As a funding provider, Paypal is the most popular eWallet facility in the world right now and it is linked to millions of retailers across the globe. The ability to pay in just a few clicks without having to input card details really speeds the process up and makes this the first choice online payment method for many of us in the present day. That certainly aplies to online gambling as well, so Paypal betting sites definitely have an advantage over the rest of operators.
The company has certain restrictions in terms of gambling but many of the more established bookmakers do have an arrangement with Paypal and that’s a real benefit when you consider how big the corporation is.
How Paypal Betting Sites Work
You can upload funds into your Paypal account via your bank and you can also accept payment for goods or services. Many of their customers choose to sell unwanted items on sites such as eBay and subsequent funds on those sales go into Paypal.
Those funds are then held securely in the same way as they would be with your bank. From there, you can then pay for any goods or services yourself and if your chosen bookie is in fact one of the Paypal bookmakers, you can deposit to or withdraw from that sportsbook account.
Points to Note
One of the real benefits of Paypal betting sites is that unlike with some other eWallet providers, there is no charge to actually send money to your account. So, if you are funding a sportsbook account then it should be free for you to send and you will not therefore be penalised for money going out. However, you should always check with that bookie to make sure there isn’t a charge and if this is unclear, run your query past a customer services operator.
There are charges for you to receive money, other than for gifts, and these are subject to change so check with the operator on any given date.
It is also possible for certain betting sites to exclude Paypal funding from any promotion, particularly welcome bonuses. That means that if you fund a new account via Paypal, you may not receive that welcome offer so in this case, it would be safer to use a debit or credit card.
Moving on through the life of your account, it will be safe, secure and flexible to use Paypal for any deposits or withdrawals.
As part of Paypal’s overall facilities, they have also issued an access card which allows you to pay for items, including bookmaker deposits, as you would with a debit or credit card. Overall, there is great flexibility here and that’s one of the reasons why Paypal is widely considered to be the most popular of all the eWallet providers.
History of Paypal
Paypal was originally established back in 1998 when it was known as Confinity. Back then it was set up to implement security on hand held devices but a year later it was renamed and undertook to take advantage of the growth of the internet and the rise in online transactions.
After its initial public offering (IPO) in 2002, Paypal was acquired by eBay. The two companies had worked alongside each other extensively with one providing payment services for the auction site and for many this was a logical development.
That development continued and by 2010 it was reported that Paypal had over 100 Million active users in 190 countries right across the world. Acquisitions and software improvements continued to follow and in 2015, the company revenue was declared at $9.24 Billion USD.
With so much money flowing through the company and so many active users across the planet, it’s clear that all online betting sites would like to have an arrangement with Paypal if at all possible. Access is, however, only granted to a chosen few and it’s mainly the established brands such as Coral, Ladbrokes, bet365, BetFred and similar organisations who make this available.
The advantage to the operator is obvious as it opens them up to a huge customer base in certain countries while the account holder has the flexibility to deposit and withdraw to Paypal betting sites using the biggest eWallet provider in the world.