Best PayPal Casinos Online
About PayPal
By using PayPal, you’ll be able to send money to anyone with a few clicks, regardless of the location. Many leading currencies are supported by this digital payment system. Today, it has more than 250 million users globally, including online merchants such as trading platforms and virtual casinos. This online payment method allows you to keep your sensitive financial data confidential while making payments.
You can use your PayPal account for all your transactions or use one solely for playing online casinos. In fact, opening a separate account for your online casino activities is highly recommended. It helps you monitor your spends and keep track of your winnings.
PayPal was established in December 1998 as ‘Confinity’ by Peter Thiel, Max Levchin, and Luke Nosek. It was in the business of developing security software for handheld devices. As the business model proved unsuccessful, the company developed a digital wallet. The first version of this electronic payment system came out in 1999.
In the following year, the company merged with X.com, which was founded by Elon Musk, Ed Ho, Harris Fricker, and Christopher Payne. Elon Musk wanted to terminate X.com’s other online banking operations and focus only on the payment system developed by Confinity. The reason was his high optimism about the future of the company’s digital money transfer business.
Despite this, Peter Thiel replaced him as X.com’s CEO in October 2000. Before going public in 2002, X.com was renamed PayPal. The leading e-commerce company, eBay, acquired PayPal on October 3, 2002. In the years that followed, PayPal achieved many milestones. They included the acquisition of VeriSign and partnership with Mastercard.
Pros and Cons of using PayPal in online casinos
The massive popularity of PayPal has led many online casinos to accept it as one of their payment methods. Some also offer generous no-deposit bonuses for players using PayPal to make their deposits. Most online casino players are often concerned about the safety of their private information while making deposits or withdrawals. With this digital payment system, they need not worry about information security.
Besides, PayPal’s fast and efficient customer support provides quick resolution to all problems associated with the accounts. Nevertheless, it is always good to be aware of the pros and cons of this popular payment method.
Pros:
- It is accepted as a payment method in most online casinos
- You’ll not be charged hefty transaction fees
- There’s no need to key in sensitive data while making your payments
- You can control your spends on the online casino games
Cons:
- Some online casinos don’t accept PayPal owing to country-specific restrictions
- You may incur fees for some transactions, especially the ones involving currency conversions
How does PayPal compare to other payment methods?
PayPal is quicker than bank transfers and credit or debit cards when it comes to making deposits and withdrawals. Many other payment methods are not allowed for making withdrawals. The ones that are allowed may have a lower withdrawal limit. Crypto wallets might have higher or no withdrawal limits in many online casinos. Despite this, cryptocurrency transactions take longer to process.
As PayPal is beginning to accept cryptocurrency, it might become a good alternative for conventional crypto wallets in the near future. PayPal ensures data security as its users are not required to provide any sensitive financial or personal details while making a transaction. In this case, it is quite similar to a prepaid voucher such as paysafecard.
The only difference here is that such vouchers are not accepted in many casinos, especially when withdrawing your winnings. Not all e-wallets have found a wider acceptance in online casinos, but PayPal has to a great extent. Today, almost all the casino websites have it as one of their payment methods.
Fees
Most online casinos won’t charge any fees for deposits made using PayPal. However, you might have to pay a small fee for transferring funds to your bank account or credit card. Typically, it amounts to nearly 2.9 percent, but you’ll need to pay extra if currency conversion is involved. This payment system charges a certain amount of fee for cross-border transfers.
Such transfers need to be made if you’re residing in a country different than the one your chosen online casino operates in. The amount of fees charged on cross-border payments would depend on the sender’s and recipient’s country. You can go through PayPal’s user agreement to understand the transfer fees in detail.
Usually the currency conversion fees vary between 3 and 4 percent. Some online casinos might have a certain amount of fee for making deposits or withdrawals using this payment method. It is, therefore, a good idea to read and understand the terms and conditions of an online casino before signing up on the website.
How to use PayPal for deposits in online casinos
The exact process for making deposits using PayPal will differ from one online casino to the other. Despite this, you’ll find it extremely easy to deposit funds into your online casino account using this payment method. First, you’ll need to make sure that your PayPal account is sufficiently funded or linked to your credit card.
The next step would be to log in on your casino website and navigate to the cashier, banking, or payments section. From the available options, choose ‘PayPal’ as your payment method. Once this is done, enter the amount you want to deposit.
You must ensure that it meets the minimum deposit requirement of the online casino. Upon proceeding further, you will need to follow the instructions and provide confirmation in your PayPal account. The amount of deposit will reflect in your online casino account shortly after this is done.
How to use PayPal for withdrawals in online casinos
To withdraw your winnings, you need to be logged in on the casino website. Head to the cashier, banking, or payments section and choose PayPal from the list of options for withdrawal. Key in the amount you want to withdraw and provide your confirmation for the transaction.
You’ll then receive the amount you’ve withdrawn in your PayPal account after a while. The time taken for withdrawal would depend entirely on the online casino you’ve chosen. Usually, you’ll get the amount on the same day, but it may take longer in certain cases.
The casino website might have a limit on the amount that a player can withdraw. This is especially true when you hit a jackpot. If you’re not sure about how much you can withdraw, go through the casino’s terms and conditions. You can also get in touch with customer support to know the exact withdrawal limits.
How secure is PayPal?
When you use PayPal as your preferred payment method in an online casino, you’ll benefit from its advanced security features. Among them is end-to-end encryption, which plays an important role in keeping your information safe and secure.
Your transactions are protected by TLS (Transport Layer Security) 1.2 connections during logins. Other security measures include physical access controls at PayPal’s data centers, information access controls, and firewalls. This payment method also implements 2-factor authentication and anti-phishing measures to protect your account.
The users also need to take all the necessary precautions to make sure that their account and online transactions are protected. Never sharing passwords, OTPs, and other credentials with anyone are some of measures that you can take in this regard.