PayPal Background Information

A company called Confinity founded PayPal in 1998 and it was sold on after just two months to X.com. The next year, PayPal began its rise to fame when it was integrated as a payment method at eBay, the popular online auction site, and it was not long before the company had a million registered users.

PayPal enjoyed a meteoric rise and in 2002, it became the first dot com company to be listed on the stock exchange in the USA. This gave eBay the chance to purchase the payment method, and they did so for an incredible $1.5 billion. Following the acquisition, more than 50% of all eBay auctions were paid for using PayPal, despite the fact that the site offered 10 other payment methods.

PayPal’s popularity continued to grow. By 2008, it had reached over $60 billion in total transactions. At this point, PayPal purchased the company Fraud Sciences for $169 million as part of its efforts to prevent the service being used for money laundering. Just four years later, PayPal was handling payments totalling $145 billion and enjoying yearly revenues of over $5 billion.

In its early years, PayPal was a hugely popular payment method at online casinos. However, this changed when the Unlawful Internet Gambling Enforcement Act (UIGEA) was passed in the US in 2006. Nonetheless, PayPal remained a very popular payment method for UK-based players, and in recent years, it has begun to be offered to players elsewhere. Furthermore, independent of online gambling, PayPal has always remained a very popular online payment method at many different ecommerce sites.

PayPal shows no signs of slowing down. In 2020 it made its largest ever acquisition of Honey, a company that operates a browser extension that aggregates and automatically applies online coupons on ecommerce websites, for $4 billion. It continues to bring in billions of dollars in revenue every year and it has more than 300 million users across 202 markets.

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Advantages of Using PayPal

There are many reasons for PayPal’s success, but one of the primary reasons is its ease of use, and this is also one of the main advantages to using PayPal at online casinos. A PayPal account is incredibly easy to setup and using it at a casino is very straightforward. Customers can make deposits and withdrawals in seconds using PayPal and will never be left waiting for funds.

Furthermore, and just as importantly, PayPal is incredibly secure. The company offers customers both Buyer Protection and Fraud Protection, and it makes use of advanced technologies, such as encryption and firewalls, to protect private information. PayPal is not willing to work with all companies, so players can be sure that if it is available at a casino, then that casino is a reliable institution. Furthermore, thanks to the protections offered by PayPal, customers are more than likely to be able to claim a refund if their account has been used fraudulently.

Another major advantage of PayPal is that there is no need to provide an online casino with personal financial information. You can either deposit funds into your PayPal account or link it directly to your bank card/account. This means that when carrying out a transaction using PayPal, you will not need to provide your card details to another website. It also means that you can use PayPal at multiple online casinos with ease.

Importantly, it does not cost any money to create a PayPal account and there are no fees for deposits and withdrawals. PayPal does charge some fees, and these will depend on the way in which you fund your e-wallet, if there are any currency conversions involved, and so on. However, the fees are very small.

Some casinos may even offer special bonuses for those who deposit using PayPal, and on the PayPal website, you can also find a number of special offers for PayPal customers, including discounts at many well-known shops. Incentives like these are yet another reason for PayPal’s popularity and success.

Of course, there are some disadvantages to using PayPal, but they are not serious. As mentioned, PayPal does charge some fees and these seem to change quite regularly, so you will have to make sure that you stay on top of them at all times. Furthermore, it is not legal to use PayPal at online casinos in every jurisdiction, which means that you will not always be able to find a PayPal casino that will accept you as a player. Nonetheless, if you are in a jurisdiction where PayPal is possible, such as the UK, it is an excellent choice for making both deposits and withdrawals.

How to Use PayPal at an Online Casino

PayPal has been designed with ease of use in mind and there is no doubt that it is very straightforward to make both deposits and withdrawals. The exact steps will change slightly depending on the casino you are playing at, but the general principles remain the same.

In order to make a deposit or a withdrawal you will first need to create a PayPal account. This can be done via the official website. It takes very little time and there is a great deal of information available to help you setup and fund the account. When your PayPal account is ready, simply visit your chosen casino’s cashier and select PayPal as your payment method. You need to enter how much you wish to deposit and you will then be asked to login to your PayPal account. After you have confirmed all of the details, the transaction will be carried out straightaway and the funds placed into your casino account immediately.

Withdrawing your winnings is just as straightforward. It is important to remember that at many online casinos, you will first have to verify your identity before you are able to make a withdrawal. This will usually mean submitting a copy of a photo ID, such as a passport or driving license, and a copy of a utility bill. You will also need to ensure that you have met any bonus wagering requirements and that you have funds available. Then, all you need to do is visit the casino cashier and select withdrawal. If you have deposited with PayPal then it is likely that it will be selected automatically as your withdrawal method. All you will need to do is enter how much you want to withdraw and provide your PayPal username or email address. The casino will then begin processing your withdrawal request, which can take a day or two, and the money will then transferred to PayPal, which normally takes just a few hours.

Help with PayPal

PayPal has an excellent customer support team that you can turn to if you encounter any difficulties. There is an extensive Help Centre on the PayPal website that is home to a large amount of information as well as message boards where other users post answers to common questions. Furthermore, you can contact the customer support team via live chat or telephone, and there are local numbers for different countries. You can also contact the casino’s customer support if you do not think that the problem is with PayPal, and they are sure to do their upmost to help you.

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Frequently Asked Questions
Can I use any currency in PayPal when making deposits and withdrawals?

PayPal supports a huge number of currencies, more than 40 of them. However, you have to ensure that the casino you are playing at supports the currency that you wish to use. For example, if you have GBP in your PayPal account but the casino only accepts EUR, then the casino will convert the money but you may lose some due to conversion rates and fees.

Are there any fees for using PayPal at online casinos?

Generally speaking PayPal is completely free to use at online casinos with no fees for deposits or withdrawals. However, PayPal does charge fees for some services, such as making a payment funded by a bank account, making a payment funded by a credit card, or sending money to a different country, and it is worth looking up these different fees on the PayPal website.

Do many online casinos accept PayPal?

There is a steadily growing number of online casinos happy to let players use PayPal. Many UK online casinos accept PayPal and a growing number of European online casinos do as well. However, there are some countries where PayPal is not able process gambling transactions due to local laws.

Is PayPal a safer option than using a credit card?

If you are playing at a properly licensed and regulated casino then both payment methods should be equally secure. However, some people will prefer to use PayPal as it means that they will not have to supply any payment information directly to the casino.

Can I use PayPal to play at mobile casinos?

Absolutely. PayPal has a mobile app to make it easy for customers to manage their money and using it to make both deposits and withdrawals at mobile online casinos is very straightforward.

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