Regardless of the country of residence, avid sports betting fans have always been looking for a convenient and secure payment processor in order to place their wagers online. Nowadays, they are really spoilt for choice as they have the chance to choose between various payment methods for deposits and withdrawals. Although these vary from country to country, there is always a payment method that meets their requirements as far as safety, efficiency and fees are concerned.
Even if you are not among those who place online bets on a regular basis, you must have heard of PayPal – one of the most popular payment processors on a global scale. It is praised mainly because of the security and the convenience it provides when it comes to making online purchases.
If you are thinking about creating a PayPal account in order to fund your sports betting account and withdraw your winnings, you are strongly advised to continue reading and get familiar with the registration details as well as the fees, advantages and disadvantages that go along with using PayPal. Despite its popularity, this payment processor is currently available in a limited number of countries, discussed in the last section.
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How Does PayPal Work
Creating an account with PayPal is really easy and it is not time-consuming at all. It is important to know that PayPal accepts all major credit or debit cards included but not restricted to MasterCard, Visa, American Express, Discover. As soon as you load the website, you will be able to see the registration button displayed at the top right corner. The first thing you have to choose is as to whether to create a business account or you intend to use PayPal for personal transactions such as purchasing various goods from online stores or funding your sports betting account. During the registration process, you will be asked to provide some basic details such as email, your name and address.
Once your account is created, you will be supposed to link your credit or debit card to your PayPal account. When you enter your banking information correctly, you will have to go through a verification procedure. A small amount of money will be deducted from your balance and a 4-digit number will be generated for you. However, you have to allow a couple of days for the code to be sent to you. You will be able to see the code by logging into your online banking page. The other option is to go to the nearest physical branch of your bank and ask the clerk if the code has arrived.
Once you enter the confirmation code in the required field, the deducted amount will be returned to you and you will be able to freely make payments via PayPal.
As far as deposits are concerned, PayPal users are given a great deal of flexibility. In order to fund your PayPal account, you can easily transfer funds from the card you have linked to the account and make online payments in a safe and time-efficient manner. Once you have loaded sufficient funds to your PayPal account, you can fund your sports betting account as well. In order to do that, you have to log into it and select PayPal from the list of available options.
Then, you will be asked to determine the amount you would like to transfer and confirm the transaction. It is important to know that if you have a MasterCard-branded credit or debit card, you should not have any issues, related to deposits but the situation concerning withdrawals is a bit complicated.
You can easily transfer your winnings to your PayPal account. For the purpose, you have to follow the instructions of the bookmaker. As far as withdrawals to credit/ debit cards are concerned, you have to be prepared to wait between 24 hours and 3 days for a withdrawal request to complete. If you want to cash out your sports betting winnings, you have to go to the cashier page, request a withdrawal and follow the instructions. As mentioned above, you have to wait a few days until your money become available and you can withdraw it from an ATM. If you own a MasterCard, you might not be able to withdraw your winnings. In order to avoid unnecessary delays, you have to get in touch with bookmaker’s customer care agents as well as PayPal representatives and make sure the withdrawal prohibitions are not valid for your jurisdiction.
In point of fact, customers say that the fees are one of the main setbacks of using PayPal. You have to be informed that there is no monthly, setup or gateway fees, but there are some services you are supposed to pay. According to PayPal’s policy, the standard rate for receiving payments is 3.4% plus €0.35. However, if you receive more than €2,500 per month, you will be charged in accordance with the merchant fees that can be as low as 1.9%. If you would like to deposit in a currency that is not supported by PayPal, a currency conversion fee applies.
As mentioned above, security is one of the main reasons why sports betting enthusiasts and customers who prefer to shop online choose PayPal. All their details are heavily encrypted and never shared with third parties. All transactions are processed in strict confidentiality and each transaction is thoroughly reviewed by PayPal team before being approved. Prevention of identity thefts and frauds is of paramount priority for PayPal and they dedicate a lot of efforts to protect customers.
PayPal is undoubtedly one of the most popular payment processors worldwide and as such, it strives to provide its users with as many convenient features as possible. Now, they are enabled to make payments on the go thanks do the mobile apps developed for iOS and Android users, respectively. You have to choose your country from the list available at the PayPal website and you will be prompted to click either on the Android or the iOS icon in order to be redirected to Google Play or the Apple store to download the app.
PayPal is now an accepted form of payment in many stores, restaurants and retail shops. The mobile app allows you to make payments in a fast and secure manner as if you are in front of your computer. You can pay your bills, send and request money, manage your account, etc.
Please keep in mind that depending on your location, some of the aforementioned features might not be available.
PayPal is undoubtedly a widespread method for making online payments mainly because of the following advantages:
PayPal is considered one of the most secure payment options. Once you go through the verification procedure, you will never have to disclose your banking information over the Internet. All sensitive details are stored in PayPal servers and merchants only get your email address.
You can make online money transfers in less than a minute. No matter if you want to send money to your child to pay for college or you want to help a friend located at the other side of the globe, you can do that in a few mouse clicks.
PayPal allows you a great flexibility. You can keep an eye on your transactions, send and receive money even if you are on the go. You can manage your PayPal account easily provided that you have a smartphone or tablet and download the apps for Android or iOS.
Another benefit PayPal users get is that a lot of services are free of charge. For instance, opening an account is free of charge. No money is to be deducted from your balance for monthly or annual maintenance of your account.
You can always rely on courteous customer support agents to resolve any issue on your behalf. For the time being, there is not a live chat option, but you can get in touch with the support team via phone or email at any time.
Being a PayPal user means you will be provided with a number of convenient functionalities but you also have to be prepared for some setbacks. Although PayPal has relatively fewer disadvantages as compared to some other payment processors, you have to be informed about the following.
Since security is among the top priorities of PayPal authorities, they thoroughly review every transaction. As a result, your funds can be frozen for an indefinite period of time in case they notice something suspicious about your transaction.
The other setback is that for the time being sports betting deposits via PayPal are allowed in a limited number of countries.
Countries Where PayPal is Used as a Deposit Method for Sports Betting
Currently, PayPal is available in more than 200 countries but when it comes to online betting, only a few countries have adopted it as a payment processor. These include the United Kingdom, Finland, Germany, Austria, Denmark, Ireland, Spain, Australia, Sweden, Italy.
However, further restrictions apply. Depending on the bookmaker you have settled for, you might not be allowed to withdraw your winnings via PayPal, while in some others both deposits and withdrawals are processed in an efficient and secure manner. It is also important to check as to whether PayPal supports your currency, otherwise you may have to pay a currency conversion fee.