PayPal - Payment Method in Casinos
The Online Casino industry has undergone staggering changes since its inception just over two decades ago with many changes in legislation in both the US and abroad, with America outlawing online gambling and Europe opening it up through regulation.
As the industry has changed, so have the payment methods in casinos available to players at both online and more recently mobile casinos. Where people once predominantly used Credit Cards for online payments and casino deposits, the issue of safety and security regarding these details came into question as less than savoury online vendors and hackers became part of the online sphere. As such, an entirely new breed of payment methods emerged in the form of e-wallets, the most popular of which amongst users across the globe is PayPal.
Established in 1998, PayPal is one of the world's largest global online money transfer service operators, which until recently was owned by eBay. In July of 2015 PayPal was established as an independent publicly traded company. While their ownership may have changed, it remains one of the most trusted names in online payments, especially amongst online casino players.
In this article we'll look at the various aspects of PayPal as a payment method at online casinos including how it works, as well as the benefits and drawbacks of using it as your preferred payment method.
What is PayPal?
PayPal is a payment option for gambling solution which allows users to make purchases or receive funds from third parties online. The key appeal behind this payment method is the fact that it shares nothing with the vendor except an e-mail address, thus helping to keep the user's personal and banking information private and secure. The PayPal account is linked to a user's credit card or bank account which it uses to fund transactions.
PayPal at Online Casinos
While PayPal is a popular payment method across the globe, not all online casinos offer it and often it is a good warning sign to players if a casino doesn't. This is due to the fact that the ones who do list it as a payment option are generally more reputable as PayPal requires strict adherence to its guidelines and codes of ethics, actively supervising online vendors who offer it. In fact, if the company receives a number of complaints regarding a vendor, they will close their account and refrain from working with them, which obviously tends to keep the operators in line as cash flow is of vital importance to the success of any business, but particularly online casinos where no land based payment collections are possible.
Another interesting thing about PayPal in comparison to other payment methods in casino providers is that they only work with online and mobile casinos that have licenses in the same country as the player. So for example in the UK where online gambling is licensed and regulated, UK players will only be able to use PayPal at online casino who has a license in the country. This is yet another of PayPal's safeguards as some online casinos will skip licensing in the European countries which regulate online gaming and instead get a license in places like Costa Rica. This is due to the fact that the cost of running a legitimate operation that is licensed in the European requires considerable financial investment and due diligence on the part of the online casino.
Operations willing to invest this time and money into "doing things right" generally have far better track records and reputations making them preferred places to play if you want to ensure a safe, secure and enjoyable gaming experience every time you play.
How to use PayPal at Online Casinos
When using PayPal to play online, always ensure that you select an online casino that offers both deposits and withdrawals via this method by checking the casino's banking page or the PayPal vendor list. It is important to check on both deposit and withdrawal functionality as some online casinos will only allow you to deposit funds or withdraw funds using this method only if the amount doesn't exceed the deposit amount ‐ it is not always a given that they will allow both and you need to find out the terms and conditions associated with these transactions before playing.
It is also important to note that not all online casinos offering PayPal will accept online gambling deposits and withdrawals from players in all countries so always check that it is an option before signing up at a casino.
If you have any doubt regarding the use of PayPal, online casino customer support can be contacted to clarify any issues that may arise.
When making deposit at the casino you will go to the banking section of your player account and select PayPal as the option. You will then be required to fill in the deposit amount ‐ the standard minimum deposit for PayPal at online casinos generally ranges from $10 to $25 although there are exceptions so read the associated terms and conditions before playing.
Some online casinos will give you a deposit bonus of around 15% just for paying with paypal in an online casino as you selected method, but again these bonuses will have wagering conditions which need to be met before they are cashed out so read the T&C's of the offer before accepting. Others online casinos however will charge you a deposit fee of 1.5% when you use PayPal, so it's all about researching who offers what.
When it comes to withdrawals, again you visit the banking section within your account, click the withdrawal button and follow the prompts. All you will ever need when using PayPal is your username/e-mail address and password and it's done.
Casinos who offer PayPal
William Hill Casino Club: This casino offers PayPal as a payment solution to players from Austria, Denmark, Finland, Greece, Ireland, Italy, Portugal, Spain, Sweden, and UK along with a 15% deposit bonus.
Eurogrand: As a Playtech casino, EuroGrand also offers PayPal as a payment option for players in Austria, Denmark, Finland, Greece, Ireland, Italy, Portugal, Spain, Sweden, UK as well as a 15% deposit bonus when paying with paypal in an online casino.
Benefits of Using PayPal at Online Casinos
- Convenience: PayPal is easy to use ‐ you select your deposit or withdrawal amount, enter your e-mail address and password and the transaction is complete.
- Security and Peace of Mind: PayPal goes to considerable lengths to protect the integrity of its brand. As such they have state of the art security measures in place to prevent fraud and a strict policy when it comes to dealing with vendors, so you know those that offer it have been vetted and are monitored continually. Even in the past when its previous owner eBay suffered a security breach, PayPal's security was not compromised.
- Money can be saved in your account ‐ if you happen to do a lot of online transactions other than playing at online casinos you'll probably already have money in your PayPal account which means that you can minimise the fees of continual deposits and withdrawals.
- At some online casinos like those mentioned above you will be rewarded with additional bonuses just for using PayPal.
The drawbacks of PayPal in online gaming:
- Not all casinos offer PayPal as a payment option for gambling and if they do, they don't always offer it to players from all countries. This means that if it's the only option you want to use, you may miss out on some good offers and casinos because they are unable to offer it in your country.
As you can see from the above discussion, PayPal is a great option for online gambling and if it is available to you in your country, then it's something worth considering.