June 21, 2024

Is PayPal the most dependable payment option when using an online casino?

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The online casino industry has exploded in the last decade, with players having increasing options over where to play. Thanks to improving speeds and technology, the online gambling sector continues to thrive and grow, with new operators and brands launching all the time, trying to grab their share of the demand.

For players, it is important to have a reliable payment option to use at online casinos. At the most basic level, there is a requirement for quick and easy transactions for both depositing money into a casino account and getting winnings back out.

One of the most recognisable payment options for casino payments is PayPal, and the list of all casino sites accepting PayPal has continuously grown throughout the years. After 25 years of providing their fintech services to customers, for many, it is the most dependable option to roll with. But what makes PayPal such a reputable and trusted option for casino payments?

Evolution of PayPal

It’s almost unimaginable to think that PayPal was launched before the turn of the new century. Launched originally as Confinity in 1988, the company underwent a name change early on as it looked to break new ground by offering a digital payment platform.

There was nothing of its kind and size around at the time, and by 2000 PayPal had accumulated more than one million users. PayPal’s long history of operations is likely something that users turn to, as it’s one of the most recognisable brands in the world.

Thanks to driving innovation throughout its growth, such as introducing a new digital wallet service with Venmo, checkout with crypto and passkeys to replace passwords, they have increased their customer base to more than 425 million customers globally.

This long-term stability and brand trust element is huge. It’s like sticking with a favourite bank, a brand of car or a trusted online casino platform that hits all the right notes for user experience, security and reliability.

PayPal and online casinos

The online casino industry has been booming over the last decade. 2023 figures reported by the UK Gambling Commission stated the value of the industry to be more than £14bn, with online casinos accounting for more than £3bn of that particular revenue. Aside from lottery and scratchcards, casinos provide the highest revenue stream in the UK gambling sector, almost double the turnover of what sports betting, somewhat surprisingly, generates.

Online gambling platforms call for efficient and safe payment solutions that customers can rely on for secure deposits and withdrawals. Throughout the years, things have rapidly evolved from there being limited payment options at online casinos such as a bank card or bank transfer. Both of these are still commonly used today, but the era of digital solutions has shaken up the scene.

There are considerable advantages that digital payment solutions and e-wallets have added into the mix, such as speed and security, to the point where they have saturated the online gambling arena. The evolution of digital payment options has helped improve the user experience as well, especially on the withdrawal side of casino transactions.

For the most part, a withdrawal from an online casino will be quicker going to a digital wallet than it will to any banking option, but especially bank transfers. Even with so many new payment options out there ranging from Apple Pay to Google Pay, Skrill, Neteller and more, for many, PayPal is still the go-to option.

Widely accepted

PayPal makes a great option for many players because it is widely accepted at both online and live casinos. This makes it easier to initially find a platform, but it also means that if a player wishes to explore additional platforms, that same payment method can be used across them all.

PayPal has a tremendous reputation for security as well. This is part and parcel of their image, and anyone who has used them for previous online shopping experiences and may want to turn their attention to an online casino, will have an existing trust in PayPal when they top up an account.

There is high-tech security in PayPal, with features such as encryption and passcodes that keep your transactions safe. When making a PayPal deposit to an online casino, your bank card information doesn’t go anywhere. Even though a bank card or a bank account will be linked to the PayPal account, PayPal doesn’t share your financial information with vendors.

Another benefit that PayPal brings to the table for online gambling is that it is available for both deposits and withdrawals. Not all valid casino payment options offer this, which can cause delays in finalising a withdrawal. PayPal withdrawals are typically processed within three days, often within 24 hours of the casino releasing a payment. This is in contrast to the standard three to five working days that it takes for a withdrawal to reach a bank account.

The app

The PayPal app is another reason why it is one of the most dependable payment options. For those who don’t have a PayPal account, downloading the app and entering an email and basic information can allow them to open an account in just a couple of minutes.

Running the PayPal app from the same device on which play at an online casino is being done, allows users to quickly set up the link for a casino deposit. This applies too for a desktop, which similarly just requires the following of prompts through a browser pop-up window to process a PayPal payment.

This ease of use is a big part of the customer experience. With a simple transaction completed with just a PayPal email, along with their highly reputable customer service, this customer experience has gone a long way to helping establish PayPal as one of the top options for casino deposits.

Casino play

PayPal can unlock the door to the casino staples like roulette, blackjack and slots, which is the biggest area of online casinos. It doesn’t do it all, as bank wires will allow for larger limits and some digital wallets may offer slightly quicker withdrawal times.

However, PayPal is one of the most dependable payment options at online casino sites and is a good example of the changing face of online gambling. The creation of a PayPal account is straightforward, financial details are kept out of the loop and coupled with the service being commonly available at licensed and regulated casinos, it is a recommended payment option to consider.

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