Written byPatrick Meyer
Everything You Need to Know About Sports Betting With Paypal
PayPal is one of the most popular and widely used eWallets worldwide. Founded in 1998, the payment company already has an active user base of over 200 million users. It is available in over 200 countries, including South Africa, and accepts over 25 global currencies.
Paypal allows you to carry out monetary transactions using your email or username. As a trusted payment method, this eWallet keeps growing by the day, and more industries are developing special tools that enhance user experience while using its payment app.
Why Bet With PayPal?
Besides being the most used payment portal, PayPal offers many benefits which allow players to enjoy a smooth betting experience.
🎖 Top Legal Betting Sites That Accept PayPal in South Africa
The Benefits of Paypal Betting Sites
Below are some of the significant perks of using Paypal for gambling transactions.
PayPal transactions require only your email address, username, or phone number, as the case may be, which means that players can keep their banking information private.
Other than Cryptocurrencies, eWallets like PayPal have the fastest transaction confirmation times. With a PayPal betting site, you can make deposits and withdrawals within minutes, enhancing your betting experience.
PayPal offers its users some of the best exchange rates possible on the market. With PayPal sportsbooks, you gain free access to these exchange rates during deposits and withdrawals, allowing you to profit in the long run.
Security is a huge part of online betting, as player data protection is important. Luckily, PayPal uses some of the best encryption technologies available, ensuring customer security and full financial data protection.
The Disadvantages of Using PayPal at Online Sportsbooks
PayPal may be one of the best payment channels for betting sites. However, this does not mean that there are no disadvantages attached to using the eWallet. Our research shows some difficulties you may encounter while using PayPal, and they are;
- Processing Fees On All Transactions
PayPal charges users for all transactions. So whether you are making a deposit or just trying to cash out your winnings, the platform charges between 2-5% of your total transaction value. However, it depends on several factors. Compared to some other payment options with zero charges, the processing fee is a major drawback of using PayPal on online sportsbooks.
- Frozen Account Complications
PayPal users often report in public forums regarding their accounts being frozen without any prior warning. It often leads to delayed funds and other complications. The PayPal algorithm is built to detect even the little changes in your usual transaction behaviour. Once the algorithm finds anything strange with your online sportsbook transaction, your PayPal account can be frozen without warning. However, this is only regular among bettors who deposit huge sums in their betting accounts.
PayPal Betting Bonuses
There are very few PayPal-specific bonuses available worldwide in online sportsbooks. In casinos where they are available, they are often featured as seasonal bonuses. However, unless otherwise stated, all regular deposit bonuses work with PayPal. Thus, you can activate welcome bonuses and free bet offers by making the minimum first deposits using PayPal.
These PayPal-specific bonuses may pop up in the online betting scene in South Africa any time soon. But as of writing this review, they are not available to players.
What Are the Fees Associated With Using PayPal on a Betting Site?
There are processing fees associated with using PayPal on a betting site. These fees can be significantly high when carrying out transactions, especially for international users. For US online sports betting payments, PayPal charges a fee of 2.9% plus an additional fixed fee of 30 cents. However, for international users, this can go as high as 4.4% plus a fixed fee based on the currency in use.
For example, if you make a PayPal deposit of R1,734 ($100) on a sports betting site, you will receive R1,683 ($96.80). This deducted charge of R51 ($3.20 ) does not go to the sportsbooks; rather, PayPal takes them all. The South African Rand (ZAR) is not officially approved as a PayPal currency. Thus, all funds and top-ups by South African users are automatically converted to US Dollars.
Other than the normal processing fee, PayPal also offers chargeback fees for those who intend to revoke transactions and fees for users who intend to raise disputes. As of writing this article, the general chargeback fee on PayPal is R346 ($20). However, this fee can vary according to the currency.
Here is a list of the current chargeback fee rate in some major global currencies.
- UK Pounds Sterling (14 GBP)
- Euro (16 EUR)
- Canadian Dollar (20 CAD)
- Australian Dollar (22 AUD)
- Japanese Yen (1,875 JPY)
For dispute fees, PayPal charges R260 ($15) for common disputes and up to R520 ($30) for high-volume disputes. Fees also vary by world currencies;
- UK Pounds Sterling (12-24 GBP)
- Canadian Dollar (20-40 CAD)
- Euro (14-28 EUR)
- Australian Dollar (25-50 AUD)
- Indian Ruppee (1,080-2,160 INR)
- Japanese Yen (1,630-3,260 JPY)
The PayPal App
Besides the web platform, PayPal has an official app available on Google Playstore for Android users and the App Store for iOS users. There are three modes of PayPal apps, which all serve slightly different purposes. The standard app is for personal use, whereas there is a business edition for business owners. There is also a mobile point-of-sale app for agents who intend to open cash points.
Native apps are usually faster and easier to use, so carrying out transactions is always effortless while using the app. However, all processing fees remain the same whether you fund your betting account from the PayPal app or the web payment portal.
How to Deposit at Online Sportsbooks Using PayPal
It is quite seamless to deposit funds in a sportsbook using PayPal. Here are the steps involved:
To make a deposit, you must look for a safe and reputable PayPal betting site. Then, on the homepage of your preferred sportsbook, click on the login page and select “register” or “signup.” Typically, registration is simple, and you only need to provide basic details like your name, date of birth, phone number, and other necessary information.
Upon signing up and accessing your dashboard, the next step towards making a PayPal deposit is to head straight to the deposit page. You can find this on the menu of your account dashboard.
Once you are on the deposit page of your PayPal betting site, you will see a lot of payment options, including PayPal. Select PayPal as your preferred deposit method, then input your deposit amount and email. You will then be redirected to the payment portal.
When you confirm your PayPal account and authorise your deposit, you will receive an instant alert on your betting account, which means your funds are available and ready to use.
What Is the Processing Time for Deposits With PayPal?
PayPal transactions are instant. Thus, deposited funds can show up on your betting account within minutes. However, first-time transactions may take longer, as there are several verification processes required by PayPal. Typically, your first PayPal deposit in a betting site may take between 1-3 working days to reflect.
What Is the Minimum Deposit for Betting Via PayPal?
There is no minimum deposit amount for general PayPal transactions. For most betting sites, the average minimum deposit is R173 ($10). However, It can be slightly higher depending on the betting site you use.
How to Withdraw Your Winnings From Your Sportsbook Account
Head To Your Dashboard Menu: The first step towards making a withdrawal from your betting account is to visit the menu of your betting dashboard.
- Click On Withdrawal: When you click “withdrawal” on your dashboard menu, you will see a display of all available methods.
- Select PayPal: On the withdrawal page, select PayPal as your preferred payment method and proceed with the steps. Paypal withdrawal requirements are flexible, and you only need your email or registered username, as the case may be.
- Confirm Cashout And Enjoy: Once you confirm your withdrawal, you will receive funds in your account within a few minutes.
What Is the Processing Time for PayPal Withdrawals?
Betting cashouts can reflect on your PayPal balance within minutes. However, several technical factors can affect transaction speed. From real user observations in public forums, PayPal withdrawal takes between 30 minutes to 3 days. Records show that transactions take at most three days unless there is a technical or a frozen account issue.
What Is the Minimum Amount You Can Withdraw using PayPal?
The minimum amount you can withdraw depends solely on the sportsbooks. However, most sportsbooks cap their minimum PayPal withdrawal limits at R346 ($20).
PayPal Alternatives for South African Punters
PayPal is the most popular eWallet used in most industries. However, it is still not very dominant in the online gambling world. Suppose you’re considering using an alternative banking method, we have provided a list of some other popular options available in most sportsbooks worldwide.
Neteller is an eWallet founded in 1999 by Stephen Lawrence and John Lefebvre and currently owned by Paysafe Group. This payment provider has gained recognition through years of operation in different online industries. It is one of the most common eWallets in sportsbooks and online casinos, currently available in 200+ countries worldwide.
Like Neteller, Paysafe Group also owns Skrill. Though they acquired Skrill in 2015, the company came into existence in 2001. Skrill is another popular digital payment platform in over 150 countries with 40 featured currencies. Over 70% of global betting sites accept this wallet, making it a good option for South African users.
If you are searching for a good alternative to PayPal, you can try out any of these eWallets. They are all accepted for both deposits and withdrawals, and they currently have wider support in the betting industry.
Betting With PayPal FAQs
Is gambling allowed on PayPal?
Gambling transactions are only allowed on PayPal in countries where it is an official and licensed practice. Therefore, bettors can freely use Paypal for transactions in a country that permits gambling. However, players from countries where gambling is banned will have some restrictions using the payment app.
How do I know which betting sites take PayPal?
Most betting sites publicly display all available payment options on their homepage. However, suppose you need help finding this information. In that case, you must manually create an account to access both the deposit and withdrawal pages. Alternatively, you can select from our list of the best PayPal betting sites to save time.
Can I use PayPal on betting sites?
Yes, you can. PayPal is a widely used eWallet in the betting industry, so most platforms accept this payment method for withdrawals and deposits.
What betting sites accept PayPal?
Several betting sites, such as Bet365, Betway, and 1XBet, accept direct PayPal deposits and cashouts. Luckily, these sites are also available to South Africans.
Is it safe to use PayPal with sports betting sites?
Yes, it is totally safe to use Paypal with sports betting sites. PayPal uses the latest encryption technologies to ensure customer safety. Also, they do not require highly sensitive information for transactions.
Are there any restrictions on using PayPal on a betting site?
No, there are no restrictions regarding using PayPal on a betting site. However, users who reside in regions where gambling is prohibited may not be able to use PayPal for any betting-related activities.
Can I use PayPal on Hollywoodbets?
Unfortunately, Hollywoodbets does not currently provide support for PayPal. However, there are other reliable payment options like Neteller and Skrill.
Can you pay with PayPal on Betway?
Betway accepts PayPal without any restrictions. Therefore, players from eligible countries can freely make deposits and cashouts. However, you must be careful, as the country of residence in your betting account must match your PayPal to avoid transaction complications.
Can I buy a betting voucher with PayPal?
As long as the retailer accepts payments via PayPal, you can always make payments via this route while buying a betting voucher. You may also need a PayPal debit card for a smoother process.
Does PayPal work with bet365?
Yes. PayPal works with Bet365, so users can deposit and withdraw from the betting site via the eWallet.
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