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PayPal in the Nutshell
PayPal, that was originally named Confinity and created in 1998, merged with Elon Musk's X.com in 2000, and gained its current name in 2001. Acquired by eBay in 2002, it became the primary payment method for eBay auctions and expanded to over 190 countries by 2004.
Today, PayPal has significantly influenced gambling platforms. Before the launch of this technology as a funding and withdrawal option, betting sites solely used card processors with no known names. This deters players from sharing their card details with such platforms. Casino platforms with PayPal as a payment option affords players confidence and trust — as discussed in more detail below.
PayPal's New Gambling Regulations and Blocking Software
As we've mentioned before, PayPal may block the account of players. This is because of its new regulation on gambling activities because PayPal has introduced blocking software for online gambling transactions, Gamban. This applies to both physical and virtual casinos. The user also has the option to block gambling-related ventures, such as sites offering gambling tips or betting intermediaries. Let's have a closer look at what gambling activities may result in account blockage.
PayPal offering its users the option to block gambling transactions is a welcome addition to the gambling recovery toolkit.
Based on the gambling related page on PayPal's official website, activities that may trigger the blockage of your account are:
- Betting on sports and racings
- Casino games, including slots and table games
- Lotteries
However, this payment method can be used in casinos, but there's one condition – the platform has to be approved by PayPal. The payment platform simply wants to make sure that gambling is legal in regions a casino provides its services for. Since gambling is legal and regulated in Ireland, PayPal can be used for both deposits and withdrawals by verified Irish users in approved by PayPal casinos.
PayPal Payment Usability | |
---|---|
Mobile application | 👍 Yes |
Period of Withdrawal | 🕐 1 to 48 hours |
Period of Deposit | 🕐 Instant |
Set Up Time | 🕐 Five Minutes |
Minimum withdrawal amount | €10 |
Maximum withdrawal amount | €10,000 |
Minimum deposit amount | €10 |
Maximum deposit amount | €10,000 |
Good for High-Rollers? | 👍 Yes |
How to Make a PayPal Account?
A PayPal account may be opened by anybody. The minimum age to transact business legally is 18, nevertheless. To utilize this service, you need an email account, as well as personal and banking information. Let's have a more detailed look at the registration process:
Go to www.paypal.com.
Click on “Sign Up” button located in top right corner.
There will be two options – “Personal Account” and “Business Account”. Click on “Personal Account”.
Follow the instructions on the screen and provide all the required information, that includes name, e-mail address and password.
Click on “Agree and Create Account”.
Congratulations, now you have a PayPal account!
How to Verify Your Account?
As we've mentioned before, in order to use PayPal for gambling, your account has to be verified. The process requires couple of steps, that include:
- Email Confirmation. Verify your email by clicking on the link sent by PayPal.
- Add your bank. Provide the required details of your existing card.
- Be ready to pay a small deposit. PayPal may request a deposit (usually €1) from your linked bank account.
- Confirm deposit. Make sure to remember the amount of the deposit – you will have to confirm the exact amount.
Once you've completed these steps, your account should be considered as a verified one.
- PayPal operations are based on how much money is in a bank account. PayPal and/or the parent bank respond to issues and concerns.
- PayPal uses online banking information for its verification process. The details of the user on the casino platform are compared with that of the PayPal profile to find similarities before completing a transaction.
- A PayPal account may only be owned by the person whose account is receiving the deposit. Keep this in mind when using PayPal at an Irish or British gaming site.
Deposit and Withdrawal Limits
When playing on casino platforms, a deposit and withdrawal restriction is placed on your account to reduce the likelihood of fraud. The goal of this solution is to increase player security and safety. PayPal does not enforce a special restriction when funding a casino account. All you have to do is adhere to the restriction set by the gaming platform you are using.
The majority of online casinos that accept PayPal simply demand a deposit of between €10 and €20 to play. Additionally, they set the maximum deposit amount at €10,000. Of all the payment methods available at online casinos, PayPal offers some of the highest withdrawal limits. The constraints imposed by the gambling platform determine the limits.
Withdrawal Fees
The majority of licensed casino platforms offer instant PayPal deposits without charging fees, except with the involvement of a currency exchange. PayPal usually charges no fees for all transactions, whether they be deposits or withdrawals. However, some fees can be applied, for example by the casino you've chosen. Check their terms and conditions to learn more about them.
Withdrawal Time
Compared to other well-known payment methods like digital wallets, debit cards, and bank transfers, PayPal transactions are usually completed more quickly. Online casinos can take longer time for a transaction, ranging from an hour to 48 hours, to ensure that no fraudulent acts are involved. Once this process is completed, PayPal withdrawal is immediate.
PayPal Services
When users sign up for a free PayPal account, they are given access to many services and features. These offers are described below:
PayPal Service Charges
The majority of PayPal transactions are cost-free. There are a few exceptions, nonetheless, that you should be aware of:
- Currency conversions. While currency conversions are quite unusual when playing at Irish casinos, it is crucial to be aware of it. Currency conversion transactions are charged at the PayPal exchange rate. The service is also subject to an additional 3% fee.
- Inactivity charges. Users whose accounts hold funds and have not been used for a long time may incur an inactivity fee. Recently, this fee has been implemented in some UK regions. You don't need to worry about it if you play at Irish online casinos.
- International personal transactions. Paypal will charge you if you send money to a place outside of your own country. There is a €1.99 cost if you send funds to Canada, Europe, or the United States. The price for every other location is €3.99.
Pros and Cons
Paypal offers gamblers many features while playing at online casinos). Some of these features are interesting and beneficial while some may not be advantageous. The merits and demerits of online casinos are highlighted below.
- PayPal accounts are free to open and simple to use. Additionally, funding and withdrawals are done free of charge.
- When it comes to swift withdrawals, PayPal is one of the top platforms. Withdrawals are usually facilitated within an hour of initiation
- PayPal is widely used and accepted at several fast paying online casinos in Ireland.
- The PayPal system has a very high level of security with features like two-factor authentication that protect users against account hacking.
- PayPal offers one of the highest deposit and withdrawal limits. This is just perfectly in line with the budget you are playing with.
- Since your PayPal wallet is different from your bank account, it may help to manage your gambling budget.
- Using a PayPal account can prevent you from claiming bonuses. You may have to employ another payment method to claim the incentive.
- Although PayPal is a well-known payment option, not all gambling platforms accept it.
- For the vast majority of transactions made on its platform, PayPal does not charge a fee. However, transactions involving currency conversion will incur fees.
- Before utilizing PayPal as a payment method at an online casino, you must have a free PayPal account. Despite being straightforward and easy, the procedure may be a little tasking.
- The risk is that the account could be blocked because of the new regulation on gambling activities in PayPal we mentioned above.
Alternative Payment Methods
To make it easier for you to choose a payment method that works the best for you, our team has compared PayPal with alternative payment methods:
e-Wallets | Crypto | Debit/Credit Cards | Bank Transfers | |
---|---|---|---|---|
Deposit | Instant | Instant | Instant | Instant |
Withdrawal | Instant | Instant | 3-5 days | 3-5 days |
Description | Popular options like Skrill, Neteller, and MiFinity. Safe and fast with security layers. | Enhanced security, negligible fees, rapid fulfillment. Bitcoin is widespread. | Instant deposits, withdrawals take 3-5 days. Supported by Visa and Mastercard. | Secure, though slower processing. Additional fees may apply. |