One of the most widely used payment methods in the global online commerce sector is PayPal. You've probably seen its logo next to that of your credit or debit card when paying for your online purchases. Millions of users worldwide use PayPal, and it's no surprise that the online gaming sector has embraced it. Betting sites, as well as casinos, bingo halls, and online poker rooms, accept PayPal as a payment method for users to complete their deposits or withdraw their funds.
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What is Paypal?
PayPal is an electronic wallet that allows the user to move their money. It is subject to the rules of the Philippines Department of Treasury and the European Union Financial Services Authority, but it is not a bank as it is not governed by the same regulations. For example, in a bank, money earns interest; in the case of PayPal, you do not get any return for keeping the money in your account. It is completely secure and prevents Philippines from offering our bank details when completing our transactions.
Before using PayPal, we need to create our account, whether for personal or business purposes. In the case that interests us, we create a personal account and fill in the data that appears in the registration form (email, password, name and surname, and address). To make your first deposit in PayPal, you will have to use your bank account, credit card or debit card. Once again, we enter all our data and the amount to be deposited, and we already have the account activated. Another option is to link the card to PayPal.
Once your account has been verified, you can start paying via PayPal. When you select this option for payment, the PayPal login homepage will open to confirm the order, which will appear in the left column. This way, you will only provide your bank details to PayPal, and the websites where you make purchases or payments with PayPal will not have access to them, strengthening the security of your account.
Bookmakers with PayPal
Despite some turbulent beginnings in Europe due to the novelty of the PayPal business, its relationship with sports betting began in the United Kingdom with Betfair. Gradually, the number of betting companies operating with PayPal and the countries where it operates also increased, including Philippines. Today, we can use PayPal on MarcaApuestas, Luckia, Paf, Bet365, Codere, 888Sport, MarathonBet, Betfair, Wanabet, Sportium, William Hill, Suertia, Betway, Betstars, Betsson, ViveLaSuerte, Pastón, Bwin, Interwetten, Goldenpark, and Casino Gran Madrid.
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Every betting house has its own conditions when it comes to admitting deposits from bettors, but as a general rule we can talk about a minimum deposit of $10. The money is transmitted instantly, although when requesting a withdrawal it take a little longer in some bookies. Apart from these betting houses, the vast majority of online casinos (including those with a betting section) and the online bingo rooms that operate in Philippines offer Philippines the option of using PayPal to deposit or withdraw funds.
How to deposit via PayPal?
To make a deposit via PayPal in our betting house, we have to sign in and follow the usual deposit route. In most cases, we have to go to the user section and select the "Deposit" option. Then we will see the different payment methods that the betting house accepts, and we select the PayPal option. You will need to enter the deposit amount - always above the minimum - and continue the operation with PayPal.
After logging into PayPal, we select the form of payment - either the funds in PayPal or the linked card - and click Continue to complete the transaction. If you don't have enough funds in your PayPal account, you can combine the two payment methods. Once the transaction is complete, you will see that the balance has been transferred to your player account and you can use that money to bet. You can cancel the transaction at any point during the process.
How to withdraw funds in my PayPal account?
The process for withdrawing funds from your player account to your PayPal account is similar. We go to the user area of the betting site and select the Withdrawal option, where we choose PayPal among the methods it offers. It is possible that in order to complete a PayPal withdrawal, the betting site require you to have made your initial deposit using this method. The same goes for other payment methods such as credit cards - to request a withdrawal, you must have used that method to make a deposit beforehand.
Regarding withdrawals, the process is identical to the deposit process. We enter the amount to withdraw, always above the minimum required for the transaction, and continue the transaction through PayPal after logging in. Sometimes, withdrawals take a few hours for the betting company to validate, so unlike deposits, you have to wait a little to receive your money. Nevertheless, the wait usually does not exceed 24 hours. You can cancel the transaction at any point during the process.
Advantages and disadvantages of using PayPal
Like any payment method, Paypal also has its advantages and disadvantages when it comes to using this method to deposit at a sportsbook or casino. Let's see what they are:
- Payment method accepted by almost all bookmakers
- 100% secure
- You don't have to give your banking information
- Enjoy the money instantly
- Available for deposits and withdrawals
- No commissions
- Registration on PayPal and having money or linking a card is necessary.
- You need to make a deposit to withdraw
- Sometimes you have to wait to receive the withdrawal
- If you have linked a credit card, PayPal charge you a commission when transferring funds to your bank account
Nevertheless, Paypal remains one of the best alternatives when it comes to depositing and withdrawing money in any betting house that accepts this method.
At this point, you have understood why PayPal is one of the most popular payment methods in online commerce. It is a completely secure and very easy to use method of payment, which unlike other payment methods, allows Philippines to enjoy our money instantly or, at worst, within 24 hours if the bookie has to validate a withdrawal. This is another advantage, as it allows Philippines to make both deposits and withdrawals of funds.
Despite having some small handicaps, such as the need to have deposited via PayPal before making any withdrawal of funds, we are facing a more than valid payment method. No commission is applied, neither when depositing nor when requesting a withdrawal of funds from the betting house, it is completely secure and players who are most jealous of their privacy do not have to provide their banking information to the betting house.
It will only take a few minutes to create an account and join the global community of PayPal users who send, spend, and receive money safely on a daily basis.