paypal The original e-wallet: Is it still the best?

As soon as the eBay deal completed, MoneyBookers switched their focus entirely to online gambling, making hundreds of millions of dollars over the next decade and completing numerous acquisitions of their own, eventually culminating in their purchase of Neteller and the formation of the larger Paysafe group. Towards the end of the 2000s, Skrill was beginning to branch out from online gambling, subsequently pushing PayPal back towards the industry.

In 2009, the US market was now firmly in the grip of the Federal Governments Unlawful Internet Gambling Enforcement Act. PayPal felt it would be safe to begin offering gambling transactions again in the United Kingdom, where processing gambling related payments was fully legal and regulated. 

PayPal only signed up the largest of the major UK licensed operators to begin with, but over time the company softened their stance and is now a common payment option at most casinos that hold licenses from the UK Gambling Commission, Malta Gaming Authority, and similarly high-profile, trustworthy regulatory bodies.

Opening a PayPal account is usually quite straightforward, provided you are fully registered at your address in your country of residence. The company uses several methods to verify identity without needing to ask for documents, much as many casinos do now (although Paypal, unlike the casinos, won’t suddenly demand them anyway when you win!). If the company does have any issues verifying who you are, this can often be rectified by adding your current bank account ore debit card to the platform – something you were very likely to have to do anyway. In the rare case that PayPal cannot complete KYC without documents from you, you’ll need a Passport, National Identity Card, or Driver’s License, along with a recent utility bill.

You can add funds to your PayPal account manually if you wish before depositing at a casino, poker room, or sportsbook, and this is advised if you wish to hide the destination of the funds from your bank. The reason for this is that a deposit to PayPal will simply show on your bank statement as “PayPal”, whereas using the PayPal deposit option at a casino will instead show (for example “PayPal demoslot.com Casinos”. 

If you aren’t fussed about your bank knowing what you are up to, then you can simply choose the PayPal option whilst making a deposit at your favourite online gambling site. If the balance iny our PayPal account is insufficient – or empty – you will be asked to choose a payment method to finance the transaction. Many jurisdictions have outlawed credit card payments for gambling transactions, something which PayPal honours in such jurisdictions, so depending on your local laws you will be offered the chance to add a debit, or potentially credit, card to complete your payment. 

PayPal deposits appear in your online casino account instantly, though if it is your first deposit at this particular online casino you should check the terms and conditions before depositing to ensure that PayPal is a valid payment method for receiving their new player promotions or bonuses.

withdrawing using paypal

PayPal used to offer a debit card which was linked directly to your PayPal balance, and I understand that this facility is still available in some countries around the world such as the United States. In my own country, no such debit card is currently available. It isn’t really necessary though, because free and instant bank withdrawals can be made allowing you to begin spending your winnings just minutes after hitting big on the slots, blackjack table, sportsbook, or whatever your chosen mode of gambling might be.

If your favourite casino does not offer immediate or same day PayPal withdrawals, you should ask them why. There is no good reason for having to wait several days to receive your money, especially if you are a fully verified player with a good background at the casino. If enough people hassle them, eventually they may change their ways!

information about e-wallets

So, why use an e-wallet when gambling online? Many bettors do not like their bank knowing that they enjoy a little flutter now and again, as there is some evidence to suggest that this information is viewed negatively by the banks. By depositing into an e-wallet and then making your gambling deposits from there, your bank no longer has any knowledge of what you are doing with the money after it is transferred to an e-wallet company such as PayPal.

Furthermore, withdrawals from online gambling sites to e-wallets are often much faster than alternative methods such as bank transfers or debit card refunds. Many online gambling companies process e-wallet transactions faster than regular banking transactions as the fees for making these payments are lower, which incentivizes their customers to use e-wallets rather than traditional banking payment services.

PayPal was well known for many years as the primary payment service for customers of the online auction house eBay. That arrangement has now finished, but PayPal is still widely accepted by online merchants both large and small for purchasing goods. PayPal also offers a “Friends and Family” payment service which allows funds to be transferred between personal acquaintances with no fees. This is especially useful when money needs to be transferred between people in different countries, who may otherwise have to pay very high international bank transfer fees.

PayPal: Frequently Asked Questions (FAQ)

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