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Last updated on 2nd Mar 2018
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Is there actually anyone who is yet to hear about PayPal? Well, there probably isn’t – but many people have never really considered it to be a viable option for online casino transactions. So where do things stand nowadays? Is it a viable choice that you could possibly use even in the longer term or is it something that you’ll only be able to utilize here and there? This article should answer all such questions.
Founded way back in 1998, PayPal is arguably the best-known payment processor out there. Additionally, it’s one of the biggest companies in the industry, with its revenue totalling more than $8 billion in 2014.
Currently, the company has its headquarters in California, although its offices can be found in numerous countries all over the world, including Luxembourg, Singapore, and India. Since 2002, the company has been publicly traded on the NASDAQ stock exchange, which only adds to its tremendous reputation. You might also recognize one of the company’s founders, Elon Musk, who has recently become quite famous with his ventures into the space industry.
At the time of writing, PayPal was offering its services in 203 countries and 23 currencies.
How It Works
Many would classify PayPal as an online wallet and it’s functionality certainly mirrors that assumption, but the truth is that it really is primarily a payment processor that doesn’t make stashing money away particularly appealing, so you’re probably going to use it only for direct payments with your credit card. Alternatively, you can also fund your account through a bank transfer if you don’t want to share your credit card details with anyone (or in the unlikely case of not having one).
Put simply, we presume that most players are actually using PayPal only as a payment gate that’s not only easy to use, but which also stores all the information, so they don’t have to enter all the data over and over again.
It certainly is possible to use PayPal to move your money around the different online casinos without having to go through a lot of hoops, but there are some minor issues with this in that not all online casinos that accept PayPal deposits are keen on allowing quick PayPal withdrawals, so the entire process might not be incredibly fast, although it certainly is less costly (unless you’ve got an account at a bank that is incredibly lenient with fees).
As we’ve already mentioned, PayPal is definitely not a fleshed-out online wallet that would offer a host of exciting features for you to use. That said, it isn’t a completely bare-bone system either and the one thing that we need to highlight first and foremost is that PayPal’s fees are very acceptable even in the long term.
PayPal also has a very good customer support service, which is something that becomes especially apparent once you start to compare it with the other online payment services. Queries can take several days to get through there, while you will usually be able to get quick answers from PayPal.
If you also start using PayPal for buying goods and services, you’ll be glad to see that it offers an excellent buyer protection that will give you an additional layer of security that you’re simply never going to get while making your purchases with a credit card.
Moreover, PayPal offers numerous promotional deals for thousands of online stores, which means that there’s also some added value for those of you who like shopping without any risk. Of course, PayPal can also be used for purchases and bidding on the popular eBay auction system.
Privacy and Security
Even though PayPal isn’t nearly as anonymous as the various pre-paid cards that you can buy, it’s nonetheless still a good choice for everyone who wants to keep a modicum of privacy in the sense of keeping everything that’s related to online casinos away from the bank statements. Unfortunately, PayPal wasn’t offering any pre-paid cards that could be used as an alternative withdrawal method, so, in the end, you’ll always have to withdraw your PayPal money back to your bank account.
PayPal has always been one of the most trustworthy players in the industry, with some even accusing it of being overzealous in enforcing some of its more strict rules, which is something that many businesses and organizations are complaining about. However, as far as the regular accounts are concerned, all seems to be in a near-perfect state, with PayPal always trying hard to stay on top of things in terms of security.
Although PayPal’s buyer protection doesn’t usually apply to online gaming products, the other layers of security, including the two-step payment authorization process, provide more than enough safety for you to sleep soundly with money stored at PayPal.
If we’d like to criticize PayPal for something, we’d certainly criticize it for the lack of flexibility that makes it slightly unappealing for gamers that want to have it as a somewhat permanent solution. There’s just very little added value, there isn’t a wide array of deposit options available, and you’ll never get any exclusive online casino deals at PayPal.
One very important thing that also simply has to be noted is that PayPal has never been intended as a product for fans of online gaming and that’s why the number of online casinos that allow PayPal deposits isn’t incredibly high. Thankfully, it’s easy to check and confirm this before you open an account with PayPal or before you start the intended money transfer. Therefore, it’s arguably only a minor hassle in the end.
Interestingly, much of this is also tied to your country of residence. Put simply, PayPal can be well and truly unusable for gaming transactions in some jurisdictions. In fact, PayPal decided to give up on this particular segment of the market in 2003 despite being the biggest gaming payment processor at that time, but it cancelled that decision in 2010 and is now open for business on this front once again. There’s only one tip that we can give here if you’re from a country with a somewhat shaky legislation concerning online gaming – do your research or explore the other payment options.
This point specifically applies to American gamblers. If you are from the USA do not try to use your Paypal account to fund your online gambling. You can end up having your account closed just for trying to make a transaction to seems to be gambling related.
Paypal is so widely used on the internet that you might assume that it will be available in your favorite casino too. That is not the case though, as it has only recently been an option for online gamblers, and so not all casinos are accepting it for deposits. The casinos listed above all accept Paypal deposits from players in specific countries, such as the UK. For casinos that accept paypal for Roulette, for example, you will need to check the specific games pages.
Let’s be clear here – PayPal is a great payment processor and one that you can use for a large variety of purposes. Chances are that you’ve actually already used it at some point, so you won’t even need to open a new account in order to use it for online casino transactions here and there.
However, it’s also proven to be slightly impractical on many levels and we certainly can’t recommend it as the best choice out there if you want something that’s not only universal, but also very flexible and with a lot of added value. The final two points are where PayPal certainly doesn’t excel in comparison with the other online wallets. All in all, our feeling is that it can be a great choice here and there, but that it definitely isn’t the greatest solution if you’re looking for something permanent.