There are many different ways to make a deposit and a withdraw at online sportsbooks. One of the oldest means of making a deposit and a withdraw is by utilizing PayPal. Not all online sportsbooks will allow the usage of PayPal but you can still find a handful that will allow it.
PayPal has been around for a long time, since 1998 to be exact. They are basically described as an online payment system that allows people to send and receive money in a safe and secure means. PayPal is one of, if not, the biggest online payment system that is used universally throughout the world.
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- One of the biggest advantages for using PayPal is the speed at which deposits are processed, usually instant. This is perfect for bettors who are not that well prepared and can’t always plan ahead with methods that requires several days to weeks to complete the deposit.
- Another major benefit for using PayPal is the fact that you low your risk of potential identity theft tremendously due to not having to reveal your personal or financial information as you would do if using credit cards.
- It’s widely accepted by most major online sportsbooks.
- It’s free, the majority of time, especially at established online betting sites.
- Easy and convenient to use. All you need is your email address and PayPal password and you’ll be able to make deposits at most online bookmakers.
- Although most online sportsbook don’t charge fees for deposits and withdrawals made via PayPal, some do.
- All transactions will be documented in your credit card history, therefore visible to your local financial authority. So, not the best option if you want complete anonymity.
What Is So Appealing About PayPal for Gamblers
PayPal is very appealing to bettors mainly because it works as a means for US Citizens to use their credit card to make deposits when not able via other means. Many times when someone who lives in the US attempts to use their credit card for a deposit or withdraw, they will get declined due to policy and regulations. This means that many people who use Visa, Mastercard or American Express will not be able to utilize the credit card they use in their daily lives to make a deposit or withdraw at your online sportsbook.
The other thing that is most appealing to gamblers is the fact that most transactions are instant and without delay. This means if you make a deposit with your PayPal account, there is no waiting hours for your money to show up in your betting account. This is great for times when you are low on money in your account and want to place a wager and it is close to gametime. You can literally make a deposit with your PayPal and depending on which online sportsbook you use, it can be in there in a matter of minutes.
How Do You Set up a PayPal Account?
Setting up a PayPal account is very easy. The first thing you will do is sign up for an account at www.PayPal.com This is very easy, it is basically just filling in your name, date of birth, home address and some basic information. You will need to attach a bank account to your PayPal account where you want your money to be sent and taken from. Most people use a secondary bank account so that they know how much money they can deposit at any given time.
After you setup your PayPal account, you will be able to send money to your online sportsbook or request money from the sportsbook. To send money to the sportsbook, you will request an email that you can send the money to. You will most likely be charged a small fee for the transaction because you are sending money to a business. If you are receiving money from an online sportsbook, you will need to provide the sportsbook with an email that they can send you the funds. This is the same with sending and receiving money.
How to Make Deposit and Withdrawal
Making deposits and withdrawals from your PayPal account couldn’t be any easier.
For deposits, simply visit the ‘cashier’ section at your online sportsbook, then choose ‘PayPal’ from the list of deposit options. Once there, you’ll need to enter the amount you wish to deposit. From this point, you may or may not need to confirm this payment via your own PayPal account, after which the deposit will be in your betting’s account.
Withdrawals are made through the same process. Just navigate to the ‘cashier’, select ‘PayPal’ from the list of withdrawal methods, enter the amount you wish to withdraw, and the money should be in your PayPal account within 3-5 business days.
It is simple to add money to your PayPal account. You can use either your bank account or PayPal CASH service. If you choose the former, make sure you have a bank account linked to your PayPal, then go to PayPal website. Choose the “add money” button, then your bank account associated with your PayPal account, enter the amount and click “add”.
For CASH option, you have to enter your account once again. After that, choose the amount you want to deposit as well as the nearest retailer to you that you’ll physically visit in order to make the cash deposit. PayPal will then generate a barcode for you that you’ll need to provide at the retailer in order to process the deposit. This barcode can either be printed out, or you can request to have it sent to your mobile device. A $3.95 fee will be applied to your PayPal account when making use of this service.
What About Additional Fees?
When using PayPal as a payment method for online gambling, you could potentially incur fees from both ends.
Good news is, the majority of betting sites do not charge fees for deposits made via PayPal. However, do be aware that a site could change their policy at any given time, therefore it’s best to check your chosen online sportsbook to know for sure whether or not they’ll charge you for using PayPal. The same is true for making withdrawals. It depends entirely on the sportsbook whether they charge you or not, and how much. Generally speaking if they do, expect a fee of around $10-$25.
PayPal, however, will charge you a fee every time you make a withdrawal from your PayPal account. This amount varies depending on the type of account you hold with them, the amount you’re withdrawing, the total amount you’ve withdrew that given month, etc. The amount is usually nominal, and just a small percentage of the overall amount.