Playing at online casinos is one of the greatest forms of recreational activities. You get to have loads of fun playing across various slots, table games, live dealers and poker games. While playing for free is great, double the thrill comes from winning lots of cash aside from having fun.
For this reason, it becomes important to make deposits and play for real money. With lots of developments in banking systems and financial technologies, casinos today offer so many payment methods. Hence, giving you a wide range of great options to pick from.
Paypal has been around for a long time now as a payment wallet and has been adopted by so many casinos as a viable payment method. A lot of users already use this payment method for their normal day-to-day transactions. Paypal’s incorporation by many casinos has facilitated a better user experience for a lot of users across the globe. Let’s take a look at details on more details like the history and steps to make use of Paypal at your favorite casinos.
PayPal’s origins date back to 1998, when Max Levchin and Peter Theil founded Confinity. It was founded in 1999 as a money-transfer platform, and it went public in 2002. It rose to prominence after eBay paid $1.5 billion for PayPal in 2002. Following this significant breakthrough, PayPal began to expand around the world, and it is now accepted by many online retailers.
PayPal expanded its worldwide presence during the following few years as part of eBay. The payments company added ten currencies to its platform in 2006, including the Singapore dollar and the Swiss franc. PayPal received an EU banking license in 2007, allowing them significantly greater access to EU countries. At this moment, PayPal had over 35 million customers in Europe, including 15 million in the United Kingdom.
PayPal had made $1.8 billion in revenue by the end of 2007. Its parent corporation was now looking to buy out the rivals. Bill Me Later, one of PayPal’s main competitors, was purchased by eBay for little under $1 billion in 2008. Bill Me Later was a major player in the digital payment business. Bill Me Later’s network featured over 1,000 online businesses, catalogues, and travel partners, including Amazon, Bluefly, Continental Airlines, Fujitsu, JetBlue, Toys “R” Us, and US Airways. The move strengthened PayPal’s position as the world’s leading money transfer platform.
From 2008 to 2018, PayPal continued to grow, adopting new currencies and developing apps for iPhone and Android-powered devices. Mobile payments reached $4 billion in 2011 and almost quadrupled to $27 billion in 2013. Paypal has continued to expand till date with many using it as a payment method at many top casinos.
Depositing using Paypal at the casino
Making a deposit using PayPal is one of the most straightforward things you can do. It’s more convenient than using a credit card.
This is how it works:
- Proceed to the checkout and select PayPal.
- Enter the amount you wish to deposit.
- Enter your promotional/coupon/bonus code here (if you have one)
That’s all there is to it. You will then be sent to PayPal’s website, where you must log in to your account in order to approve the payment. Payments are normally cleared immediately once they are approved.
Note that limits vary, but most casinos will accept deposits ranging from $10 to $10,000. In terms of fees, the majority of sites will cover them on receiving payments. But don’t be surprised if you come across a site that demands a little price.
How to Cash Out Using PayPal
After an amazing win streak, what crosses your mind next is cashing out your winnings. The steps to withdraw using PayPal are very simple and straightforward.
Here’s the list of instructions for a hitch-free cashout:
- Proceed to the Cashier.
- Enter the amount you want to withdraw.
- Tap the confirm button.
- Verify your identification, if necessary.
- Withdrawals through PayPal might take up to 24 hours.
- Different casinos have different PayPal withdrawal regulations. Always read the terms and conditions before proceeding.
Safety and security
PayPal is solely concerned with payments. In other words, PayPal devotes all of its resources to ensuring that every transaction you conduct via the service is as safe and secure as possible. The service automatically encrypts all transactions with 128-bit encryption utilizing secure sockets layer (SSL) protocol technology. PayPal also conducts server checks to ensure that consumers are using an authorized browser (SSL 3.0 or above) for web-based transactions.
Moreover, PayPal has added security safeguards that go beyond technology such as SSL and encryption by storing all of their data in a single online vault system, which is far safer than storing credit card data in different locations. Furthermore, PayPal operates as a safe mediator by not disclosing credit card numbers or bank account information during a transaction.
Pros and Cons of Using Paypal as a Payment method at the casinos
Deciding whether to use Paypal for a lot of people depends on whether the pros outweigh the cons. Well, your answer lies right below in the pros and cons section of this piece.
Using Paypal as a payment method has its perks and advantages which are:
- PayPal is readily accessible. The majority of individuals have or can create an account. Creating an account is also free.
- PayPal is used for more than just online gaming. It may also be used for almost all of your shopping and bill-paying requirements (if you want).
- Deposits are virtually instantaneously cleared.
- The gaming site will normally cover the deposit costs.
- Most sites provide min/max limitations that are suitable for most budgets ($10-$10,000).
- PayPal only deals with reputable sites in jurisdictions where online gambling is permitted. This implies that you can typically rely on the sites that take PayPal.
- PayPal is accepted at licensed online casinos in Nevada, Delaware, and New Jersey.
- PayPal may be used for both deposits and withdrawals.
As great as Paypal is, there are certain cons and shortcomings that are attached to using it as a payment method. These include:
- PayPal cannot be used on illicit offshore sites.
- PayPal may levy fees. If not to you directly, then to the gaming site, which may pass them on to you.
- Fees may apply if you fund your PayPal account using a debit card or through your bank (PayPal has to make money somehow). As a result, it may make more sense for consumers to finance their gaming accounts using alternative ways, such as a credit card or a bank transfer.
- PayPal’s accessibility is hit-or-miss. It is not available on every legal overseas website, much alone every legal internet website in the United States.
- PayPal has been known to freeze accounts at random — even when you have done nothing wrong.
There is no denying the reliability of PayPal as a banking option. PayPal has a great reputation for security, versatility, and allows for online gambling.
It would be great to see more players/countries be able to use them since they’re cheap, fast and convenient. However, PayPal does not have any control over that.
It’s a good idea to give PayPal a shot whenever you want to fund your gambling account the next time, unless you live in a restricted country or area. It’s definitely worth a shot!