Online sports betting has become increasingly popular throughout the world, especially in the United States. The legalization of sports betting throughout the country has made the activity more accessible, and banking has also become more convenient than ever for people to deposit and withdraw funds.
There are various online sportsbook banking methods to use, and nearly all of them are much more convenient than betting in-person at a casino. But one of the best and most reliable ways to fund transactions on these sites is with PayPal, and it’s a very popular option among bettors.
PayPal is an eWallet that allows you to make purchases and payments to many different merchants in a safe and secure manner. PayPal is one of (if not the) most popular eWallet in the world and it has quickly become of the most popular payment options at online betting sites all over the United States.
When it comes to depositing into and withdrawing from online sportsbook accounts, bettors want things as efficient and simple as possible. The fact of the matter is that there may be no payment option as convenient as PayPal to make your sportsbook transactions. Once a PayPal account is set up, bettors can easily link it to their sportsbook and make transactions in a matter of moments.
One of the great things about using PayPal to bet on sports is that it is accepted at nearly all sportsbooks. This means that so long as you use PayPal as your banking method, you have many different options when it’s time to choose a sportsbook to sign up with.Consider the following options if you’re specifically interested in PayPal betting sites:
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The very first step is setting up a PayPal account, which can then be used as your preferred method at online sportsbooks. Thankfully, the process could not be any easier than it already is. Just follow these steps to get started:
At this point, you are ready to make financial transactions on betting sites that accept PayPal, which is basically all of them. There are two ways to use PayPal to bet on sports:
You must put money into your sportsbook account before you ever take it out, so you will be using PayPal for deposits first. Once this happens, your PayPal account is linked to your betting account and when the time to withdraw comes, taking money out is incredibly simple.
Below, we’ll detail how to make sportsbook deposits and withdrawals using PayPal.
When it comes to making deposits, the process is very simple. The money will be pulled from your card into the sportsbook account via PayPal, unless you have an existing paypal balance.
It is recommended that you use your PayPal balance when you have one. If you wish to deposit more than your PayPal balance, the difference will be taken from the card. If a card is used, a 2.9% processing fee plus $0.30 per transaction will be issued.
Keep in mind that some sportsbooks (FanDuel as an example) don’t allow card transactions through PayPal. You can still use your card to deposit into your account, but it will have to be done directly on the site.
Deposits are the same if you’re using a card or a bank account. Funds will be taken from your bank account and funneled into your sportsbook account unless you have an existing balance to use as payment. When you do use existing PayPal funds, the balance immediately updates to reflect the transaction.
If the sportsbook allows it, you can still withdraw into your PayPal account if it is registered with a link to your debit or credit card. But it’s important to note that according to the PayPal official website, you cannot withdraw funds from your PayPal account to a card.
This means that the sportsbook funds you’re taking out will just become part of your PayPal balance unless a bank account is attached.
When taking winnings out of your sportsbook account, having a checking or savings account attached to PayPal is a major advantage because you can’t withdraw funds from your PayPal account to a debit or credit card.
Once the money arrives in your PayPal account, you will have the option of transferring it into your bank account (minimum $1) free of charge in one to three days. There’s also an option to instantly transfer that money within minutes for a 1% fee. PayPal sportsbook withdrawals normally show up within a 24-hour period.
There is no debate that attaching a checking or savings account to your PayPal account is the easiest and recommended way to do things.
Depositing via PayPal is one of the simplest ways to fund your sports betting account. Take the following steps to complete the transaction in just a matter of minutes:
If you’re looking to take funds out of your sports betting account via PayPal, the steps to take are quite simple and your withdrawal will be processed with just a few clicks:
There are plenty of pros to using PayPal to fund your online sportsbook account and compared to its counterparts, it stacks up extremely well as a method players can trust. Here are some of the great things about the service:
As you can tell, everything about using PayPal on betting sites makes the process of deposits and withdrawals much easier. If you are grasping at straws to find negatives, here’s some of what you may not like:
Most sports betting sites accept PayPal these days, although not every single one will. Be sure to check on the specific banking options for that specific site before signing up.
Once your account is verified, PayPal limits individual transactions at $10,000, which is likely far more than you’d deposit at one time.
Sportsbooks also limit transactions but those amounts vary from brand to brand, so check the terms and conditions of the site you are using. Some sites limit deposits to $1,000 and others may allow up to $10,000.
If using an unverified PayPal account or using the site without connecting your banking account, you will be limited to $500 worth of withdrawals per month. Once you are verified with a checking account attached, PayPal limits individual transactions at $10,000 so unless things go really well, you won’t have to worry about it.
No, PayPal does not charge fees for sports betting. All that is required is that you use your checking account to fund your sportsbook account. If you choose to deposit via PayPal with the usage of a debit or credit card, however, you will incur a 2.9 percent fee.