Can you pay with Paypal at online casinos?

in Casino blog
Created: 27 June 2018
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Looking back at the early 90s, sending and receiving payments online was a tough deal; nowadays, online casino players have an extended choice of methods to bank on. One of the methods that started out in the late 90s and held its reputation until now is PayPal, a specialised system of online transactions that is extremely popular with online gamblers in over 200 countries in the world. Leaving impressive footprints through its decades-long history, PayPal is now one of the primary tools used by both amateur gamers and experienced high rollers, other than being used by common folks to make purchases online and send payments peer to peer.

History of PayPal

PayPal wasn’t always as sophisticated and advanced as we know it today. It evolved from a company called Confinity which was founded in 1998 by a group of individuals. They started a business that developed security software for mobile devices and they also dealt with cryptography. By launching its milestone product which then became PayPal, Confinity drew the attention of Elon Musk who negotiated a merger if Confinity and his company called X.com. After the merger showed that PayPal was the project the company should centre on, it gave the newly established company its name and PayPal Inc. was officially established in 2000. In its first year, the firm gained skyrocketing success as it was charging reasonably small fees for signing up and therefore the number of its clients grew exponentially at a fast rate. For a period of time, PayPal became a public company and then joined eBay but switched over to being a public company again.

Due to a successful strategy of world expansion, PayPal went and acquired several digital payment companies, online payment operators and payment solutions over the years. PayPal is a revolutionary platform that has transformed the world of money service in general, and not just the online money management business. Fun fact: in 1999, PayPal was voted one of the 10 worst business ideas of the year.

What is PayPal?

The simplest explanation of PayPal would be: an e-wallet. The more complicated and detailed one would be that PayPal is an online service (not a bank, though) that provides people with the ability to make use of their internet connectivity to move their funds around the web. With PayPal, customers are able to electronically, from their own homes and through their mobile devices, transfer funds between individuals and between businesses. PayPal users can send payments and receive payments, and use such features to bid on online auctions, purchase merchandise from merchants, sell their own goods and services, as well as donate money and receive donations. 

The PayPal service can be accessed through a home computer or a handheld device; the site is mobile-responsive and there are also iOS and Android apps available for mobile clients. PayPal currently operates in over 200 markets and stores funds of over 230 million users worldwide, in 25 different currencies. PayPal is a global e-commerce processor, and it’s perfect for online casino deposits and withdrawals. 

How Can You Pay at Casino with PayPal?

It’s best to see PayPal as an electronic wallet and not get tangled up too much in the details of how the entire machinery works. Just like your ordinary physical wallet, your PayPal account stores money you put in it and then makes the funds available to you whenever you wish to transfer them. To get started with PayPal, you need to go to the official PayPal website and create a Paypal account. Setting up an account is free and it doesn’t take more than a few minutes. After filling in the registration form you will be able to use your account by typing in your email address and unique password. If you want to fund your account you can link it to a valid credit or debit card, for example, or have someone transfer you something to get started with.     

There is an abundance of online casinos that accept PayPal. At any of those venues you are able to make deposits using PayPal and cash out using the same electronic transfer method. When you wish to make such a transaction just go to the cashier’s page and see if there is a category of e-wallets or if each method is offered separately. Either way, your choice is PayPal. The casino will direct you to the PayPal login page and you will access your funds the usual way. Enter the email and password; enter the desired sum you wish to deposit and finish the transaction by confirming the transfer. Check back with your casino balance and you should be able to see the amount credited in a blink of an eye. 

Are There Any Fees?

PayPal does charge reasonable fees for withdrawals and deposits, but the good side of that coin is that there are no fees for joining the service and casinos rarely charge any fees themselves when their clients are using PayPal. It is a detail that needs to be checked every time you join a new PayPal-friendly casino, as some gambling venues have strict policies and impose their own charges. The same applies to currency conversion. Make sure to match the currency of your casino balance with the currency of your PayPal funds to avoid accessional exchange costs. 

The Advantages of PayPal

Despite charging small (almost negligible fees), PayPal is an excellent option for online casino goers because its strong features are speed, security, ease of use. PayPal is, overall, extremely convenient. It dispenses with the need to require your card information each time you submit a transaction. The client’s personal info is safe and there’s no way for any unvented third parties to get involved.  PayPal transactions are instantaneous, which is something online gamblers particularly appreciate. Every gamer wants his money to be ready to play in a matter of seconds, and PayPal is one of the rare banking solutions able to provide them with the ability to make swift, yet secure payouts.

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