As sports betting has taken a turn for the Internet, a lot of its segments have had to follow suit and adapt. An example of online advancement is the payment method which online sports betting sites use instead of the traditional one in land-based sportsbooks.
Namely, the need to come up with a completely impersonal way of inputting wagers on particular sports outcomes has brought about the existence of multiple transaction options. The fact that online bookmakers had to find a way to provide completely reliable online payments has caused the creation of several transaction options.
The older debit and credit card transactions became easily available online, as well as the wire banking transfers. Still, many people felt uncomfortable sharing their private bank account information with the sports betting sites they visited.
Moreover, not a lot of people wanted to see their sports wagers on their monthly bank reports. Therefore, a third option had been invented.
e-wallets were a new kind of technology which enabled people to send and receive money to any sports betting site which cooperated with the suitable e-wallet company. PayPal is a representative of this category.
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It gives people a trustworthy way to place their bets on their favourite sports betting sites. You can send money to your betting account and withdraw from it almost momentarily. Overall, PayPal aims to facilitate the online payment experience which has greatly improved the online gambling experience.
- Recommended Sports Betting Sites accepting PayPal
- Frequently Asked Questions
- What is PayPal and how can I start using it?
- Does everyone need to have their personal account, or I can use one of my family members’?
- Are there special funding options for PayPal accounts?
- What about withdrawing options?
- Will I be have to pay any fees when using PayPal as my money transfer method?
- What are the benefits of using PayPal for sports betting sites?
- Why are there no PayPal withdrawal options on my sports betting site?
- Which betting options are available to me through the PayPal payment method?
- Are there any restrictions on bonuses and offers for bettors who use PayPal?
- How can Daily Fantasy Sports sites use PayPal for online betting in the US?
- Legal Regulations Regarding PayPal on Sports Betting Sites
PayPal has been publicly available for almost two decades now. Nevertheless, it shouldn’t come as a surprise that some people are unaware of its basics. After learning more about its historical development and the actual process of transferring money from one account to another, you are surely going to get a clearer idea of its general functioning.
Some of the most frequently posed questions regarding this matter can end up being productive guidelines in the process of learning the basics about PayPal.
The company PayPal is basically a type of e-wallet software which is able to store money from various sources, as well as send them. However, in order to do this, each potential user needs to set up their user account on the website or on the software which lets you access PayPal from your mobile device.
Each user should keep their account private. This is important for keeping order and eliminating possible risks. After all, signing up for a user account is completely free of charge, and lasts about five minutes. Your transactions are visible to everyone who uses the same PayPal account, which means you wouldn’t have any privacy at all. Make sure to keep yourself out of trouble and out of other people’s accounts.
Each online account has their own set of rules when it comes to depositing and withdrawing. In the case of PayPal, there is a short and simple procedure which needs to be followed.
Namely, when depositing funds into your PayPal account, you should first choose one of the land-based institutions where you’ve kept your money so far. Thus, by selecting a debit or a credit card, or even a wire transfer directly from your bank account, you have done much of the work. Once you type in the amount of money you would like to deposit into your PayPal account, the selected transaction method will do the work. When you’re done funding your new account, you are free to visit any sports betting site which has the option to use PayPal.
The process of withdrawing is just like depositing, only in the opposite direction. Now, you are supposed to claim your winnings and withdraw them to your PayPal account. After this, all you have to do is choose between your cards or bank account in order to cash them out. PayPal has even introduced a special debit card. All its users can now draw money directly from their PayPal balance at any ATM or retailer that approves credit card usage. This means that you wouldn’t have to go back to your regular cards or accounts from the bank.
Generally speaking, there are no particular fees for depositing or withdrawing procedures using PayPal. However, if you choose to transfer the funds using a credit card, you are going to face a 2.9% fee, calculated out of the total amount.
Plus, there are certain fees if the selected currency of your PayPal account does not correspond to the currency of the sportsbook where you need to withdraw. Over-the-border transactions are also subject to such fees, even though their amounts are usually insignificant compared to the total.
Using this e-wallet software will greatly improve your online sports betting experience. For one, the process of depositing money is extremely quick and efficient. Withdrawing is similar, although you might need to adapt a little to the specific sports betting site that you are using.
Furthermore, there are great security benefits which you can enjoy with your PayPal account. You can share all your personal banking information without worrying that sports betting sites might reach them. All you need to do in order to get started with an online bookmaker is to type in your PayPal account address.
As previously mentioned, there are certain sites which PayPal has practically abandoned. In fact, there are many betting sites which are unavailable to connect with this e-wallet’s services. However, there is another possibility. Namely, even if the site offers PayPal as a payment method, you will need to deposit some money from your account to the site in order to get the withdrawal option.
Online sportsbooks aren’t known for restricting any betting privileges to bettors who wish to use any different money transfer options offered on their sites. Therefore, if you have any difficulties, the best thing to do is leave your money on your PayPal account for future use and move on to finding a better sports betting site.
No, normally there are no restrictions for bettors just because they have chosen this method. In fact, online sports bettors are able to use all current bonuses and promotions which are available for them on their chosen betting site.
This is a special case for the legal system of the US. The government gave each state an opportunity to determine whether online sports betting should be legalized on their territory or not. All they would need to do is define it either as a ‘game of skills’ or a ‘game of chance’.
Several states managed to legalize DFS because they claimed that bettors would need some background knowledge and skills. After this, they introduced all the regular payment options available on other betting sites.
The services which PayPal provided had no legal restrictions in the beginning. However, they changed their policies after an expensive lawsuit because of a dishonest sports betting site. They banned their services to any sports betting site which wasn’t licensed by the authority in the country where it operated.
This meant that USA was generally unable to use PayPal for sports betting. The citizens and residents of Nevada and New Jersey are the only ones who can still use this payment method.
European countries don’t have such problems. That’s why PayPal remained on most major sports betting sites which catered to British, German, French, Spanish, Italian, Dutch and several other nations.
Canada is still a grey area regarding the laws which would prohibit or allow legal online sports betting. However, certain international betting sites which are legal and licensed by other jurisdictions allow Canadians to place their bets using the PayPal option on their depositing and withdrawing menu.
The ‘land of the kangaroos’ is in the same position as European countries. Australians are allowed to use PayPal for any sports betting needs.
PayPal administration has also banned their services for offshore betting sites. You shouldn’t think that the site is not reliable, although this is usually the case. In any case, having this e-wallet option on your sports betting site is still an advantage, both as a payment method and as an indicator of the site’s credibility.