PayPal is a popular method used for depositing and withdrawing money on bookmaker websites. This is because it’s secure, allows you to deposit and withdraw money without exposing your credit card number or bank account information, and it’s fast. Deposits are instant and withdrawals can be completed within 24 hours.
Of course, you must sign up for an account. This is done by providing your basic identifying information. However, you must link your PayPal account to a credit card and/or bank account. Linking to a credit card is simple, as PayPal will make a small charge to the card to verify it. When verifying a bank account, it can take 24 to 72 hours. PayPal makes two small deposits into the account so you can report the amount of those deposits back to PayPal. Once this is done, you are ready to deposit and withdraw without having to use your bank account or credit card.
While this process seems somewhat taxing, the time and effort required is a small price to pay for the convenience and security that PayPal offers. PayPal even has a debit card that you can sign up to receive, which gives you instant access to the money that is deposited into your PayPal account. Overall, it is a very simple process. However, there are things that you should know when using this payment service to secure your online sports betting endeavors.
Transferring Money from PayPal to the Bookie
When transferring money from PayPal to the bookie, you simply choose PayPal as your deposit method when on the bookmaker website’s deposit screen. Choosing this option means that you will be prompted for your PayPal account’s email address and password. Once you enter the login information, you will be asked to authorize the amount of money you want to transfer to the bookmaker. Once this is authorized, the money is automatically deducted from your PayPal account and deposited into your sports betting account.
The funds that you use to complete the deposit process can come directly from your PayPal balance or from your backup funding. For instance, you might have a credit card on file with PayPal that is supposed to be your backup if you don’t have a balance in the PayPal account. A connected bank account works the same way. When on the payment authorization screen, you can select the credit card or bank account that you have linked to your PayPal account so PayPal knows which account the funds are to be deducted from.
Is PayPal Safe?
PayPal is very safe. While everything comes with some degree of risk, PayPal has a solid reputation to back it up. It’s one of the oldest payment services out there. It has a reputation for giving buyers the security they need to make purchases online without exposing financial information. The company has instituted so many security and consumer protection measures that breaches and glitches are very rare. When an issue occurs, PayPal is very good at making it right.
PayPal is so secure that it rewards hackers for finding vulnerabilities in its system. This makes it a very tough system to hack.
Basically, PayPal gives you the same amount of protection that is afforded to you when you hand a check to a merchant or use your credit card. It is much safer than giving your bank account information or credit card number directly to a website. That’s because the information is kept under PayPal’s wing instead of being spread around everywhere. If something does happen, you don’t have to worry about closing accounts and canceling cards. Instead, you can change your PayPal password and, if you have a PayPal debit card, you can obtain a new card.
Of course, there are measures that you can take on your own to ensure a secure transaction. You can make sure your computer or mobile device’s security software is up-to-date, avoid doing transactions over public Wi-Fi, use a credit card for backup funding instead of a bank account, only perform transactions using a dedicated computer, and never click links in emails that appear to be from PayPal. Unfortunately, spoofed PayPal emails are common. PayPal will never ask you for your password over email or for you to follow a link. Instead, a legitimate email will tell you to go directly to the website by typing the URL in the address bar of your browser.
3 Best Bookmakers that Accept PayPal
There are many bookmakers out there that accept PayPal as a payment method. Three of the best bookmakers that accept this popular payment method are discussed below.
bet365 welcomes deposits and withdrawals made by PayPal and it’s entirely free. The transactions are fast and PayPal offers purchase protection to sports bettors depositing money into their betting accounts.
When making a deposit into a bet365 account with PayPal, it’s like making any other deposit or payment. You must first be registered with bet365. In the deposit section of your account, simply choose PayPal in the payment methods list. Enter the deposit amount and you will then be redirected to a PayPal screen where you input your password before the money is paid to the bet365 account. The minimum deposit is 15 GBP and the maximum deposit amount is 8,000 GBP.
When withdrawing money from your bet365 account, simply go to the screen in your account for withdrawals and choose PayPal. You can do this in the app as well. The withdrawal is free of charge, the minimum withdrawal is 15 GBP and the maximum withdrawal is 8,000 GBP. The money will appear in your PayPal account within 24 hours.
PayPal deposits qualify for bet365 promotions. Sometimes, bookmakers will restrict promotions to people making deposits using what are considered “restricted deposit methods.”
Like bet365, Betway can process deposits and withdrawals via PayPal. Simply register for the Betway account and choose “PayPal” from the list of deposit methods when making a deposit to the account. Enter the deposit amount and enter your email and password when redirected to the PayPal screen. You will input your PayPal login credentials so the money is instantly paid to your Betway account.
There is no fee to make deposits and withdrawals using PayPal. The minimum deposit and withdrawal amount is 10 GBP and PayPal qualifies for Betway promotions. It’s imperative to know that you have to withdraw to the same account you used to make your deposit, so you will want to make your deposit with PayPal.
You can deposit funds to your Paddy Power account from the deposit section of your account. You can make deposits using your mobile device or desktop computer. Simply sign up for an account if you haven’t already and choose “PayPal” from the deposit methods when you are ready to make the deposit. You must deposit at least 5 GBP. Once you have authorized PayPal to make the payment for you, the funds are immediately available in your betting account.
It’s important to know that there are some restrictions when it comes to using PayPal on Paddy Power. For instance, only certain countries can use it. The countries include the UK, Sweden, Jersey, Portugal, Austria, Finland, Isle of Man, Ireland, Gibraltar, and Guernsey. If you don’t live in one of those countries, you can’t use PayPal to make your deposit or withdrawal.
When making a withdrawal, it can take up to 4 hours for the withdrawal request to be processed, especially if there are a lot of requests being processed at that time. The minimum withdrawal amount is 10 GBP.
Advantages and Disadvantages of Using PayPal
One of the primary advantages of PayPal is the ability to instantly make deposits without having to hand over your bank account information or credit card number. Think of it as a buffer between your bank account or credit card and sports betting sites. You are given a layer of protection that you don’t have when making deposits using bank transfer or credit and debit cards. PayPal is an easy system to use and even has a debit card that you can order so you have instant access to any money you withdraw from your sports betting account to your PayPal account. In a way, it is very similar to having a bank account without some of the risks.
The primary disadvantage of PayPal is that there are fees that are assessed to you when you withdraw money from the sports betting account to the PayPal account.
Other advantages and disadvantages are:
- Most reliable bookmakers accept PayPal
- Customer service is very responsive and helpful
- The latest encryption technology is used
- Works well when making deposits and withdrawals with a mobile device
- Your financial institution will see transactions completed via PayPal when you use your card or bank account
The transaction fee for receiving a payment in your PayPal account is 2.9% plus .20 GBP. This fee is charged in addition to any fee that may be charged by the bookmaker for processing the payment. However, most bookmakers don’t charge fees for depositing your withdrawal requests into your PayPal account.
Fortunately, there is no fee for making a deposit to your sports betting account.
How to Withdraw with PayPal
The process may vary from sportsbook-to-sportsbook, but the most common way to withdraw using PayPal is to simply go to the area of your account where you initiate withdrawals and choose PayPal as the account to withdraw to. It is best if PayPal was your deposit method since many bookmakers require you to withdraw funds to the same account used to make the deposit.
Once you confirm the withdrawal amount, PayPal transactions usually complete within 24 hours.
FAQ PayPal Betting Sites
- Is it possible to make a deposit using PayPal without a PayPal account?
No. You must sign up for a PayPal account. Doing so is a security measure because your identity is verified, as well as the backup credit card or bank account that you choose to fund your PayPal account.
- Can a friend or family member’s PayPal account be used to make deposits and withdrawals?
No. Bookmakers require the PayPal account to be in your name. This is a security measure because anyone could use a PayPal account with your account and say that they are doing it on your behalf. If your PayPal account has a different last name than the one you are using, contact PayPal customer support. Failure to do so can cause your sports betting account to be temporarily suspended because of a name mismatch.
- Can players in all countries use PayPal?
PayPal is a huge company with a presence in many countries around the world. However, the service still isn’t available in all countries. Betting sites in Australia, Austria, Finland, Denmark, France, Greece, Germany, Italy, Portugal, Sweden, Spain, the UK, and Ireland give access to PayPal.
- What should I look for before depositing with PayPal?
One of the reasons why PayPal isn’t available with all sportsbooks is because PayPal is selective as to which services they allow to use them. Seeing PayPal as an accepted payment method on a sports betting website is a trust signal. The sportsbook is usually fully licensed and may be the child of a parent company that is listed on the stock exchange.
However, even when this level of trust exists, it is recommended for you to ensure the sportsbook has a responsible gaming policy, a legitimate license, a fairness certificate from an outside organization, a good customer service score, and reasonable payout speeds.
- Why should I use PayPal over other betting site deposit methods?
The truth is that there are other deposit methods out there that are reputable. However, the longevity of PayPal comes into play, as well as its reputation. It is fast and easy, the fees are actually low compared to other sites, and PayPal will qualify you for promotions that restrict deposit methods like Skrill and Neteller. While it is easier to deposit using your credit card or debit card, PayPal offers a level of security. Yes, your card or bank account information is stored by PayPal so payments can be made using the service, but it’s stored in one place rather than multiple places throughout the internet.
- What is the best way to fund my PayPal account?
It’s recommended to use your PayPal balance when funding a sports betting account. You can do this by transferring money from your bank account. You can also use a credit card to add funds. Of course, either one of these will have to be connected to your PayPal account. If you want to truly verify your account, you will need to connect a bank account to it, but this isn’t required unless PayPal imposes monthly withdrawal limits that can only be lifted by adding a bank account.
- How do I use PayPal without having funds in my PayPal account?
You don’t have to have money in your PayPal account to use it. You can use the credit card or bank account that is linked to the account. When you opt to make a deposit to your sports betting account from your account’s deposit screen, you will be redirected to PayPal. After you enter your login credentials, you will be asked to use one of the linked methods to complete the transaction. Simply click the one you want to use, click the “Next” button and the transaction will complete.
- What if I used a different deposit method and want to withdraw to PayPal?
Many bookmakers require that you withdraw your winnings to the same account you used to make your deposit. It’s important to read the terms and conditions before you try and withdraw to a different method. There may be a process involved in changing the method, which could include contacting customer service and verifying that all accounts belong to you. The verification process usually involves showing your ID and account statements to the bookmaker.
- Can I cancel a deposit after I have made it?
PayPal transactions can be canceled when it is pending and not been claimed by the recipient. In the case of bookmakers, the payment is instant. This means that the money is immediately available in the account. Many bookmakers have a policy that you can’t initiate a withdrawal within a certain amount of time of making the deposit. Some bookmakers have a 48-hour policy while others have something different. If you choose to not spend your deposit and you withdraw your deposit later, you will be imposed PayPal’s 2.9% fee plus .20 GBP for received payments.
- What if I don’t receive a withdrawal request in my PayPal account?
You can call PayPal customer support to see if the payment is in their system. Rarely, payments can become “stuck” in the system, which adds to the processing time. If PayPal doesn’t see the transaction pending in their system, you can call the bookmaker to see if the payment was processed on their end.