Over the years, there have been many different ways to get your money to and from an online casino. However, what if we told you that in 2001, over 60% of all the online gambling payments were made by one up and coming method? Well, this was the case with Paypal. Until their sale to eBay, Paypal was the most trusted payment method used in the online gambling industry. Then, almost overnight, the company had to cease its activity in the space. Now, it is once again used as a payment method in jurisdictions in which it is legal to do so.
Why use Paypal?
Paypal was one of the first online processing merchants in the world. Now owned by eBay, the processor handles billions of transactions on an annual basis and is considered to be as safe as using a bank.
Paypal creates a layer of security by holding all the bank information on their end, meaning that the vendor from which you are making your deposit is not given personal banking details. This makes the transaction less likely to be compromised, which is what gave the company its initial boost of popularity.
How do I use Paypal at an Online Casino?
The first thing you need to do is create a Paypal account. The process is very simple, but it will take 24-48 hours to have your account verified (a test transaction is sent to your bank account). Once your account is created, you can head to the cashier of your casino of choice, and select Paypal as your payment method. You will be redirected to the Paypal site where you will be prompted to enter your sign-in information and select an amount to deposit. Just like that, your account will be funded!
The added bonus of using Paypal for your transactions is that you can use them to withdraw larger sums of money than via credit card. The process usually takes a couple of business days to complete (depending on the casino operator), but then the money will be in your Paypal account. From there you can use that money for other purchases or withdraw it to your personal bank account.
Do all Casinos take Paypal?
Unfortunately, for several reasons, the number of casinos that use Paypal as a payment method is much lower than it once was a few years ago. Aside from the demand from eBay to stop taking online gaming transactions as a part of their acquisition, the laws in the U.S. and other jurisdictions have caused Paypal to remove themselves as an option. To stay squeaky clean as a processor, you will only find Paypal as a payment method at certain casinos.