Advantages and disadvantages of online sports betting with PayPal
I probably don’t even need to tell you that PayPal is one of the world’s oldest and most trusted e-payment services. Still, as is the case with everything in our lives, this payment method has pros and cons.
However, as someone well-versed in using PayPal betting sites, I can assure you that it is one of the best
online betting deposit methods. To show you why, I have summarised the main advantages and disadvantages below:
Advantages
- Doesn’t share your details with the merchant
- Fast and secure deposits
- No outgoing transaction fees
- Relatively quick withdrawals
Disadvantages
- You may be charged withdrawal fees
Depositing with PayPal for betting sites
Making a deposit using PayPal is a piece of cake – just follow the steps in my guide below:
- Create your PayPal account
– If you are in the minority and don’t have a PayPal account, you can make one quickly and easily. All you need to do is enter your info, add a credit/debit card and verify your email address and phone number.
- Create your betting account
– What you now need to do is register with a site that offers online sports betting with PayPal. Later in this article, I have provided you with my experience of the top five sites.
- Log into your betting account
– Once you have created your account, you will need to log in with your new username and password.
- Deposit with PayPal
– In your account, go to the “Wallet” section and select “Deposit”. Here you can choose “PayPal” from the list of options and enter the amount you wish to deposit.
- Complete your transaction on the PayPal site
– To finalise the transfer, you will be redirected to the PayPal website in another tab or via a popup window. Once that’s done, the funds should appear in your betting account straight away.
Withdrawing from PayPal betting sites
Whether it’s online betting, takeaway food delivery or binge-watching a series, we all want instant gratification these days. When making a PayPal withdrawal, you can’t get your money instantly, but it is still faster than
credit card betting sites
and most traditional payment methods.
Mostly, you should find that your PayPal withdrawal should take no more than 24 hours on average. However, with some betting sites, it will be quicker, while on others it will be quite a bit slower.
Naturally, the withdrawal process differs on each site, but here is a rough guide of how it goes based on my experience across multiple gambling platforms:
- Go to the “Wallet” in your betting account and select “Withdrawal”
- Select “PayPal” as your preferred withdrawal option
- Enter the amount you wish to withdraw
- Enter your PayPal username or email address
- Wait for the betting site to approve your withdrawal (usually a few hours)
- Wait to receive your funds in your PayPal account (remember you will be charged a small fee to receive money)
Verification process for PayPal
One of the ways that PayPal helps to keep you private is by requiring as little information as possible. Still, they do need to verify your account to keep you fully protected.
I know as well as you that verification processes can be a pain in the proverbial, but they are vital for your safety. Fortunately, I found the verification to be about as quick and painless as it gets:
- Select your bank from the list
- Enter your credit card or bank account details
- They will deposit two small random amounts in your account
- You can use these deposits to verify your new PayPal account
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Transaction times on betting sites with PayPal
As I said before, if you’re looking for instant results, you can almost get them when using PayPal betting sites. Unsurprisingly, deposits are instant with PayPal – after all, very few businesses want to delay the process of taking your money.
From my experience, withdrawals can vary anywhere from 15 minutes to 24 hours and beyond. Usually, you will find that the biggest hurdle put in the way is the betting site’s approval time.
Some online bookies are on the ball 24/7 and will approve your request within minutes; meanwhile, others will take a full 24 hours. I’ve also found that some sites are quicker during weekends and conventional working hours.
The table below summarises the average processing times that I’ve found across multiple betting sites:
| Quickest deposit time |
Instant |
| Longest deposit time |
15 minutes |
| Quickest withdrawal time |
15 minutes |
| Longest withdrawal time |
48 hours |
| Most common withdrawal time |
≤ 24 hours |
Fees associated with online sports betting with PayPal
The fees charged for PayPal deposits and withdrawals vary between different bookies and online casinos. However, as a general rule, PayPal only charges the party who is receiving fees.
This means that you can usually work on the assumption that the betting site will cover the deposit fees, making them free for you. Meanwhile, you will be charged a small withdrawal fee to receive your winnings.
Most legit betting sites that aren’t out to squeeze a few extra bucks out of you won’t charge any extra deposit or withdrawal fees on top of what PayPal would normally charge you. To make sure that you don’t fall foul of a dodgy site with hidden fees, it’s a good idea to play it safe and sign up to one of my top five PayPal betting sites.
Security measures for PayPal transactions
PayPal is packed with security, privacy and encryption features that make it one of the best payment methods of its kind. As I said at the top of the article, PayPal effectively acts as a middleman between you and the betting site.
Think of it as a trustworthy person who takes your money, and hands it to the bookie for you. This means that the bookie doesn’t have access to your financial information and that no one else can track it or see it along the way.
For complete clarity, here is a list of all the main security features that protect you while online sports betting with PayPal:
This works exactly the same as a One-Time Passcode (OTP) for your online banking.
PayPal uses technology that can detect and prevent fraud when you are making and receiving payments online.
This prevents hackers and thieves from intercepting your connection when making mobile PayPal payments.
Keeps all of your data and past PayPal transactions hidden and secure.
Email payment confirmation
You will always get an email when you make a PayPal transaction. So if you get an email when you haven’t made a payment yourself, you can alert PayPal’s customer service straight away.
Transport Layer Security (TLS)
Use in conjunction only with secure HTTPS connections to ensure that your online communication is safe and protected.
Online sports betting with PayPal – Conclusion
At the end of the day, none of us want to make it easier for our money or data to get hacked or stolen. What PayPal offers you is an extra layer of privacy and security when making deposits and withdrawals from your online betting account. Just make sure to use a legit site that suits your needs.
When it comes to processing times and fees, you can expect instant deposits with no hidden charges. For withdrawals, it is normal for a small fee to be charged and to have to wait up to 24 hours to receive your funds.
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FAQs on PayPal betting sites
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Where can I gamble with PayPal?
You can bet online with PayPal on multiple sites, including 1xBet, GG.Bet and more. Always check the payment methods before you sign up.
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What are the minimum deposit and withdrawal limits on PayPal betting sites?
The minimum and maximum limits vary depending on the PayPal and
Apple Pay betting sites
that you are using. The lowest deposit limit with PayPal I have found is $1 on 1xBet, where you can always withdraw as little as $1.50.
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How many currencies does PayPal accept?
PayPal supports 25 currencies in 200 countries, which is why it is one of the most commonly accepted payment methods in the world for online gambling.
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Can I use PayPal for online gambling?
Yes, you can gamble online with your PayPal account in most countries. However, make sure that the sportsbook you are thinking of betting with accepts PayPal before you register.
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What are the deposit and withdrawal fees for online gambling with PayPal?
Most decent online gambling sites won’t charge you anything for PayPal deposits, but you usually will be charged a small withdrawal fee. However, this isn’t the case for all sportsbooks, so always make sure that you read the small print first.
