PayPal has come a long way over the last couple of decades. It is now one of the biggest payment services in the world, rivalling many of the world’s biggest banks, and it has gained a substantial following in multiple industries.
Whether you’re looking to grow your online e-commerce business or send some money to friends, it’s hard to avoid PayPal and the many benefits that it can provide. One of the areas in which this service has thrived is the online gambling industry.
The relationship between online gambling and PayPal hasn’t always run smoothly, and for a number of years you couldn’t even use this payment service to gamble online. But times have changed. PayPal committed itself to online gambling a few years ago and it is now considered essential for this industry.
Many online casinos are desperate to add PayPal to their sites and players are welcoming these efforts. But what makes PayPal so popular with online gamblers?
1. Ease of Use
PayPal is incredibly easy to use. Sure, people get frustrated with it when they first join and are asked to open an account, verify it, etc., but in reality, none of this is necessary. You can make payments through PayPal even if you don’t have an account, and once you take the time to open an account, it gets so much easier and so much better.
You can use one PayPal account to play at a number of online casinos, transferring money back and forward and moving it to your bank account whenever you’re ready.
And even if you do go through the process of opening an account and verifying, is this really harder than opening a bank account, getting a new credit card, or purchasing a prepaid card like those offered by Paysafecard? Because if we’re comparing it to other payment methods, that’s the comparison to make. Sure, you already have a bank account, but many people already have a PayPal account as well. It doesn’t mean anything. The truth is, if you want to open a PayPal account, it’s much easier and happens much quicker than opening a bank account.
Furthermore, it won’t impact your credit rating like that bank account or that new credit card.
2. Trust and Security
PayPal is one of the most trusted payment services in the world and has been around for a long time. It’s also incredibly secure and this is one of the standout features of this payment service.
The online gambling industry is very safe these days, but there are still many players who are concerned about giving their credit card and debit card details to betting sites. With PayPal, you don’t need to. Only PayPal needs to be given these details, after which you can use your PayPal account to deposit on a number of gambling sites without exposing your details to any of them.
If you’re concerned about using certain sites and are worried that your details may be at risk, PayPal is the perfect alternative, and an incredibly safe one at that.
PayPal is quick. Very quick.
Initiate a withdrawal using a debit card and it can take around 3 days to get your money. If it’s a holiday or a weekend, it may take even longer. With PayPal, as soon as the casino initiates the payment, you will get your money. It takes just a couple of minutes on average, although some casinos prolong the process by not initiating the payment straightaway.
4. Shopping and Services
One of the great things about PayPal is that it is accepted on the vast majority of e-commerce sites. You can deposit a fixed sum of money into your PayPal from your bank, use that money to deposit into a number of casinos, withdraw your winnings, and then use those to shop.
All of that comes from a single deposit, and there’s no need to keep entering your credit card or debit card details. As mentioned above, security also plays a role here. If you’re concerned about the legitimacy of an online retailer, you can use PayPal. Not only will they not be given access to your bank details or any other financial details, but if they renege on their promise and don’t provide the product or service you paid for, you can complain to PayPal and initiate a chargeback.
Last but not least, PayPal is a great tool for bankrolling. A bankroll is your gambling budget and it’s one that’s often set at the beginning of the month and then remains throughout the month. The problem is finding a way to keep all of this money in one place. Some players deposit it into a casino, but in doing so, they are limiting their budget to that casino.
With PayPal, you can load your bankroll into your PayPal account and then spread it around, playing on multiple gambling sites. That way, you can reserve some money for slots and table games, some more for online poker, and the rest for bingo or lotteries—PayPal makes all of this possible.
Interesting related article: “What are games of chance?“