Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Pros and Cons of Using PayPal in Online Casinos
Dec 15, 2022
Image: Unsplash
PayPal is one of the oldest digital wallets and has a massive user base. It is commonly used for online shopping and is a popular choice among freelancers working on internet platforms. It is also widely used in the iGaming sector. Any serious casino online real money operator will have PayPal as a payment method on their website. This has nothing to do with the quality of the digital wallet. At this point, it’s just common sense. Users that want to gamble are statistically more likely to have PayPal than another digital wallet.
For most players, it doesn’t make sense to open up multiple accounts for different digital wallets. The approval process can last over a week. Since PayPal has a large infrastructure it’s not a surprise that so many casino players opt for this wallet. However, there are some other efficient alternatives that have been gaining momentum. Another solid option are casino Paysafecard operators and apps that are also widely used. However, PaySafeCard isn’t as available as PayPal. So, let’s see just how good PayPal is, and list some of the pros and cons of using this wallet for online gambling.
Global Presence
Today PayPal is available in more than 200 countries. This also means it supports an array of different currencies. In the world’s leading economies this isn’t such a big deal, but in developing geographies PayPal is one of few, if not the only digital wallet. Recently they teamed up with MetaMask Web3 wallet in order to enable users to buy Ethereum cryptocurrency. It’s really great that the company is still trying to add new features and keep up with digital payment trends.
The advantage here is that players who use PayPal don’t have to open new accounts for payments when they want to play in a new online casino. As stated, you are unlikely to find gambling sites that don’t accept PayPal.
Efficiency and User-Friendliness
It’s incredibly easy to create an account on this digital wallet. It’s also easy to set it up as a payment method on pretty much any popular website. The user interface is very intuitive, so even if you have never done this, you can figure it out all on your own. The transactions with PayPal are really fast, and deposits are processed in under a minute. When it comes to withdrawals, it’s up to the casino’s administration team. They simply need time to review the withdrawal request and approve it.
Security and Anonymity
Image: Unsplash
It’s also worth pointing out that PayPal is a highly secure way to make online transactions. They also have multiple authentication methods on users’ accounts so it's difficult for someone to steal from you. This is why many gamblers love to use this wallet. Believe it or there are casino players and bettors who are highly risk-averse. They exclusively opt to play games or bet on sports where they can effectively mitigate the risks. Also, when you use PayPal the only thing you share with the casino operator is your email address. In other words, sensitive data like a bank account, and a credit card number isn’t required.
Processing Fees
One of the main reasons why people are reluctant when opting for PayPal is the processing fees. They might be negligible, but for online gamblers, they can add up really fast. Many players create multiple casino accounts in order to take advantage of different bonuses, so even these minor fees round up to $20 or more.
Cryptocurrencies are a very popular alternative for this reason. They are one the safest and cheapest ways to handle internet transactions. There is also a decent number of operators that accept cryptos, but still, it isn’t as nearly as the number of operators that accept PayPal. These fees can go really high if you need to make a conversion to different currencies. With the conversion fee on top of the transfer fee, you’ll be burning through cash like crazy.
Verification Process
Depending on where you live. creating a PayPal account might be bothersome. Since they operate on an international scale, they need to comply with different regulators. This means they need to do their due diligence and verifying the account can take up to a few days.
Conclusion
As you can see PayPal is a great option for those who love to gamble online. The positives definitely outweigh the negatives, and it’s far more convenient compared to some other transfer methods.
See: What Attracts Investors to Blockchain Gaming?
Of course, there are providers that have better perks or better security but bear in mind that they aren’t as accessible as this wallet. Additionally, it’s worth creating a PayPal, as you will likely use it for shopping and other payments that don’t have anything to do with gambling. The only thing to be mindful of are the fees, especially if currency conversion is used.
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