PayPal was one of the original “e-payment” or “e-wallet” services and became extremely successful over the first decade of the New Millennium.
Giving users the ability to “email” money and receive emailed money in return, PayPal was a revelation, a sign that we really had entered into a new space and time where the old ways were being replaced with the new, the better, the electronic ways.
In fact, PayPal was one of the best methods for paying into and taking payment out of online betting accounts for several years. It was so easy and fast, how could one resist? Players could receive deposits to their PayPal accounts within 1-3 hours. Phenomenal.
But with success came restrictions, in the case of PayPal. After being acquired by eBay in 2002, PayPal had to start behaving like a grown-up and join the bankers in suits and ties.
With the passage of the anti-online-gambling UIGEA in 2006, American online sports bettors could pretty much stick a fork in PayPal as a payment processing method, because it was done.
Today, if you’re a U.S. bettor, PayPal will not process any payments to or from online sportsbooks. Period, end of story.
These Days, PayPal for Online Betting Has a British Accent
Most of the online sportsbooks, casinos, or poker websites that currently accept PayPal as a form of payment processing are geared towards the market in the United Kingdom, a.k.a. Britain, a.k.a. England.
U.K.-focused sites like Ladbrokes.com and 888.com have somewhat cornered the market on PayPal payment processing. So if you are British or living in the U.K., or if you just prefer to frequent U.K.-focused sites, PayPal may still be a viable option for you.
And PayPal is still a solid option, too, quite frankly. Once you have been verified your information with one of these sites, PayPal generally works as smoothly as any payment processing method in the world.
European bettors, then, will definitely want to have PayPal on the list of choices. Some sites even offer special bonuses if you use PayPal because they know how easy and fast it is to transfer money through PayPal once the initial verification procedures are completed.
Thanks to eBay Alliance, PayPal Is a Big Fish
The major headline here, when it comes to evaluating whether or not PayPal is the best online gambling payment processing method for your situation, is to realize that PayPal has a very high profile now, thanks to its huge customer base and its alliance with eBay.
This “size matters” aspect of PayPal can be a great thing. For example, you may be able to do cool stuff like accept an online betting deposit via PayPal and then using that payment to buy something off eBay, all in one motion.
Unlike many of the other third party processor e-wallet-style services, PayPal has established ties with a wide variety of online and even offline companies. You can’t pay your landlord the rent with MoneyBookers (that we know of), but we do know of landlords that take rent payments via PayPal. That’s how ubiquitous and acceptable this brand has become.
Being a big fish also means, though, that PayPal gets noticed and scrutinized by the powers-that-be who are not friendly to online gambling. Thus the complete blackout imposed on U.S. bettors.
All in all, then, PayPal remains a solid choice for online betting payment processing if you’re using a U.K.-focused site, and if you like the assurance of dealing with a globally recognized brand.