According to a recent report from Market Research Future, the global digital wallet market should keep growing at 23% per year, hitting annual revenues of $489 billion by 2030. Internet payment technology has been around since the late 1990s.
However, its evolution was significantly catalyzed by online transaction providers like Neteller and Skrill (formerly Moneybookers), which were primarily developed to facilitate transfers from the best Web bookmakers in the early 2000s.
Before these mentioned companies popped up, PayPal, the world’s most dominant e-wallet, was already up and running. Today, around 46% of the population uses this method, with it also ranking high in terms of use among remote gamblers.
It goes without saying that PayPal is among the most trusted and versatile payment options around. In August 2023, the company launched a USD stablecoin named PayPal USD, further expanding its reach. In the gambling sector, PayPal Holdings has been active for over two decades, and below, a short guide is presented on how games of chance enthusiasts and bettors can use this transaction pick on their online gambling journeys.
PayPal’s Betting Benefits
Without question, most gambling platforms that allow this money transfer pick have seamlessly integrated it into their cashier tabs, offering a hassle-free experience. Most high-end betting apps, as this method itself, boast state-of-the-art SSL encryption that stops unauthorized groups from seeing what data gets shared between a service provider and users.
In most cases, the withdrawal requests through this payment pick go through in a few hours or less, and deposits are almost always near-instant. Gamblers must understand that each site has its processing rules, and due to these, their withdrawal request can get prolonged.
Other pros of PayPal include that it supports multiple currencies, meaning bettors from various countries can use it with no conversion fees applied if their chosen hub also accepts their native money form. Furthermore, PayPal’s transaction fees (usually less than 3%) are low compared to other methods, and some online bookies may supply bonuses for those who choose to deposit funds through it.
Using PayPal at a Sportsbook Platform
For PayPal to get utilized as an online gambling payment option, gamblers must locate credible PayPal betting sites that accept this method, as not all do. That is possible by browsing reviews of premium wagering review hubs that scan sector bookies. When one finds such a site, the next step is to follow through with its account creation process.
Note that this procedure will likely entail clicking a verification link sent to a user’s inbox. Also, it is super likely that before a licensed gambling website allows a withdrawal, a bettor must go through its KYC procedure. That involves identity verification by supplying copies of a photo ID, utility bill, and often a bank statement.
Once all that gets completed, the next step to gaming using PayPal is pressing the deposit button on a site’s homepage, choosing the PayPal option, and inputting details like one’s account number and other required info. As mentioned, PayPal deposits will likely be immediate, and withdrawals can take up to a day, two or quicker, depending on the chosen brand.
Maintaining Responsible Wagering Levels with PayPal
When searching for a sportsbook operator, interested parties should ensure all considered sites promote responsible gambling. That is a practice that aims to stop individuals from spending more money on this hobby than what they can afford to be without.
While most betting platforms these days have profile features that let users set deposit/session/loss limits, some credible brands lack these. That is where PayPal can come in, acting as such a tool, allowing gamblers to fund their accounts with gambling-related cash and supplying a detailed overview of money transferred to remote bookies.
