How to Use PayPal for Online Gambling

gamble with paypalWith the unfortunate advent of the UIGEA legislation in 2006, funding deposits and withdrawals has become a great problem in the United States. Online funding for casino gambling through personal bank accounts is next to impossible. If you want to send and receive money in your online gambling ventures, PayPal might offer a viable option.

All of us know that eBay owns PayPal since 2002. Everyone knows PayPal as one of the easiest instruments for affecting all kinds of online payments including coverage for shopping, gifts, services, withdrawals, be it from a gambling account or withdrawing it into your bank account. You need only a confidential email address to transact. PayPal has been quick to dispel the contention by some federal agencies that it should fall under the gambit of a banking institution just because it handles transactions of a financial nature and holds deposits for long periods. Their defense is that they apply neither account fees nor interest and lack any semblance to a banking charter, for the Government to think on these lines.

PayPal is a major financial instrument that can conveniently fund your cash requirements in the process of deposits and withdrawal in online gambling sites. Though many casinos accept PayPal as a funding conduit, some gambling sites do not accept the use of PayPal. Most gambling sites that accept PayPal do not accept participation from players of US origin. However, Canadian origin players can play in these online casinos, but cannot use the PayPal option.

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Using PayPal

In spite of PayPal’s secure and convenient working method for transacting finances, funding online gambling in the US is fraught with multiple problems. In the US, if you use PayPal, you will land directly in the IRS net by a clever system of identifying the links between your bank, PayPal and the online casino. PayPal will also desist from authorizing payments meant for gambling casinos online.

You could best avoid this problem by transferring funds from PayPal to an acceptable payment instrument like Ewallet to get around this problem for online gambling. However, this transaction is not a safe or viable option because it can cost you up to 40%. PayPal also facilitates you to play with a wide assortment of cards including Discovery and American Express cards, though, take care, some sites preclude American Express card usage. Another interesting feature is that it permits you to use your bank accounts for the processes of deposits and withdrawals on a small, but worthwhile fee. PayPal, tied up to eBay, presents a formidable, but a safe and secure partnership, that has stood the test of time, especially in the UK where it finds widespread application.

Most high-flying European gamblers swear by the easy, but secure ways PayPal safeguards their sensitive information, in spite of a small fee, that fluctuates based on the currency values of the day, for withdrawals in Europe. You would do well to consult with PayPal and your bank a few days ahead, when you expect heavy withdrawals.

Loopholes

When you intend to use your PayPal account for funding your online gambling expenses, you need to buy a prepaid credit card using your PayPal fund and use that for financing your online gambling. This way, the IRS cannot trace your transactions or the casino you patronize. You would know that most prepaid credit cards do not charge any fee for the transfer of funds to the card, though few may charge about $10 towards activation fee and a nominal monthly charge.

Though most of the reputed and successful online casinos away from North American countries offer the convenient option of making payments through PayPal, it is rather cumbersome to use PayPal for transferring funds to your online gambling funds.

On realizing the complications associated with using PayPal for financing your online gambling requirements, you may consider using wire transfer services of the kind of MoneyGram. This convenient option does not allow others to assess how you transfer the money to your account with the online casino. You will better appreciate the fun of online gambling when you are aware that you are not getting involved with anything illegal.

Working in Partnership with casinos such as Betway

With the coming together of PayPal and Betway, gaming and gambling will become easier for everybody without compromising with their security.

Members of Betway casino can enjoy playing more than hundred table games in Las Vegas style. Players are free to download programs or play the flash version on the spot.  By signing, all new players receive as a reward, free 1000 Dollars, Euros or Pund. For making deposits and withdrawals, Betway allows its client to use credit cards, MoneyBooker, Neteller, prepaid debit card and PayPal.

Betway is among the biggest casinos and gambling companies to have joined hands with PayPal to allow players to gamble, using a worldwide leader of online currency dealings. PayPal and Betway online casino make a powerful combination. Most consumers are familiar with PayPal, having used it for eBay and other online vendors. That makes it logical to allow them to use their PayPal account for placing bets when playing games like roulette, poker and the like, in casinos and for horseracing, football and tennis. Like any online account, PayPal is equally safe, provided you do not disclose details of your account to anyone.

Evolution of PayPal as a Medium of Gambling Payments

It is heartening to see PayPal emerging as one of the most favored modes of making online payments among European players while patronizing poker and bingo in casinos. Let us hope this trend continues and PayPal positions itself to offer simpler options for making deposits to its patrons.

Criticism

Of late, PayPal has faced criticism for withholding funds for an apparently unfair reason. For example, after dispatching an item, PayPal holds on to the money in the sellers’ account until the buyer confirms having received the goods as per their expectations. This practice has resulted in a bit of trouble that remains confined to consumers patronizing eBay for buying goods and is unlikely to affect payments towards gambling.