What is PayPal?
PayPal is an electronic wallet, also known as an eWallet, designed to facilitate simple online payments. It offers a digital alternative to traditional payment methods, providing faster, more secure, and more convenient transactions. According to data, it’s one of the world's most widely used digital payment systems, with more than 400 million users. In addition, more than 70% of online retailers in the US now accept it. Because it’s so easy to use, it’s made sending money online much simpler, and it’s significantly better than using checks or wire transfers.
How Does PayPal Work?
To use this service, you’ll need to sign up and create an account. This is as simple as entering your personal details and confirming them before linking your bank, debit card, or credit card. Once you’ve set up your account and your payment details are confirmed, you can use it to make payments online, including at online sportsbooks.
When it comes to paying for something online, first check to see if PayPal is accepted. Then select the payment method, sign into your account, and approve the payment. The money will come from the available funds in your wallet or be spent from whichever account you’ve linked.
Here’s the payment process shortened:
- Create a PayPal account
- Link your bank or payment card
- Choose PayPal as a payment type
- Sign into your PayPal account and choose which payment source to use
- Confirm the payment
You can also receive money in the same way. All you need to do is provide the email address that you use for your account, and you can receive money from anywhere in the world. The money will reach your wallet, and you can then spend it or send it to your linked bank account.
The Advantages of Using PayPal for Betting
A growing number of sportsbooks in the US now accept PayPal. More and more bettors are beginning to use this eWallet service thanks to the advantages that it offers compared to traditional payment services. Here are a few of the reasons why so many people prefer to use this service when betting online.
Fast Payments
The main advantage of using PayPal compared to other payment methods is that it processes transactions incredibly quickly. When you’re making deposits and withdrawals at a betting site, you want your funds to move quickly so you can spend more time researching your next bet. All deposits made using this service are instant, so you won’t ever have to wait around before you can start betting.
Not only that, but withdrawals are lightning fast too. Although you’ll still have to wait for your sportsbook to process your withdrawal, PayPal itself will always process your funds within 24 hours, sometimes giving you the money in your wallet in 30 minutes or less.
High Level of Security
PayPal is a very secure payment method, letting you make fast payments without worrying about the safety of your money or personal information. When you make a deposit, you don’t need to enter any banking details. Instead, you simply log into your account and approve the payment.
This makes using this payment processor for sportsbook deposits a lot safer than using a bank transfer or using a debit card, where you would need to provide sensitive information. You won’t need to give out your banking details to every betting site you join. In addition, your eWallet has fraud detection in place to keep you safe when making online payments.
Excellent Reputation
PayPal has been in business since 1998 and has become one of the world’s leading online payment processors. It’s done this by taking care of its users and ensuring that their money is always kept safe and secure. As a result, the company is highly trusted with an excellent reputation, meaning you can trust it when making deposits and withdrawals online.
Convenience
PayPal is accepted by a huge range of top US sportsbooks, allowing you to make fast and easy payments. Compared to traditional payment methods, it's far more convenient to use. You can keep all your funds in one place and easily make deposits and withdrawals simply by linking your eWallet to your betting account. You won’t need to enter your card details each time you want to make a deposit, and withdrawing your winnings is also incredibly simple.
Free Deposits and Withdrawals
Using PayPal to make deposits and withdrawals is free at all major sportsbooks. The service is free to use when making online payments, although charges do apply when you deposit funds to your PayPal account or withdraw funds from your eWallet to your bank.
High Limits
When you make deposits using this payment service, there are few limits on how much you can actually send. Some payment methods might place limits on your transactions, but PayPal gives you more freedom over your finances. You can make big deposits at your favorite sportsbook accounts, ensuring that you don’t miss out on the best bonus offers.
Drawbacks of PayPal for Betting Explained
While PayPal is extremely popular, there are some drawbacks to using it for betting on sports. Here are the main drawbacks associated with this eWallet service:
| Disadvantage | Explanation |
| Fees | Fees do apply when withdrawing funds from your wallet to your bank account. In addition, you may be charged a small fee to add funds to your PayPal account. |
| Acceptance | Although it's becoming more popular, it's still not accepted by every US sportsbook. Therefore, you’ll always need to check the available payment methods or our reviews before you sign up. |
PayPal Security
Aside from fast transactions, PayPal stands out due to the high level of security provided with every payment. Aside from the fact that you don’t need to enter your bank details each time you make a deposit or withdrawal, the eWallet makes use of the latest technology to keep your money safe. You can make stress-free payments without worrying about what happens to your money thanks to these main security features:
End-to-End Encryption
End-to-end encryption is a vital component of any secure payment system and something that this company prides itself on. The service ensures that all of the information you send is encrypted, which makes it impossible to read by anyone other than the intended target. In the case of making a deposit at your sportsbook, the request you make is encrypted and sent to the correct destination before being decrypted by the payment service.
Two Factor Authentication
Two-factor authentication is a security measure that adds an extra layer of protection to your payment account. You can set this up simply by linking your phone to your account, and this will mean you receive a code on your phone each time you try and log in. You’ll need to enter your password as normal and provide the one-time passcode to access your account. This means that even if your password is compromised, your funds are still safe from potential breaches.
Payment Confirmation Email
You can also set up email confirmations on your account so that each time you make a payment, you get an email to let you know. This helps you keep an eye on your financial records and also means that you’ll instantly be alerted if someone uses your account without permission. If you don’t recognize the payment, it’s easy to contact customer support and have it investigated.
Fraud Detection
PayPal employs machine learning algorithms to spot potential cases of fraud. This high-tech fraud detection system can help keep your money safe and out of the hands of potential scammers. It works by flagging transactions that are unusual for your account. While there are lots of other security measures in place, if someone does gain access to your account, the system is designed to flag if there’s suddenly a big increase in the payments made.
PayPal Betting Bonuses
The best PayPal betting sites offer promos and bonuses to make your betting experience more enjoyable. There are lots of great offers out there, both for new and current users, and most of them can be claimed by making deposits using this payment method.
According to statistics, some of the most popular bonus offers include:
| Bonus Type | Example | Explanation |
| Matched deposit bonus | 100% bonus up to $500 | Your PayPal deposit is matched up to a certain value. |
| Risk-free bonus | $250 risk-free bet | Your first bet is refunded if it loses, with your stake returned as bet credits up to a certain value. |
| Free bet credits | $100 in bet credits/free bets | You can use these bet credits in place of real money, keeping any winnings made. |
| Odds boosts | Odds boosted from -150 to -110 | Odds are changed by a percentage or amount to give you a better deal. |
| Loyalty rewards | Earn free bets and cashback for betting | You earn points by placing wagers and can exchange these points for bonuses. |
Common PayPal Bonus Terms
While most bonuses can be claimed fairly easily, there are always terms and conditions to read through before you claim. Be sure to always check these carefully, as some sportsbooks might have restrictions on which payment method you can use to unlock the bonus.
These are some of the most common terms you’ll see when claiming PayPal bonuses:
| Bonus Terms | Example | Explanation |
| Wagering requirement/rollover | 5x wagering | The number of times you need to wager the bonus before you can withdraw it or any winnings |
| Minimum deposit | $20 minimum deposit | The minimum amount you must deposit to unlock the bonus |
| Minimum bet | $10 minimum bet | The minimum amount you must bet to unlock the bonus |
| Minimum odds | -150 | The minimum odds at which you must bet to unlock the bonus |
A Guide to Betting with PayPal
Betting with PayPal is much easier than you might think. It’s a very convenient payment service, and it’s easy to set up for deposits and withdrawals. If you’re unsure, we’ve created this guide to help you out so you can get started using this eWallet to bet on your favorite sports online.
How to Create a PayPal Account
If you don’t already have a PayPal account, you can set one up easily. The process only takes a few minutes, and you just need to follow these simple steps:
- Download the PayPal app on the App Store or Google Play Store or visit PayPal.com
- Choose the sign up option and enter your details
- Agree to the platform’s terms and conditions
- Use your email to verify your PayPal account
- Link your preferred payment method, either your debit card, credit card, or bank account
How to Sign up to a PayPal Sportsbook
Once you have your PayPal account set up, you can join your first sportsbook. First of all, you’ll need to provide your details and create an account to get started. Here are some quick steps to follow:
- Visit one of the top-rated sportsbooks on this page
- Create an account by providing your personal details
- Agree to the site’s terms and conditions
- Verify your account with a copy of your ID
- Claim the sportsbook promo by following the instructions
How to Make a Deposit Using PayPal
After signing up to your preferred sportsbook, you’re almost ready to start betting. First things first, you’ll need funds in your account. You can bet with your cash bonus if it’s available, but in most cases, you have to make a deposit first. Follow these steps to make a deposit using PayPal:
- Choose the deposit option at the top of the sportsbook page
- Select PayPal from the available payment methods
- Enter the amount you want to deposit and make sure it’s enough to claim the bonus offer
- Log into your PayPal account securely and confirm the payment
- Use your funds to place bets and enjoy!
How to Make a Withdrawal Using PayPal
Making withdrawals using PayPal is just as easy as adding funds to your account. Provided you made a deposit with the service already, you’ll also be able to use this payment method to withdraw funds. All you need to do is follow these steps:
- Find the withdrawal option in the cashier
- Choose PayPal as your preferred withdrawal method
- Log into the same eWallet account that you used to make your deposit
- Choose the amount you want to withdraw
- After the sportsbook has processed your request, your funds should arrive within 24 hours
PayPal Betting FAQs
What is PayPal?
PayPal is an electronic wallet, also known as an eWallet, which allows you to send and receive money online. You can pay for all manner of things using this service, and the advantage that it offers over traditional payment methods is that it’s faster and more secure. To use the service, you’ll need to create an account and then link your bank account or card.
Do sportsbooks accept PayPal for deposits?
Yes, a growing number of sportsbooks now allow you to make deposits using PayPal. The service is incredibly popular due to its speed and high security, and this makes it ideal for betting online. Check to see if your sportsbook accepts this eWallet first before you try to use it.
Is PayPal safe to use online?
PayPal is extremely safe and is designed for secure online payments. The service uses the latest technology and innovations to ensure your funds are always secure. Instead of providing your bank details when making a payment, you’ll only need to log into your eWallet account. Not only that, but the service uses encryption and anti-fraud technology to keep you safe.
Can I withdraw my funds using PayPal?
Yes, you can use it to withdraw funds from your sportsbook. However, you will need to make a deposit using PayPal first. If you’ve deposited with any other method, you won’t be able to withdraw with the eWallet service until you use it to make a deposit. Withdrawing is just as easy as depositing, and using this service is much faster than other payment methods.
Are there fees when using PayPal?
PayPal does charge small fees when it comes to adding funds to your eWallet account or withdrawing funds from your account to your bank. Always check the fees before you use the service and decide whether they’re worth it.
How long do I have to wait for my PayPal withdrawal to be credited?
In most cases, your withdrawal will take last than 24 hours once it’s been approved by the sportsbook. Often, your money will be ready to use in your eWallet account within just 30 minutes.
Can I claim a sportsbook promo with PayPal?
Yes, if you’re using a sportsbook that offers cash bonuses, you should be able to claim it by using PayPal to make a deposit. Check the terms before you try and claim the bonus to be sure.
Sources
Author
Tom Edlin is a senior author and contributor to SportsbookPromo.com. He's been writing and reporting on the US sports betting industry for years and has crafted hundreds of in-depth reviews and guides.
