PayPal is the most used online payment processor by a mile. It’s probably no big shock, then, that there are hundreds of online PayPal casinos. There are pros and cons to using this as a casino payment method. Let’s take a look at some of those so you can better make a decision about whether PayPal casinos are right for you.
The Benefits of Casinos Accepting PayPal
👍 There’s No Need to Share Card Information
With all the headlines around the world recently about data breaches and theft, data security a major concern for most wise-minded casino players.
PayPal places a degree of separation between your financial information and the online casino. Your address is simply your email address, so if a data breach was to occur or a casino employee was to go rogue, nobody could obtain your credit or debit card information.
Even tech powerhouses like Facebook can’t keep our data safe, it seems. Therefore, it’s smart to take every possible precaution. For many online casino players, using an e-wallet is that precaution.
👍 You’ll Benefit From Faster Withdrawal Times
You wouldn’t be the first player to get a little ticked off when you have to wait three to five business days to get your money back from an online casino when you make a withdrawal. Since they can take it in seconds, they should be able to give it back in the same, right? This ceases to be a problem at the best PayPal casinos. At them, you will be able to get your jackpots within an hour of making a withdrawal.
While it can still take several days to get your money from your e-wallet account to your bank, it can also be spent directly from your online account. Since you can buy almost anything online today, many players prefer to go on an online shopping spree rather than withdraw to a bank at all.
Withdrawals by PayPal rarely take less than 12 hours even at casinos which drag their feet slightly. Even at this, that still wins over bank withdrawals by a mile.
👍 No Worrying About Withdrawal Limits
Once you begin depositing or withdrawing large amounts of money, PayPal will want to verify your account at some point to be sure who you are. However, with a verified account it is happy to accept deposits of any amount. Basically, whatever the maximum amount the casino allows you to withdraw is, PayPal will accept.
This isn’t the case with all casino payment methods. Paysafecard, for example, usually has a transaction limit of £250 at most casinos. This means you would have to do multiple transactions and pay their associated fees (if any) to get your money out.
The Cons of Using PayPal Friendly Casinos
👎 PayPal Can Rub People the Wrong Way
Some people really get irate at this payment processor to the point they start petitions against it. However, you’ll have to try and understand the reasons behind why it is so strict about verifying ID and finding out who people are before allowing large amounts of money to be moved around. PayPal has to comply with strict anti-money laundering laws in numerous countries because of its global nature. This can really suck when your funds are frozen temporarily, but it’s for the greater good. In fact, most of the attraction to this e-wallet is its enhanced security. It’s a catch-22 that to remain the most secure online payment method in the world it has to be extremely strict and go by the book.
Our advice is to verify your account before attempting to making a large deposit into it. You can do so at any time within your account settings. This will help you avoid having your funds frozen while the compliance team verifies your identity.
Using PayPal for casinos is a smart idea, all things considered. Sure, it has some potential downsides, but so does just about everything else in the world. Overall, the benefits of using e-wallets such as this at casinos far outweigh the potential negatives. Doing so will keep your funds safer, your identity protected and will get your money in your pockets much quicker.