You want to make an online sports bet at an online sportsbook but don’t have a credit card to open an account. You are cautious about using your bank card due to the many data breaches that happen on the Internet all the time. You could use cryptocurrency, or bitcoin, if you had an account, or go out and buy a prepaid credit card to make the transaction work, but you don’t want to go out. There is another option, PayPal, which processes the most online payments in the US, and you can use your PayPal account to make a deposit for gambling purposes.
Over 280 sportsbooks in the US accept Pay Pal transactions, with some of the largest gambling houses are accepting PayPal. PayPal betting sites must meet strinfgent regulatory requirements before they send money to online betting sites. At MyTopSportsbooks, we will review the PayPal payment process that you can use when opening an account at an online sportsbook for sports betting and give you a glimpse of some of the top sportsbooks in the US market that accept PayPay as a deposit method and withdrawal method for winning bets.
The best sportsbooks will offer a welcome bonus, a promo code or a bonus code or deposit bonus when you make your first deposit.
Getting Started with PayPal Betting Sites
The most efficient way to establish a balance or bankroll at an online sportsbook, casino or poker room is by using an existing PayPal account. This is a quick and convenient way for sports bettors to load funds immediately and start their gambling activity without waiting for weeks using a bank transfer or a wire transfer.
Many sports betting sites will take your money from your bank account as a payment method, but PayPal offers a more secure payment portal. You can use a mobile app with your Android phone for your first bet at your favorite bookmaker.
One thing PayPal won’t let you do is use your Visa or MasterCard as a payment option to send funds to them at the PayPal website. For new players that establish a sportsbook account, they might be requested to make a minimum deposit, and they could be eligible for a deposit match. If you like horse racing or esports or live betting, you can find a site to take a PayPal deposit.
You aren’t making risk-free bets here, but a promo code from one of the big bookmakers could get you a benefit on a first bet a deposit match in your sportsbook account.
Everything You Wanted to Know About PayPal Betting and Payouts
Betting Sites That Accept PayPal Sports Betting
If the site you choose is licensed in the jurisdiction you want to gamble in, PayPal will permit your deposit in your personal account for new customers. Depending on where you are has a great deal to do with PayPal permissions. Most sportsbooks aren’t licensed in the US; therefore, PayPal won’t authorize a deposit to those sites or apps.
Is Bitcoin a Permitted Purchase with PayPal
No, cryptocurrencies aren’t eligible for purchase with a PayPal account at this time for sports betting accounts.
Fees are Included With My account, Aren’t They?
The sportsbook doesn’t charge fees for a PayPal deposit or withdrawal, but PayPal charges a fee for account usage. For every transaction you make to send funds to PayPal, there is a 2.9 percent charge. PayPal doesn’t charge a fee when making a deposit at a sportsbook or with a bookie.
PayPal Withdrawal Options
They will issue an electronic cheque, check by mail or send funds to a debit card for a cash withdrawal at an ATM.
States I Can Use PayPal In
Nevada and New Jersey currently allow PayPal as a funder for online accounts for gambling. If you live in states like Michigan, West Virginia, Tennessee, Illinois, Indiana, Colorado, and Pennsylvania, you may be able to use PayPal for sports fantasy gaming, as it is deemed a game of skill by PayPal’s regulators.
Does PayPal have Security for my Protection?
Just like any other e-wallet, PayPal has a wall of security surrounding your online sportsbook deposits. Because it has a security regime all on its own, it works in conjunction with your bank to provide two-stage protection when moving funds for sports gambling.
Advantages of PayPal
- Instant deposits.
- Credit cards and debit cards are other deposit options.
- PayPal balances can be created by receiving a transfer from many sources.
Disadvantages of PayPal
- One disadvantage of PayPal is that there are fees associated with credit card deposits.
- Withdrawals come more slowly than other e-wallets.
PayPal and the US Betting Market
Only licensed sportsbooks in New Jersey and Nevada accept PayPal payments. Many sports books are located offshore and aren’t required to get a license to operate in the US. The drawback means limited deposit options for sports bettors.
DraftKings and FanDuel Accept PayPal
Part of the business model at DraftKings and FanDuel is fantasy sports sites. In many states, fantasy sites like online sportsbooks and casinos are considered a game of skill, not a game of chance.
PayPal and Online Betting, A Brief History
PayPal was the first e-wallet on the Internet that permitted funds transfers between businesses and individuals. Once PayPal was established, it was only a matter of time before the gambling industry took advantage of this newfound convenience for their players. In 2002, roughly eight percent of all PayPal transactions were devoted to the sports gambling industry. Over time and through expansion, PayPal is now an international company that processes online gambling transactions worldwide.
PayPal is Involved in Online Betting
In 2009, PayPal jumped into the online gambling pool head first when they decided to do business in regulated states with licensed sportsbooks that were deemed reputable. The UK was the first country to embrace PayPal – William Hill was one of the first online sportsbooks to do so – before some in the US market boarded. Once on boards for sportsbooks, PayPal began processing payments for daily fantasy sports. Fantasy sports are designated as a game of skill by PayPal and permitted payment processing in 45 US states.