PayPal, it is safe to say, has become one of the world’s most popular online payment methods and sports betting fans love to make use of it to deposit and withdraw their money from sports betting sites. It is one of the best payment methods around, and in the review below we will tell you all that you should know about this method of payment.
What is PayPal?
PayPal first came into existence in 1998, but to begin with the company was concerned with developing top quality security for portable machines. However, in 1999, they decided that it was more worth their while to jump into the money transfer business, and it is a decision that they have not come to regret. In 2000, they teamed up with X.Com, which was a banking business owned by Elon Musk. The following year, they changed their name to PayPal and opened their doors for business in 2002. At this current moment in time, it is estimated that there are around 325 million people who have a PayPal account, and this number is only going to get bigger.
Why Make Use of a PayPal Betting Site?
Everything in life has is pros and cons, and PayPal is no exception to this rule. Below we are going to take a look at the pros and cons of PayPal betting sites in order to give you a good idea as to whether PayPal is a payment method that you would be interested in using.
Below are the main pros of choosing PayPal as your method of payment at a bookmaker:
Easy to use: Whether you want to deposit money into your sportsbook account to place some bets or withdraw some winnings that you have won, you will want to use a payment option that is easy to use. PayPal definitely fits this category as you can get to grips with it in a matter of minutes. You will soon know it like the back of your hand.
No fees: When you deposit money into your bookmaker account or withdraw winnings, the bookie will never usually charge you. This means if you deposit $50, you will get $50 in your account. There are some sportsbooks out there that will have small deposit or withdrawal fees with PayPal, but these are rare.
Widely accepted: PayPal is accepted as a payment method at most bookies. This is great as it means that if you decide to register with a few different bookies, you can make deposits and withdrawals from your different accounts using the same payment method. This is really convenient, and who does not like convenience?
Below are the cons of choosing PayPal as your preferred method of payment for online sports betting sites:
Banned from Welcome Bonuses: If you take the time to read the terms and conditions attached to a Welcome Bonus then you will soon realise that those who make a deposit using PayPal are not able to claim the Welcome Bonus. The reason for this is because fraudsters used to create multiplied accounts to claim the bonus multiple times, and they were using PayPal to do so. As a result, bookies now prohibit those who use PayPal from claiming the Welcome Bonus. There are some exceptions to this such as Paddy Power, Coral, and Unibet.
No live chat available: If you have an issue that you need resolved quickly, then you can get in touch with a PayPal representative via phone or email. Unfortunately, there is no live chat available which is a bit of a shame as this is the best way to solve a problem.
Are PayPal Betting Sites Secure?
If you decide to make use of PayPal, then you can be sure that your banking and person information is perfectly safe. How can we be so sure? Well, to begin with, you do not need to provide any bank details to the bookie that you have your account with as all transactions are done via PayPal. Thus, you only have to trust PayPal, and this is something you can do as they make use of some of the best security technology around at the moment. If criminals do manage to get hold of your money, and this is a big if, any money that is stolen from you will be reimbursed by PayPal.
Fees for Making Use of PayPal
When you are deciding on what is the best payment method for you, you should always take a couple of minutes to have a look at the different fees that will apply. With PayPal you will see that there are transfer fees and exchange fees that apply. We shall now have a look at these.
Transfer fees: If you have money in your account and you want to withdraw it to a bank account, then there is a minimum fee of $2.
Conversion fees: If you want to send money to someone and that money needs to be converted into a different currency, then there is a small fee that you will be required to pay. This fee will be between 3.75% and 4%. The fee you will be charged is dependent on the currency that your money has to be changed into.
N.B. We feel that it is important to add that there will not be any fees when you receive money from a family member or from a friend. The only time a fee will occur is if a currency conversion has taken place.