PayPal is one of the most popular and reliable e-wallets on the market today. Whether you want to use PayPal for sports betting or other financial transactions, it’s all possible. When using PayPal, users can benefit from many advantages. In this blog, you will read more about PayPal in general, what the pros and cons are, and finally, we will list a number of well-known bookmakers that accept PayPal today.
PayPal in General
PayPal is an online payment method that was founded in 1998 by Peter Thiel, Luke Nosek, and Max Levchin. Initially, it was called Confinity, but the name was quickly changed to PayPal in 2001 through a merger of Confinity and Elon Musk’s company X.com. Elon Musk also played a major role in the development of PayPal.
In 2002, eBay acquired PayPal and has had good cooperation for many years. However, in 2020 eBay and PayPal went their own way.
To this day, PayPal has grown in popularity and is seen as a recognized payment method all over the world. For instance, PayPal is becoming increasingly popular in different markets. Also in the world of gambling and sports betting.
Pros and Cons of PayPal for Sports Betting
The use of PayPal has numerous advantages for sports bettors. Nevertheless, there are also a few disadvantages that PayPal can bring along. Below you can read more about this.
One of the Most Secure and Easiest E-Wallets on the Market
We can consider PayPal to be one of the safest payment methods currently on the market. For example, PayPal has purchase protection. This ensures that the bets you place are well protected. In addition, every transaction you make is encrypted, and PayPal will refund your money if the description of the purchase does not entirely match up with the reality. Furthermore, you do not have to provide PayPal with any personal details. When you create your account, all you need is your first and last name and your e-mail address. Financial details are not required. Later, in your account settings, you can add your bank or credit card details. These are only visible to you.
Deposit and Withdrawal Speed
With PayPal, you can easily deposit money to your favorite bookmakers and get payouts quickly and easily. It allows you to link all your credit card and bank details to your PayPal account so that you can make transactions easily.
Depositing money with bookmakers using PayPal is very simple. If you want to increase your balance at a bookmaker, the first step you must take is to select PayPal as the deposit method on your bookmaker’s website. You will then be redirected to the website of PayPal. Here you can confirm your transaction. In most cases, your money is immediately on your balance, so you can immediately start placing your bets.
One thing to keep in mind is that the money you transfer to your favorite bookmaker should already be in your PayPal account. If it has to be withdrawn from your bank account first, the process can be delayed.
The same applies to the payout: in most cases, the money is immediately credited to your bank/PayPal account. In some cases, it is not on your account immediately, but you can be sure that it will be there very soon.
Reliability and Customer-Service
PayPal is a very reliable platform where the chance of making a misstep is negligible. However, should you encounter an unexpected problem, have you done something wrong or is there a problem with your deposits or withdrawals? PayPal’s customer service is available 24/7!
In most cases, you do not have to pay any costs for PayPal. However, there are only occasional transaction fees. We will come back to this at the ‘cons’.
PayPal is Not Available Everywhere
PayPal does not have many disadvantages. However, there is one thing that we can really see as a major disadvantage. PayPal is namely not seen as a legal payment option everywhere in the world. Particularly in Europe, you see many bookmakers that accept PayPal. Outside Europe, for example in the USA (with the exception of Nevada, New Jersey, and Delaware) it is still very unknown, emerging, or not allowed.
Another disadvantage may be that PayPal can incur costs. These transaction fees consist of fixed costs and a certain percentage of your total amount. For some betters, this can be a reason not to use PayPal. However, this does not happen very often, so you can overlook this point a bit.
Best Bookmakers That Accept PayPal
Nowadays there are many different bookmakers that accept different types of payment methods. Below you will find the most popular and well-known bookmakers that accept PayPal (for your deposits & withdrawals):
- William Hill
- 888 Sports
- 10Bet Sport
- Mr. Play Sport
- Bet Regel
- Mansion Bet
- Betition Sport