PayPal is an American publicly owned organization that trades on the NASDAQ. Its headquarters are in San Jose, California. PayPal was launched in 1998, and for the past two decades, it has had a close relationship with the eBay website until it became an independently traded organization in 2015.
From 2015, PayPal stated that it had accumulated 173 million customers across 190 countries. Although it was tied to eBay during its formation years, the flexibility it offered as an e-wallet operation and online banking service meant that it was a positive move to use it as a payment method. Later, PayPal grew as a payment option for numerous kinds of businesses, including gambling and sports betting platforms.
BML Group Ltd is licensed and regulated by the Malta Gaming Authority under licence MGA/CRP/108/2004 issued on 1st of August 2018. BML Group Ltd was initially licensed by the Malta Gaming Authority on 30th of March 2006
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Although this option is a relative newcomer to the sports gambling industry, it has been in the e-wallet market for longer. Punters prefer it since it’s a secure method that has been operational for decades. With tons of transactions taking place on the organization’s servers every day, this method has proved its legitimacy in the betting world. It adds its security experience while transacting with eBay, which is a bonus guarantee.
This payment method offers its customers six levels of precautionary measures to ensure that their transactions are safe. This is the level of security you’ll get with your PayPal account. What they are doing is taking a full suite of services that already exist and offer the same to a more specific group of clients. The level of security this payment method offers to its clients makes it an excellent method for anyone looking for an alternative to bank wire transfers and credit card deposits.
How Are the PayPal Services Delivered to Clients?
PayPal offers secure encryption technology, global customer protection, 24/7 monitoring, dispute resolutions, personal data privacy, and fraud protection. If you have used other e-wallet options in the past, you’ll find this alternative’s sports gaming services familiar.If you have chosen a sportsbook that accepts the use of this alternative, you can use the method to fund your account. Usually, you’ll be able to do this without incurring any extra cost. Besides top-ups, that are free of charge, you can also benefit from the deposit bonus that members can claim once they make their first deposit.
This is just one of the numerous promotions that users can get from this alternative. These transactions take 3 to 5 days to go through. You’ll also not incur any charges for transferring funds from your PayPal account to your bank account. However, you should confirm with your bank about the same since some banks charge a minimal amount.
How Can You Use PayPal for Online Sports Gambling?
Before getting started, it’s essential to understand how to use this alternative with your favorite bookmakers. The first thing is to sign-up for an account at a PayPal wagering platform. Visit the website and register an account for free. It'll only take you a few moments to do this. You’ll be required to provide some basic information and select your login information.
How to Create a PayPal Account
The process of joining this payment alternative is easy and swift and only takes a few minutes. You need to visit the official website, register for an account, and provide some crucial details such as your email, name, and then link your debit/credit card. After that, you’ll be required to do email verification. Once you have fulfilled all these requirements, your account is ready for a deposit.
How to Deposit
Before you can begin gambling, you’ll need to make a deposit. Find the website’s cashier section where you’ll find a list of deposit methods, including this alternative. Choose it and specify how much you want to deposit.
You’ll be directed to your PayPal account where you should log in and verify your transactions’ details. Your funds will be transferred to your gambling account instantly, and you can now start wagering with this alternative.
How to Withdraw
It’s possible for punters also to withdraw their winnings through this alternative if it was their deposit payment alternative. Once you wish to make a withdrawal, choose PayPal as your option from the available list.
Input the amount you want to withdraw and provide your PayPal account information, and then submit your withdrawal request. Before you can make your first withdrawal with this option, you’ll be required to complete the “know your customer” steps.
This means that you’ll be required to provide specific information to the sportsbook. The information includes one or more of:
This is a standard part of the withdrawal process at reputable wagering platforms. It’s a way of protecting punters as fraudsters would find it hard to get hold of such documents and withdraw your cash.
What About the PayPal Fees?
Are you wondering about PayPal deposit fees? Most sportsbooks cover the fees on deposits. However, you should be prepared to pay a fee imposed by this option if you choose the option for making a withdrawal.
Benefits of Using PayPal at Online Betting Platforms
With PayPal, punters enjoy a withdrawal and deposit method that is:
One of the best things about this option is that you aren’t obligated to provide your bank account or credit card information. Also, it’s an excellent option for those living in states where major banks don’t process transactions to and from betting platforms.
PayPal can help them overcome this hurdle, especially if their bank doesn’t have a gambling transaction policy. Since it’s an e-wallet, it also allows users to make fast deposits. Another upside is that you can use PayPal for virtually all online transactions.
Can I Use PayPal at Offshore Betting Platforms?
You can only use this payment method in jurisdictions where gambling has been regulated. Also, you can use the option to withdrawal and deposit from licensed and regulated sports wagering houses and horse racing platforms.
To avoid getting locked out of using a reputable payment option like PayPal, keep away from any unregulated offshore wagering houses. These bookies aren’t licensed in the US. Therefore, they don’t have to abide by the same oversight and laws.
In case anything goes wrong with your transactions, or the organization gets into trouble with running their business, punters risk losing all their hard-earned money.
What Alternatives Are There to PayPal?
If you are looking for an alternative service that offers the same standards, you have a few options. Top on the list is Skrill and Neteller. The two are e-wallet options, and they provide a wide range of services together with what is available via PayPal. They also offer similar broad choices regarding sports gambling houses that punters can use them on.
These options come with different rules. For example, the minimum amount a punter wants to either deposit or withdraw with each option could be different. The maximum withdrawals and deposits can also be different from either option. Although these limits don’t matter to most players, if you are a higher roller, it would be wise to find out which option will offer you the most suitable terms. This is most important when you wish to withdraw large amounts.
The other difference is the time it takes for your transaction to be processed. It ranges from a couple of hours, with Neteller to a day, in case of Skill or PayPal withdrawals and deposit transactions.
Top Online Websites That Accept PayPal
With Bet36, punters benefit from impressive bonuses, the best betting markets, and a wide range of payment options. The site is ranked at the top of the world’s best gaming houses.
Betway is a great platform that offers punters a wide range of features, including live betting, mobile gambling, and virtual sports, among many others.
If you are looking for a gaming house with tons of sports to bet on and great rewards, such as free bets, 888Sports is your best option. You can also withdraw or deposit funds via PayPal.
Can I buy Bitcoin with PayPal?
No. Players cannot use PayPal to buy Bitcoin or any other cryptocurrency.
Can I use a friend’s or family member’s PayPal account to make a deposit?
No. The account used for payment transactions at a gambling house has to belong to the punter.
Can I make a deposit using PayPal if I don’t have an account with PayPal?
If you wish to make a deposit using PayPal, you need to use it as your payment option. This means signing up with the provider. The process of creating an account is easy and fast and only takes a few moments.
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