Paypal Online Betting
Paypal ( www.Paypal.com ) is one of the best known online payment providers and they have been around since 1998. A Paypal account can be used at a huge number of online retailers all around the world as well as being used to deposit at online betting sites. You can also use Paypal to transfer funds to other Paypal users. There are even iPhone, Blackberry and Android apps for Paypal, meaning you can access your account while on the move.
Paypal does have slightly confusing rules about what residents of certain countries can use their Paypal account and their terms of service can vary from one country to the next. They are very clear that US residents cannot use a Paypal account for anything related to online wagering. However, for many other users around the world, Paypal is an acceptable method for depositing to online betting sites.
Best Paypal Betting Sites
Creating a New Paypal Account For Betting
The process for signing up at Paypal is similar to most online e-wallets. You have to visit their website, and go through the registration procedure which basically involves submitting some personal information and either your bank account details or credit card details. Once your account is opened, you will be able to use it straightaway but there will be certain transaction limits in place until such time as you have verified your bank account. Paypal do not provide you with an account number, as your email address is used to identify your account. You do, however, need to choose a secure password which is then used to access and use your Paypal account.
Depositing/Withdrawing At Paypal Betting Websites
Depositing to your Paypal account is a simple, easy process. You can choose to use either your bank account, credit or debit card to deposit into your account and the funds are then accessible to you to use as you wish. The fee structure varies slightly in different countries; however it is generally free to deposit using your bank account or debit card while there is a small surcharge for using your credit card.
Withdrawing your funds from Paypal is also pretty simple. You can request a standard withdrawal to your bank account free of charge – providing you have the required funds in your Paypal account. You can request faster withdrawals, which will appear in your bank account more quickly, but there is a small charge for doing so.
Using Paypal to Make Bets Online
Paypal used to be widely accepted by online betting websites as a method for making deposits and withdrawals. However, it is now less common than some of the other e-wallets such as Neteller or Moneybookers. This is possible due to the limitations that apply to residents of certain countries. For those online betting sites that do accept Paypal, depositing is usually a simple matter of entering the amount you wish to deposit, the email address associated with your Paypal account and your Paypal password. Assuming you have the funds in your Paypal account, the deposit will be processed instantly. Most online betting sites will charge a small fee (usually around 1.5%) for deposits made using Paypal.
Those online betting sites that allow you to deposit using Paypal will mostly allow you to cash out using Paypal too. To request a withdrawal to your Paypal account you must simply choose how much you want to cash out, and enter your Paypal email address. Cash outs to Paypal are generally processed very quickly, sometimes with a matter of hours and rarely longer than a day or two.