compromised, PayPal should be completely safe to use.
Which casinos accept PayPal?
Most casinos don’t accept PayPal, but there are some that will. Check the banking section of the site to double-check before signing up.
Is there a deposit limit when using PayPal?
Unless the casino has placed a deposit limit when using PayPal, you are only limited by the amount of funds in your PayPal account, or in your bank if it is linked to your PayPal via a debit card.
Are there any drawbacks to using PayPal?
PayPal isn’t accepted everywhere, and there are some countries where the service is not available. In addition, PayPal doesn’t provide as much privacy as other payment systems such as e-wallets.
Are there any alternatives to PayPal?
Yes, loads. Try Neteller or Skrill. These work slightly differently from PayPal, but are accepted at many more casinos.