There are many different ways to make a deposit and a withdraw at online sportsbooks. One of the time-tested and proven ways to complete a financial transaction at a bookie is via PayPal. Not all online sportsbooks will allow 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 environment. PayPal is one of, if not, the biggest online payment systems that is used universally throughout the world.
In this review, we’ll go through what makes this payment option popular among bettors.
Top PayPal Sportsbooks of 2020Sorry, there are no brands that we would recommended for Australia that accept Bitcoin as a deposit option. Check out other US-friendly sportsbooks here.
- Instant deposits: This is one of PayPal’s biggest advantages, especially for gamblers who wish to start playing as fast as possible. When making deposits at your favorite online sportsbook, you’ll only have to wait a few minutes before the funds arrive in your account and you are all set up to go.
- Safe and secure: Safety and constant security updates are the reason behind PayPal’s excellent reputation. When performing any transaction between your favorite sportsbook and this e-wallet, you can rest easy, knowing that all shared data is encrypted using the latest SSL tech.
Further, players can forget about identity theft and fraud thanks to PayPal’s monitoring technology. Also, you can be assured that PayPal only teams with sportsbooks that hold reputable gambling licenses.
- 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. In fact, players can use the PayPal mobile app to access their accounts. Don’t worry about security because the app uses a PIN feature that ensures all data remains safe.
- On-board currency conversion: You won’t have to leave PayPal to find the current currency conversion rates or even do the math yourself. Instead, PayPal offers an on-board automatic currency converter, and this applies to sportsbook PayPal options.
- Widely accepted by most major online sportsbooks: With such a great global presence, you can expect many major online sportsbooks to have this payment method on their list.
- Although most online sportsbooks don’t charge fees for deposits and withdrawals made via PayPal, some do. Nevertheless, the fees are almost zero but be on the lookout for PayPal betting sites that charge a deposit fee when using this payment method.
- 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. On the other hand, this sort of transparency is always welcome if you are trying to keep your financial details accessible to the tax man – which, in our opinion, is the best way to deal with any tax authorities.
- Not all sportsbooks accept PayPal: While PayPal may have a strong presence worldwide, only a few sportsbooks list this option as a banking method. This is because PayPal is strict when it comes to partnering with gambling entities.
What Is So Appealing About PayPal for Gamblers?
PayPal is 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 withdrawal, they 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 their credit cards to perform any transaction at their favorite online sportsbook.
The other appealing factor to gamblers is that most transactions are instant. This means if you make a deposit using PayPal, you don’t have to wait for hours for the funds to reflect 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’s close to game time. You can literally make a deposit with your PayPal and depending on which online sportsbook you use, you’ll have the funds available in minutes.
Keep in mind that if a bank card transaction fails, chances are PayPal will not cooperate with that specific betting site you have been trying to deposit in.
Today, almost all transactions are done via mobile phones. As a result, many industries and businesses are migrating to mobile versions because it’s more convenient for users. This is the same thinking behind online sportsbooks today as well as e-wallets.
PayPal, for instance, has a mobile app where users can perform transactions and check their transaction history. What’s more, the app is just as secure. Moreover, players can access the multiple services offered by PayPal including PayPal.Me and PayPal Access Card. The app is available for all operating systems including Android and iOS.
How to Set up a PayPal Account
Setting up a PayPal account is easy. First, you’ll need to sign up for an account at www.PayPal.com. This involves filling in your name, date of birth, home address and other basic information.
You will need to link a bank account to your PayPal account, and this will act as your funding source or withdrawal destination. Most people use a secondary bank account so that they know how much money they can deposit at any given time.
After setting up your PayPal account, you will be able to send money to your online sportsbook or request money from the sportsbook.
You will most likely incur 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 address where they’ll send the funds. This is the same email address you used when signing up.
How to Deposit and Withdraw Using PayPal
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 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. From there, you can withdraw the funds to your bank account.
It is simple to top up 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 the 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 need to enter your account once again. After that, choose the amount you want to deposit as well as the nearest physical retailer you’ll visit to make the cash deposit. PayPal will then generate a barcode for you that you’ll need to provide at the retailer 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.
Bonuses and Rewards
If you love rewards and bonuses, then PayPal is the banking method to use. Today, multiple online sportsbooks that list PayPal as a payment option offer bonuses, especially on initial sign-ups. These rewards or bonuses will fall between 5% and 15% on the initial deposit made through PayPal. With that said, you may want to go through the terms and conditions that touch on PayPal deposit rewards.
Now, it’s easy to conclude that PayPal’s vast size means getting help is an impossibility. Quite the contrary, though. PayPal has a team of experienced, knowledgeable, and dedicated customer support staff on hand to handle any customer query.
One of the available channels is by typing in a message in the message box provided by PayPal found in the ‘Contact PayPal’ page. Further, customers can call the support staff by phone. Nevertheless, you must call in during the 18 hours they are online during the weekdays and 16 hours on weekends.
From Monday to Friday, you can call the support team from 04:00 to 22:00 (Pacific Time). For Saturday and Sunday, you can call in from 06:00 to 20:00 (Pacific Time). You can also opt to send an email – an option that’s available 24/7.
What About Additional Fees?
When using PayPal as a payment method for online sports betting, you could potentially incur fees from both ends.
The good news is, the majority of PayPal 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 when 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 withdrawn that given month, etc. The amount is usually nominal, and just a small percentage of the overall amount.