PayPal Online Casinos: Advantages, Perspectives and the Best Alternatives
Using PayPal to make deposits and withdrawals at online casinos is no longer quite as easy as it was a few years ago. However, despite the large-scale withdrawal of the online payment service from the gambling market, there are still plenty of online casinos that accept payments via PayPal. This article is about PayPal as a payment service in online casinos, what to consider, and what alternatives are available.
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PayPal is the number 1 online payment method not only among visitors to online casinos but of course also for making countless other payments for various online orders. There are around 240 million PayPal users worldwide and on average each user makes 40 transactions per year. That adds up to tens of millions of online payments being processed via the company which is registered in San José, California.
While PayPal has become one of the most used online payment methods and enjoyed much success with all kinds of websites including online casinos, the number of casinos that can still offer PayPal as a payment option is beginning to decline.
One reason for this could be fears regarding the company’s image. PayPal has been trying to position itself as an online financial company in the United States for some time, in order to be able to offer its customers various services that are exclusively reserved for banks. Involvement in the gambling market could deter potential customers, especially since online casinos are restricted or banned in many countries and only currently legal in a handful of US states.
Another reason for PayPal’s withdrawal is likely to be the increasingly strict regulations outside the US regarding money laundering, gambling addiction, and liability issues. For years now, the company has no longer offered players buyer protection in online casinos. In addition, the payment method is now only permitted in certain countries. It is probably mainly the lack of uniform regulation in matters of gambling that has led the company’s gradual withdraw.
The Advantages of Using PayPal in Online Casinos
There are, however, still enough online casinos where you can deposit and withdraw real money via PayPal. To do this, you just go to the cashier area of the virtual gambling temple and select PayPal as a payment method. All further steps are then explained in pop-up windows in an easy-to-understand manner.
Selecting PayPal as a Payment Method Comes with Various Advantages
Payments with PayPal are Convenient and Fast
With only a few clicks, one can have the desired amount from their PayPal account transferred to their online gambling account almost instantaneously. This eliminates the annoying waiting times associated with traditional bank transfers, where it can take up to three business days until the receipt of the payment is finally made available. Therefore, PayPal allows users to play immediately after making a deposit via PayPal and likewise then be able to access any winnings almost immediately after making a withdrawal via the payment service.
Deposits with PayPal are Free of Charge and Secure
One of the best aspects of PayPal is that there aren’t any fees for you to make a purchase using the service whether it’s purchasing online goods or playing at an online casino. The same applies to account management, for which PayPal does not charge private customers. It is the websites that are providing goods and services that are charged minimal fees when they offer PayPal as a payment option.
PayPal is also proud of its buyer protection. If there are any problems with a purchase, payments can be reversed relatively easily, with PayPal acting as something of an arbitration board between buyer and seller. In addition, the company is subject to Luxembourg banking supervision and therefore has to strictly adhere to European security guidelines, regardless of the parent company’s headquarters in the US. With the PayPal app, payments can also be made quickly and conveniently on the go.
What Alternatives to PayPal are there in Online Casinos?
Although PayPal is by far the largest online payment service in the world, there are of course quite a few alternatives, many of which are also accepted in most online casinos.
Credit and debit cards such as those from Mastercard or Visa are arguably the classics when it comes to making deposits and withdrawals at online casinos. Some of the biggest advantages are the lightning-fast transaction of funds and the high acceptance all over the world. However, banking houses have recently been increasingly moving towards charging special fees for making deposits at online casinos.
PayPal is not the only e-wallet provider on the market. With services like Neteller or Skrill, there are equal competitors to choose from, even if they cannot yet compete with PayPal in terms of size and ease. These payment services are also likely to face the same legal difficulties that PayPal is experiencing, which makes the future of using such e-wallets in online casinos uncertain.
While cryptocurrencies have been predicted to have a very bright future for years, nevertheless, only a few online casinos have decided to accept payments via cryptocurrency like Bitcoin. Although this type of currency provides an anonymous, fast, and inexpensive way to process payments, the process is still often quite complicated at the moment. Strong fluctuations in value and unresolved legal issues make cryptocurrencies seem rather unattractive for many merchants.
It’s hard to believe, but the classic bank transfer still exists. Those who choose this way of depositing or withdrawing money at an online casino need one thing above all and that is time. It is true that transfers may not take more than one business day, but that only applies to business between banks.
In practice, this means that I can make my transfer to deposit at the online casino on Monday morning at 9 o’clock and this transfer will show up in the bank account of the online casino the next morning. But that does not mean that it is then already credited to my customer account.
The actual time it takes for you to see the money in your online account often depends on the employee, who has to visually confirm each payment receipt and provide the computer with the relevant information before it credits the payment to the respective player account.
Summary of Possible Payment Methods in Online Casinos
- Instant bank transfer
There are still many good reasons to use your online casino PayPal payment method despite the fact the American online financial service provider’s days in the gambling industry may be numbered with fewer and fewer online casinos offering the possibility to make deposits and withdrawals via PayPal. Those who do not wish to do without the convenience of an e-wallet may have to look for accepted alternatives such as Neteller or Skrill if PayPal no longer becomes an option.