PayPal Betting Sites

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.

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.

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.

1. Click On Withdrawal: When you click “withdrawal” on your dashboard menu, you will see a display of all available methods.
2. 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.
3. 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).

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.