PayPal was a pioneering payment system which defined a new genre and many imitators. This category of payment options are known as e-wallets (electronic wallets). This is a 3rd party account which exists online. You can fund it via your bank, and then use the money held to fulfill your online payment transactions. This provides a buffer between your bank and online merchants, giving you some extra security.
Here you will find the information you need to successfully deposit at online casino using PayPal. First up below, I have explained how this deposit method works, describing the process from end-to-end. After that the pros and cons of using PayPal, compared to the many other deposit methods out there are debated. Finally, you’ll find a recommendation for an excellent casino which is my top choice when depositing using PayPal.
How Do PayPal Casino Deposits Work?
The central idea behind PayPal is to create a layer of security for your online transactions, separating your bank or credit card from online merchants. Your PayPal account exists online. You fund this using your bank, and then use the balance held to make your transactions. If this account is not linked directly to your bank the only money you risk is the balance held in your PayPal account.
Once you have set up an account, you can move money around seamlessly between merchants and other PayPal users. What makes this e-wallet stand out from the crowd is there advanced buyer protection policies. These enable you to file a dispute and often get your money refunded if you end up as the victim of a scam or bad merchant. To balance this, the fees are slightly higher than for other e-wallets.
PayPal are selective in the casinos which they do business with. Since offshore casinos have a higher risk of fraud or chargebacks, they only allow the big name brands to accept PayPal deposits. This means that seeing PayPal as a payment option at an online casino has become a trust signal all of its own. You will also be able to withdraw using this method.
The process for making a PayPal payment to a casino is very easy. First of all you will need to set up a player account. Next you head to the cashier and choose the PayPal option, you’ll be asked for the amount to deposit and any bonus code. The next step will often open a new window, taking you to a secure PayPal window. Here you log-in to your account, and confirm that the deposit is legitimate. You’ll get a confirmation and be taken back to the casino, where the money will be waiting for you to take to the tables. PayPal charge fees when you receive money, and not when you spend it. Make sure you read the terms and conditions of your casino, as some do make charges to defray their own fees for this type of payment.
Pros and Cons of PayPal Casino Deposits
There are some significant benefits to using this method instead of your Credit Card. The main one is security. You no longer have any reason to give your credit card information to a whole host of online merchants including any casinos that you play at. Add to this the ability to file a dispute and you can deposit with complete peace of mind.
A hidden benefit of keeping your casino bankroll in PayPal is that you are able to move fast to take advantage of bonuses and other short term promotions at different casinos. You can take an offer, then cash out back to PayPal and wait for the next one – all without needing to involve your bank. This system also avoids needing to keep too large a balance at any one casino.
The main disadvantage of PayPal is the fees. These are higher than for many other e-wallet systems – for example Skrill is considerably cheaper. The fees hit you when you accept money with PayPal, and if you use different currencies you’ll also take a hit from unfavorable exchange rates. To balance this you do have the improved buyer protection, and of course the security benefits which come with using this system
Best Casino for PayPal Deposits
Since PayPal only allow their system to be used by the most reputable casinos, there are only a select number of brands to choose from. My recommendation is 32Red Casino, which is based in the UK. This casino runs the excellent MicroGaming software and is one of the biggest and fastest growing brands around. You’ll get $32 in bonuses for every $20 you deposit at this casino – as well as a wide range of one-off promotions and player loyalty rewards. Make sure you check out the excellent 32Red for yourself soon!