First of all below, we have introduced PayPal, briefly covering their history and the benefits of choosing this system. After that you will find some of the key factors to look out for when choosing a betting site for your PayPal deposits. Finally, we have summarized the alternative payment methods and compared each to using PayPal.
Why Choose PayPal for your Betting Site Deposits?
PayPal started way back in 1999, and was a pioneer in providing an internet-based payment service. This system really took off in 2002, when it was acquired by eBay, becoming the payment method of choice for the majority of their users. Volume reached a staggering $71 billion by 2009, and this system now operates in every corner of the globe.
The key advantages of PayPal for sports betting fans are that you can deposit and withdraw almost instantly. By holding your balance in a separate account, you create a buffer between your bank and internet betting sites. For many players, this adds extra security – since no gambling site operator needs to hold any of your bank account information.
The disadvantage is that there are fees for receiving money though this system. These total a few percent of each transaction.
PayPal Betting Sites – What to Look for Before you Deposit
Fortunately, PayPal are selective when it comes to the gambling site operators that they allow to use their service. This means that seeing PayPal betting site deposits is a trust signal in its own right. Most of the operators accepting this deposit method are the big brands in the UK, Canada, or Europe who are fully licensed and often have parent companies listed on the London Stock Exchange.
Even with this extra level of trust, we recommend you check for a license, responsible gaming policy, and external certification of game fairness. A reputation for good customer service, fair dispute resolution, and fast payouts to players are also vital when it comes to online betting sites. Spending just a few minutes online making sure there are no major issues can potentially save you a lot of trouble later down the line.
Once legitimacy has been verified, the sports covered and financial incentives can be compared.
Most PayPal betting sites are large, and so will cover a wide range of the popular sports. What you need to check for is the range of bets offered, and the value in the odds you’ll receive. Outside of the major sports, you will find bigger differences between the betting sites. For example, all of the major operators will cover international events, though only a few will have a variety of bets on the minor in-country leagues of niche sports.
Financial incentives take the form of bonuses, promotions, and free bets. Most PayPal betting sites will offer you a sign-up bonus, usually between 25% and 100% of your first deposit. The terms of these deals can differ considerably. These include how many times you’ll need to bet the bonus amount, and restrictions on these bets (for example, odds greater than 2-to-1 only). Other welcome bonuses include free bets - or refunds on your initial bets if your team loses.
Promotions and ongoing offers will be more important than the welcome deal in the long run. The best sites make a real effort to look after their loyal customers. You can check current (and often past) promotions before you sign up to make sure you’ll be treated well.
How do Other Betting Site Deposit Methods Compare to PayPal?
PayPal is quick and easy when it comes to making betting site deposits, but this is not always the cheapest method. There are other online payment services which offer lower fees, especially when it comes to receiving money. Skrill (formerly Moneybookers) is a great example, and Neteller is another alternative. These methods are widely accepted, though are not as useful for everyday purchases and transactions, as fewer organizations or individuals use them.
Credit cards and debit cards are the easiest betting site deposit methods of all. These do not incur any charges to the user, and your money is available instantly to bet. Many people are concerned about giving their card details to online betting sites. There are also legitimate reasons why some people prefer gambling transactions not appear on their bank statement.
Bank wires are a great way of getting larger sums on to and off of betting sites. These can take up to three days, especially if done internationally. We recommend this method for withdrawing a big win, as it will not incur any PayPal fees.