PayPal
PayPal is a world-leading 'virtual e-wallet' that allows quick and anonymous payments across the web. Because of its security and ease of use, PayPal has fast become the choice of many online slots players to move money around gambling sites.
PayPal allows users to load a single online wallet via multiple sources (debit/credit cards, bank transfers, other e-wallets). With one simple username and password, PayPal customers can then buy goods online, or load up their gambling accounts.
At a Glance
PayPal Pluses
- Anonymous and safe payments online
- Available to UK slots players for online gambling
- Accepted widely at good online casinos
PayPal Minuses
- Only available in a handful of countries for gambling
- Fees charged when you withdraw from your e-wallet
- Withdrawals go to the same PayPal account used for deposits
Typical Deposit Times: Instant
Typical Withdrawal Times: 24-48 hours
UK fees: Free (casino fees); 1.4-3.4 percent (PayPal charges on most cards)
Brief History of PayPal
PayPal was one of the first e-Wallets to appear online in 2002, and its existence has been tied in with Internet gambling ever since. It left the gambling market in 2003 after some high-profile court cases against the firm's owners. However, it re-launched in licensed markets in 2010 and has gone from strength to strength.
Although regarded as one of the most secure ways of moving funds around, PayPal hasn't been immune to breaches of security. In 2010 the firm was a victim of hackers who launched a 'denial of service' (DoS) attack on the site.
How it Works
PayPal is a third-party payment processor that handles transactions over the web. Think of it as a single wallet in which users can deposit GBP from numerous cards and accounts.
It's a good option for players who don't want to share sensitive card info on an online casino. PayPal merely stores all the user's card numbers so your details are safe. All you need to complete a payment to a gambling account is an email and password.
PayPal is also available on mobile phones by accessing the downloadable app and entering a mobile number and PIN. The PayPal app allows quick payments online at the swipe of a finger. In addition, regular prize draws offer thousands in cash for UK PayPal users.
Making Deposits and Withdrawals
Sending money via PayPal is simple: customers just need head to the Cashier at the online casino and select PayPal from the options. Enter the amount you want to deposit plus your account password. You'll be directed to the PayPal website to enter your personal account details. The transaction will then be processed.
Minimum deposits are usually low, though not as low as some debit and credit cards.
Cashing out is as simple. Remember that customers need to withdraw to the same PayPal account they deposited with. Funds generally take a day to appear back in your e-Wallet.
PayPal Fees
It's free to send or receive cash between pals online, but sending to businesses (in this case, casinos), fees will apply. Fees generally apply always when sending money by credit card (3.4% plus £0.20). And if you are depositing at an overseas gambling site, a currency conversion fee will apply.
While most casinos won't charge you for using PayPal, fees will sometimes apply when transferring cash out. UK PayPal users can't currently withdraw wallet funds to a debit or credit card. A way round it is to link your current account to your PayPal wallet, which can be done easily online.
Verifying your PayPal account is a good way to increase deposit and withdrawal limits. It also makes everything much more secure.
PayPal Online Gambling Around the World
Having not allowed gaming transactions since 2003, PayPal is now quietly moving back into the US market.
The US has allowed legalized online gambling in several states, with Delaware and New Jersey allowing casino games and slots (Nevada only permits online poker at the moment).
While the rest of US remains in a 'gray' area with regards to legal slots and casino online, PayPal has been wary of moving back in. That seems to be changing as the speed with which Americans can get their bankrolls processed gets faster.
Currently, slots players in the UK, Sweden, Denmark, Germany, Spain, Austria, Portugal and Ireland can make gambling deposits using PayPal.