Are There Charges When Using Paypal on Betting Sites?
There are not normally any charges associated with using PayPal to deposit or withdraw from a bookmaker or online casino. Most betting sites treat PayPal as an equivalent to using a debit card, so you will find that if the site in question doesn’t charge for debit card deposits or withdrawals, then they won’t charge for PayPal withdrawals either.
Betfair used to charge a processing fee for depositing using PayPal, but they have recently dropped the processing fee so it is now also free. Great news and another reason to opt for PayPal for your next deposit there.
What Do I Need to Join PayPal?
Creating a PayPal account is very easy. You simply create an account, during this proces you will be asked to supply an email address that you want associated with your PayPal account. This will be the address that you will give to people if they ever want to send you money, so make sure that it’s something sensible and not an email address that’s likely to cause embarrassment.
Once you have created your account, you will have what’s known as a basic account. To begin with your send deposit limits will be very small. To increase these limits you will need to verify your identity as well as your funding source. This is very straightforward to complete. You simply add a bank account or debit card and then go through the verification process. This simply involves PayPal sending to small amounts to your bank account (for example 7p and 52p). Once these appear in your account, you add the values into the verification page and this will complete the process.
Once you are verified you will be allowed to send larger amounts of money and should have far less problems when it comes to depositing at the multitude of betting sites that accept PayPal.
Can I Use PayPal to Deposit at Betting Sites if I’m Based in America?
This one gets asked quite a lot. At the moment you can’t use PayPal to deposit at online casinos or bookmakers if you are a resident on the USA. However the gambling laws are changing apace in America, especially when it comes to online betting, so we would expect PayPal to allow US residents to accept PayPal as a deposit method in the very near future. As soon as we hear anything, we’ll be sure to update you here.
What is PayPal?
Before deciding on a betting site that accepts PayPal it’s important to understand what PayPal is and how it can help when choosing a bookmaker or casino. PayPal was formed in 1998 as an online payment processor. It’s aim was to replace traditional methods of money transfers such as cheques and money orders.
Today it allows users to transfer money using only an email address as the payee reference and is used by a large number of online retailers and auction sites. Some of the early investors are now very well known after PayPal delivered significant commercial success. 2 individuals that are particularly infamous with PayPal’s early days are Peter Thiel and Elon Musk, both amassing large fortunes for their early involvement in the payment processor.
PayPal was acquired by Ebay in 2002 and was run as a subsidiary of the online auction platform until 2015 when it was spun off as a standalone organisation.
How Does PayPal Work for Betting?
The beauty of PayPal with respect to online betting is that you don’t need to register a credit or debit card at the bookmaker or casino that you are signing up to. Once you have created your betting account, you can then opt to deposit via PayPal and you will then be prompted to sign into your PayPal account where you can make your deposit. The sign in process is done outside of the online betting account, so there are no passwords saved on the betting site. This has the added advantage of there being no card details stored on the betting site.
To withdraw you follow the same process. Your funds will be withdrawn to the same PayPal account that you deposited from, making the process smooth and efficient.
Will I Still Be Required to Complete the Same ID Checks If I Deposit Via PayPal?
You will almost certainly be required to carry out the same level of identity checks when you use PayPal as your payment method for a betting site. Bookmakers and casinos have strict money laundering laws that they must adhere to when accepting a new player and these remain in place even if you are opting to use PayPal. To verify your identity, betting sites will normally ask for a proof of address that is less than 3 months old and a form of photo ID, which can include a passport or photo driver’s license.
How Long Does it Take to Receive Funds From Betting Sites Using PayPal?
Traditionally using PayPal has meant that betting sites return funds faster than if you used a credit or debit card. Receiving funds from betting sites after a big win is one of the most important aspects to consider when choosing a bookmaker or casino and PayPal can certainly reduce the time from withdrawal request to actually receiving funds. Some bookmakers that we have tested in the past have returned funds to a PayPal account on the same day, which is pretty impressive.
It is important to note that if you are withdrawing from the betting site for the first time, (having taken a free bet from a sign up offer for example) it can take longer than normal, even when using PayPal because of verification checks that need to take place to confirm your identity. Once you have completed these, subsequent withdrawals will be much faster and can even be the same day. This is especially important if you are involved with matched betting, where moving funds quickly equals greater efficiency of your betting bank.
Will I Still Qualify For Bonuses if I Use Paypal to Deposit With?
It used to be the case that if you opted to use PayPal as your deposit method, then you would still qualify for casino bonuses and ongoing bookmaker promotions and whilst there are still a great number of sites that will still allow you to take advantage of their promotions, some have, more recently, excluded players from receiving bonuses if they deposit using PayPal.
At the time of writing (26/05/2019), the following bookmakers will allow you to claim their bookmaker welcome bonus if depositing via PayPal.