PayPal is the oldest and the most reliable e-wallet in the world. No doubt, it is also the most popular one in use to date. Whether you want to use t for online shopping or online betting, most places accept this payment method now. Not only is it quick and easy, but it's one of the most secure methods on the market.
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Betting with PayPal is becoming ever more popular. PayPal is the oldest and the most reliable e-wallet in the world. No doubt, it is also the most popular one in use to date. However, the company wasn’t known by its current name when it was just a fledgling little enterprise.
They were once known as Confinity. The company was founded in 1998. Back then it was a close knit small enterprise. Nevertheless, it was able to gain the trust of its clients and became the top payment method on eBay.
Through the years PayPal underwent a lot of changes. During its first year in operations, it was only doing software development. The following year after its establishment, the company started offering money services.
Business was going great and then it merged with x.com, which was an online banking enterprise. In 2001 after the merger it changed the name of the new company to PayPal.
Things went quite well. Well, it went so good that eBay became interested in the company. PayPal was eventually acquired by eBay in 2002 for 1.5 billion dollars.
PayPal only came into the online betting scene quite recently. Other e-wallets such as Neteller and Skrill, have been in the business for quite some time now but PayPal’s experience in the e-wallet business makes it a formidable competitor. In fact, a lot of sports betting pages nowadays accept PayPal as a mode of payment.
Here are some of the sports betting pages that accept PayPal as a payment method:
We all know that PayPal is a relatively newcomer to sports betting. There are others who have been at it much longer than PayPal has. Nevertheless, PayPal has been in the e-wallet industry for much longer. Now, you have to weigh the pros and cons of using this payment method (we’ll go over that in a little bit).
When you use PayPal’s service you are banking on its decades’ worth of experience. That’s a lot of experience when it comes to providing security for your money. Note that there are countless transactions that occur on the company’s servers on a daily basis.
It brings its security experience while working with eBay on the table, which is an added guarantee. On top of that the company offers its clients 6 levels of precautionary measures to keep each transaction safe. That’s the level of security that your account will get.
What the company is doing is to simply take an entire suite of services that are already in operation and offer it to a different set and more specific group of customers. The level of security it offers makes it a pretty good option that you can switch to if you’re looking for an alternative to credit card deposits and bank wire transfers.
It offers the following services: global member protection, secure encryption technology, dispute resolutions, 24/7 monitoring, fraud prevention, and personal data privacy. If you have used e-wallets before, then you might find its sports betting services to be quite familiar.
If your bookmaker allows the use of PayPal, then you can use it to top up your account, usually without any extra cost. Other than top ups that are free of charge, you can also take advantage of a deposit bonus that you can claim after making a first time deposit.
Note that this is only one of the many promotional offers that you can take advantage of from PayPal. Do be aware that transactions usually take 3 to 5 days to complete. Also understand that there are usually no fees when you transfer money from your PayPal account to your bank account, but check with your bank to be sure – since some banks do charge.
To make deposits via PayPal, you still need to go to your bookmaker’s payment page or payment section. You should fill out any information if necessary. They will then ask you to enter the amount you want to deposit or withdraw in case you are making a withdrawal.
You will then be transferred to the PayPal page where you will have to login to your account. You won’t do much on your PayPal account page since the only thing that you will have to do is to approve the transaction that you performed (i.e. withdrawal or deposit).
The process for receiving money will be almost the same. You will have to go to the payment section of your bookmaker’s website and select PayPal as your payment processor. You will then be required to enter the amount of you will be receiving (in some systems this step is no longer necessary since the amount will already be indicated) and then you will be required to enter your bookmaker password as an added security feature.
What if you want to add cash to your PayPal account? There are two options available to you. The first one is through your bank account and the other option is through the PayPal cash service.
Note that before you can use your PayPal account for any type of transaction, you should link your account to your bank account. The process to link your bank account to your PayPal account will require a test withdrawal and deposit to and from your bank account.
Click “add money” link at the bottom of your PayPal account balance. You will then be asked to choose which bank account to use. You will then be required to enter the amount of funds you wish to add to your account and then you click “Add.”
To use the PayPal cash service you will then follow pretty much the same process. Now, instead of choosing a bank account you will select the local vendor that is associated with PayPal. You will then be given a special code or bar-code after requesting a deposit. Note that there will be a service for the cash transfer service which will vary from one vendor to another. Your PayPal account will then be credited immediately.
Security is one of the features that make betting with PayPal an industry leader. This is primarily the reason why it has been so successful as an e-wallet service company. It offers top notch security that has been tried and tested.
This feature is quite attractive to bettors of course. It uses the latest technology, payments and other transactions are encrypted. Your financial and personal information will remain undisclosed throughout every transaction.
Note that making deposits on your PayPal account is absolutely free. The only time they will charge a fee is when you withdraw money for any transaction whether you’re betting for a sport or when you make a purchase online. This is where PayPal makes its money – it’s usually a 3.4% commission rate. Note that the rates change since transaction amounts vary and are classified according to tiers. Some tiers have lower commission rates, sometimes lower than 2.4%.
Here are the advantages and disadvantages of betting with PayPal for sportsbook transactions. Let’s begin with the pros: