From the point of view of gambling providers, the most notable fact about PayPal is that it works only with online casinos that have a gambling license in the country of the player. For example, a user with a PayPal account from the United Kingdom will be allowed to deposit from his PayPal account only if the online casino has a gambling license in the United Kingdom. The costs of obtaining a gambling license in each of the European countries is considerable but it’s an excellent sign that you’re dealing with a reputable online casino.
From the casino’s point of view, PayPal puts hurdles in their path but it’s a solid trust sign from the user’s point of view.
How To Work With PayPal And Online Casinos
Opening a PayPal account is a straightforward affair. All you need to get going is a valid email address. Once you’ve set up your basic account, you then have options for connecting it with whichever credit card or bank accounts you choose.
When it comes to actually using your PayPal account with online casinos, there are a few key points to bear in mind:
Deposit and Withdraw – Most of the providers we recommend will accept PayPal for both deposits and withdrawals but you’ll want to keep an eye out for conditions here. Some online casinos will only allow you to deposit via PayPal, for example. Other casinos may impose withdrawal restrictions such as only being able to withdraw via PayPal when the amount involved doesn’t exceed your initial deposit. Always be sure to check the small print before signing up to a casino.
Another aspect to keep in mind in this regard is the cashing out time. With PayPal, it’s usually much faster than other alternatives (1-3 days), whereas credit card withdrawals can take almost a week.
Minimum Deposits: You’ll usually be asked to deposit a minimum amount of between $10-$25, but there are exceptions to this general rule.
Countries where PayPal is accepted: Online casinos with PayPal options don’t accept deposits and withdrawals from all countries. Locations where you can usually expect things to work are: Germany, Spain, UK, Ireland, Italy, Portugal, Finland, Denmark, Austria and Sweden. Remember that online casinos can only offer a PayPal functionality in those countries where they hold a valid gambling license.
Deposit Bonuses: Some online casinos give different amounts of deposit bonuses (in percentage terms) depending on which deposit method you use. For example, Playtech online casinos usually give a 15% deposit bonus for PayPal and 10% to credit cards.
Deposit Fees: Not all casinos are generous, however. Some casinos will actually charge you a deposit fee for using PayPal. For example, Betfair charges a deposit fee of 1.5% when PayPal is used.
Pros And Cons Of Online Casinos And PayPal
As with anything in life, there are advantages and disadvantages to using PayPal with your online casino account. Let’s start with the plus points:
1. Ease of use: PayPal is definitely easier to use than most other payment methods. You simply choose to deposit, enter the relevant sum, provide your account details, and it’s done straightaway. You’ll be able to see the transaction in your account instantly.
2. Security: PayPal is one of the juiciest targets for cybercriminals in the world but their track record in terms of security over the years is exemplary. They regularly crack down on attempted fraud in both the online casino space and elsewhere. A sign of how robust their procedures are in general is that even during a major eBays security breach in 2014, [
3. You’re probably already using it: PayPal is incredibly popular as a general online e-wallet so there’s an excellent chance you already have a funded account you can use.
4. Licensing requirements: As mentioned previously, PayPal requires that casinos are fully licensed in countries where they wish to allow gamblers to use PayPal. This is good news from a user point of view as it means you know for a fact the casino is fully regulated.
The advantages are pretty impressive and we definitely recommend at least experimenting with using a PayPal account with your online casino. There are, however, also some negative points to consider: