Best PayPal Casino Sites - Analysis of the Most Famous Online Banking Method
Everyone who has had accessed the Internet more than once in their lifetime, have either used PayPal or have heard about it. The truth is, that although this isn’t factually the first online financial service provider in the world, it has by far become the most popular one, due to its mutual development with the eBay platform. With more than 320 million registered and active users worldwide, PayPal is considered to be the “golden standard” when it comes to sending and receiving money via the Internet - including when it comes to financial operations performed in online casinos.
Although PayPal’s initial origins are traced to 1998, after a few business-restructuring operations and re-branding, the company officially became its own separate entity in 2015. Due to the brand’s incredible success, security, and adherence to numerous laws regarding financial operations, the most high-end online casinos today implement this famous banking method in their payment platforms. In this article you will not only learn why the best PayPal casino sites are so many, but also what has made this banking method the most popular one worldwide.
Things to Do before Using PayPal in Your Favorite Gambling Website
Because PayPal is a service that requires an account, any online casino player will need to register in the banking platform first, before making any deposits or withdrawals. Given the high-level security of this financial platform, the system will ask for a number of important personal details of each account holder, for the creation of a genuine account. After PayPal properly verifies the identity of the account holder, the platform will unlock its full features. Here is how the overall process of registering a personal account will go:
- First, a user will input their phone number, where PayPal will send a special code that needs to be typed in.
- When the code has been validated by the system, the registration procedure will move onto personal details.
- The system will request the user to type in their email address, first and last name, and create a strong password.
- In the following step, PayPal will need the user’s country of residence, city, local address, as well as a valid date of birth.
When the steps above have been completed, the only thing left is to tick-off the box that signifies the user’s agreement with the website’s terms and conditions. In the following step, a page will prompt the user to link a card to their account. Players can add their preferred card or skip this step for now. We should also say that once a player has completed the registration procedure, they can link their personal bank account to their PayPal account - all that is required, is a valid IBAN number.
Relatively Easy to Use Payment Platform
Using this e-banking option is as easy as utilizing the functions of any e-wallet service provider. If you wish to put money in your online casino account simply navigate to the cashier section of the gambling platform, and select PayPal as your preferred method. After ensuring that you cover the minimum deposit requirements, choose the desired sum, and you will be done! Bear in mind that you might have to log into your PayPal account in order to confirm the payment to the online casino platform. Once this is done, the funds will transfer almost immediately to your casino account’s balance.
If you wish to collect your online casino winnings with the use of PayPal, the procedure will be similar to that of depositing. Navigate to the withdrawal category of your online casino’s cashier section, select PayPal as your preferred banking method, input a sum that will be compliant with the minimum limits set by the gambling establishment, and you will be done! Depending on the casino and its payment system, you might be required to verify your identity for the operation to complete, but that will be pretty much it. While an online casino may take up to a few days to process a payment request, the transfer itself is usually completed within 24-48 hours.
Limitations When Using PayPal for Online Casino Deposits and Withdrawals
In some countries (such as the USA), using PayPal services for any type of online gambling activity is restricted. There are events when a casino player can make a deposit via PayPal; however, they won’t be able to perform any withdrawals. On the other hand, there are jurisdictions where both deposits and withdrawals in online casino platforms are permitted. One very important fact should also be noted - regardless of the jurisdiction, purchases and selling of any form of cryptocurrency is absolutely prohibited.
Some Service Charges May Be Applied
Creating a personal account on the website is free. The same can be said by making a variety of deposits! When it comes to actual charges, the financial platform will deduct either a percentage of the lump sum, and (or) a flat fee. Although these are the general rules regarding the payment system, it should be mentioned that there might be some exceptions, which will be determined by the jurisdiction of the user. PayPal also states that there will be some kind of charge when a payment process requires the conversion of one currency to another.
Pros and Cons of This Payment Method
Just like every payment method out there, even the best ones have their advantages and limitations. In PayPal’s case, they aren’t as many, but they are present nonetheless. We have listed the most popular advantages and drawbacks of using this payment method below:
- The most popular online banking method in the world
- Superior cybersecurity measures
- Instant payments and deposits
- Supports 25 currencies
- The service provider operates in 200 countries (regions)
- PayPal can’t be used for online gambling in the USA
- Using it in online casinos may incur additional fees
- Minimum withdrawal limits for PayPal casinos may be higher than usual
How Secure Is PayPal as a Casino Payment Platform?
As an online financial institution, you can be sure that the security and data encryption measures implemented by the payment platform are considered to be state-of-the-art. Furthermore, when a payment from a PayPal account is made to an online casino account, no sensitive information about the user will be shared in any way. When it comes to the purchases of goods and services, this payment platform can act as a sort of an “Escrow” provider, allowing payment refunds under special circumstances.
Is This Payment Method Used by Online Casinos?
Given the fact PayPal is one of the most high-profile online payment systems in the world, it is only natural that the online casinos it is available in are also of superior reputation. There is much more to that - the financial service provider has a list of requirements, terms, and conditions, that every online gambling website needs to fulfill if they are going to offer PayPal as a banking option on their platform.
Some of those requirements include the possession of a license that is issued by a government-regulated administration (for example, the United Kingdom Gambling Commission ). With that being said, it doesn’t come as a surprise that some of the PayPal casino websites are highly renowned brands in the iGaming industry:
- 888casino - A highly popular UK-based online gambling brand renowned for its numerous licenses and millions of active members.
- bet365 - A gambling website that is highly active in the European market, bet365 is another famous brand that offers superior sportsbook and online casino services.
- Play OJO - This online casino is famous for its thousands of games and numerous e-banking promotions.
Bear in mind that regardless of the gambling brand, it is a common practice for online casinos to require that a PayPal deposit is made, if the player expects to make any withdrawals with that same method later. If the casino member has not completed a successful deposit via this payment method, they won’t be able to use it for requesting any payouts. Whatever the case might be, if PayPal is an available method in your preferred online casino, then you should definitely utilize it to its fullest potential!
Why I Can’t Access My PayPal Account from Another Country?
While some countries restrict transfers to online gambling platforms, there are jurisdictions that completely prohibit access to the payment platform, such as Egypt. In other cases, the method’s services can be limited only to one particular region, like in India. If you are using this payment platform as your main banking method, make sure that you inform yourself about its availability in different countries, especially if you’re expected to travel.
Is There a Way to Use My PayPal Funds without Using the Platform?
Most certainly. One of the services that the payment platform offers, is the issuing of a special debit Mastercard. Once your account is properly activated, you may apply for the “Cashback Mastercard” that allows 2% cashback for purchases. Bear in mind that the usability of the card itself and the activation of the cashback feature may be limited depending on the online casino you’re using it in.
How Do I Increase the Withdrawal Limits Associated with My PayPal Account?
In order to lift the withdrawal limits of your account, you will need to: link a bank account and confirm it, verify any payment card details, and provide your social security number (or equivalent in your jurisdiction – e.g. ID card number). Once PayPal’s staff reviews your application, the system will increase your withdrawal limits, as well as unlock additional platform features.