If you look at the electronic wallet market on a global scale and not just in the online gambling industry, then PayPal is likely to be the largest company in the game. However, because they put a lot of restrictions on which countries can use their services to fund online gambling services, they aren’t as popular in this particular sector. With that having been said, for people who can use this service, it’s one of the best available, and they have a lot of options to help you protect your personal details and financial information with reasonable fees.
How PayPal Works
PayPal is a pretty standard electronic wallet in the sense that you have a virtual account with a username and password that you can fund and use for purchases. This allows you to put virtual “space” between your funding method and the casino itself, and that’s something that gives a lot of players a lot of peace of mind. It also makes it easier to keep your casino bankroll separate from the rest of your accounts, something that’s useful for people who prefer to keep their recreational gambling money from being mixed in with the rest of their money.
Funding your account can be done with a direct debit from your bank account or a credit/debit card. The fee is generally 2.9 percent plus $0.30 for every transaction depositing to your account, but you can often avoid this if you go straight from your bank account instead. Transferring funds from your account to the casino is almost always free, but receiving funds back into your account from the casino can be subject to fees that depend on the countries involved and if there are any currency exchanges. These charges are often variable to a degree and are subject to minimums, but it’s typically in the range of 2.9 percent to 6 percent if it’s for a transaction from outside of your country.
The PayPal Card
Like many electronic wallets these days, PayPal offers a MasterCard-backed debit card that connects directly to your account. There are no fees for using this card for purchases normally, but there can be fees for withdrawals from an ATM. It really depends on a lot of factors like where you’re located, and this is on top of other fees that might come from the ATM or bank that you use that PayPal isn’t really in charge off. In terms of avoiding fees as much as possible, it’s often just better for most players to simply request that the funds be sent straight to your bank account from your PayPal account.
There’s no denying that PayPal is probably the largest electronic wallet in the world, but they’re not open to online gambling transactions for every jurisdiction. If they were to open things up in this regard, they could probably take over a pretty huge segment of the market in a relatively short period of time because of how well-known they are for everything else they do.
Overall, PayPal is a good option if you already have an online casino in mind that accepts it. However, if you don’t, then you might find that the number of sites accepting PayPal is somewhat limited, and that can make it a little frustrating to find a site that has the games and promotions that you want.