In a world that’s ever-spinning, minutes matters, especially in sports betting. You need to be fast to catch the best odds, catch the latest bonuses, and handle quickly with unsuspected events. To do so, the process of depositing money has to be as easy, quick, and worry-free as possible.
Paypal offers a great solution to this as one of the oldest and most established e-Wallets. Think for yourself, if Elon Musk was once behind this company, what is stopping you from using Paypal?
How to Use PayPal for Sports Betting?
If you’re reading this article, you most likely have a PayPal account. If you don’t, don’t worry – because it takes just a few seconds to sign up. All you would need to do is provide them your name and email address along with details about your country of residence and contact number. Once your account has been created, you will have the option to link your debit card, credit card, or bank account in order to fund your PayPal account.
Once you have your account balance, you can move on to looking for the best online sportsbooks that offer PayPal. You can also consider other features like the promotions and bonuses they offer with your PayPal account.
- Visit the PayPal website and sign up
- Sign up for a personal account, not a business one
- Enter all your personal information including name, mailing address, phone number, and then agree to their terms and conditions
- Move to the next section and link your account to your PayPal profile
- Once you have the funds, you are ready to use PayPal for sports betting
Advantages of PayPal in Sportsbooks
- Security - PayPal is one of the, if not the best and safest online transaction platforms. Security is 24/7, background checks for vendors are extensive and there is a guarantee on safe transactions. Not just the transactions are safe with PayPal but also your payment information, all are safely encrypted and PayPal is only sharing the minimum required information with the third party.
- Transaction speed - All deposits and withdrawals made with PayPal are instant so you can immediately start placing your bets. Even if you don’t have an account yet, you can be playing on your favorite sports betting site within three minutes and join for live betting while the game has only just started!
- Widely accepted - PayPal is accepted globally so it will not only be useful for your sports betting payments. Secure transactions will be a possibility with vendors from all over the world, all covered by the same security and transaction speed that PayPal is well known for.
- Higher deposit and withdrawal limits - After completing a few successful payments PayPal will verify you as a trusted customer and allow for you to increase your limits for both depositing and withdrawing money. When you link your bank account the experience becomes better with faster validation and even higher limits!
Disadvantages of PayPal in Sportsbooks
- Higher fees - While depositing money is free and withdrawing the funds from your PayPal is without extra cost also, there are some substantial fees when paying with different currencies and receiving payouts to your account. Check out currency rates and the different fees when receiving money at PayPal’s website for the most current rates but expect a few percent to be taken away from your winnings.
- Customer support speed - While customer support is available and the refund system is even partially automated, some issues might take a while before receiving a response. Anything outside of the usual issues regarding payment and withdrawal can take 2-3 days extra. You will be helped properly but because of the massive size of operations it might take longer than expected.
How Secure is using PayPal for Online Betting
Paypal is one of the safest options in terms of eWallets when it comes to online betting. As an established company, Paypal prides itself on their level of security. As a sports bettor, you want a trusted party to handle your money, Paypal is one of these trusted parties.
- Paypal functions as a layer between your bank and the sportsbook giving you extra anonymity
- Top-notch technology tried and tested by pen-testers
- All transactions enjoy encryption as an extra layer of anonymity
- Security protocols to protect both the buyer (you) and the seller (the sportsbook) in case of any dispute
Fortunately, none of the online Sportsbooks we tested charge any fees for PayPal deposits. However, PayPal itself charges companies a fee for the transaction. All sports betting providers and the vast majority of online casinos pay these fees and do not pass them on to their customers. However, there are some sports betting providers that charge a small fee for withdrawals, because PayPal also charges casinos a small fee for transactions to customers.
PayPal Sportsbook Bonuses
PayPal Sportsbooks are always excited about new bettors, and as part of their efforts to bring in new customers, they always offer bonuses that make it easy for you to win. You can go ahead and take advantage of such promotions to experience the real value of making a PayPal deposit. These bonuses come in many different forms, and among the most common kinds is the free bet.
With this bonus, you will receive additional funds based on the amounts you deposit. For example, a $25 free bet would mean that you can use $25 to make bets without spending any of your money.
How to make a deposit with PayPal
Before you start using Paypal for sports betting, your first step will be to make a deposit. In order to do this, try looking for the cashier section in your US online sportsbook first. Here you will come across many deposit options, which also include PayPal.
Once you have selected PayPal, you are going to be asked to specify how much you need to deposit. After confirming your amount, you will need to log into your PayPal account and log in to verify this transaction. As soon as you’ve done this, your funds will be transferred into your betting account in just a few moments. \
How to make a withdrawal with PayPal
One of the best things about using PayPal for sports betting is that it is as easy to withdraw funds as it is to deposit them. As soon as you’re ready to cash out your winnings, you may choose PayPal from the list of withdrawals options and then let the online sportsbook know how much you wish to withdraw. Again, the browser will reroute you to your PayPal account so you can login. As soon as your identity is confirmed, your transaction will go through!
One extra detail: the first time you withdraw your winnings from the PayPal betting website, you will have to complete some ‘know your customer’ steps before you can process your cash-out. These steps will involve specific information for your US online sportsbook and will include any of the following:
- Photo Identification
- Bank Statement
- Birth Certificate
- Utility Bill
What is Paypal?One of the oldest eWallets best described with the following phrase; “PayPal is a service that enables you to pay, send money, and accept payments.”
Where can I use Paypal in sportsbooks?Paypal is accepted as one of the most prominent banking options on most of the established and reliable sports betting sites.
How secure is Paypal for depositing funds?All transactions made with the use of Paypal are encrypted and secured by ‘buyers protection’ or ‘sellers protection.’
I thought PayPal was not available for sports betting, what has changed?It is true that PayPal has not always been available as a payment method for online sports betting or even online casinos. Even to this day you might find a limited number of sports betting bookmakers who offer PayPal as an available transaction method outside of New Jersey. This has to do with the fact that PayPal works only in jurisdictions where its licensed for online transactions. This is why PayPal is one of the preferred payment methods all throughout Europe. In the past there have been some issues regarding the online sports betting market in the United States but PayPal is getting back its foothold again. Currently besides New Jersey, PayPal also has a license for the state of Nevada.
Does PayPal have high transaction fees on sports betting?Although some payment operators might use different fees for sports betting, all transaction fees for PayPal are equal for the purpose of either making a deposit or a purchase. One of the main advantages of PayPal is that as a customer there are no fees that will impact the amount of money you choose to deposit. When you combine the absence of deposit fees together with the instant transaction speed of PayPal you can see why it has been such a popular method of payment for online sports betting. Sometimes the sports betting bookmakers can charge you on the transaction itself even though PayPal will not charge you directly. Double check this when making a deposit at your bookmaker. Another thing that is important to keep in mind is that the withdrawal fees are on the higher side with about a 2.9% percentage from incoming transactions and a $0.15 base rate transaction fee.
Why would I use PayPal for sports betting in New Jersey?PayPal has been the most popular ewallet worldwide for quite some time now and especially in Europe it is the most popular online payment method. For sports betting Europe has been a quickly developing market for PayPal and many citizens of Europe benefit from PayPal’s transaction speed and protected transfers. New Jersey is special because it was the first state where PayPal got a transaction license for online betting. Since 2015 PayPal has been an accepted payment method with online sports bookmakers in New Jersey and Nevada. Many different states are looking to use PayPal as their preferred payment method for sports betting too. New Jersey is privileged to be the first state to take advantage of PayPal since laws and regulations changed in the early 2000’s.