What is PayPal and How Does It Work?
PayPal is an online payment system, which began operating in the late 1990s when internet retail was still in its infancy. It soon became famous as the preferred payment method for eBay (the online auction site). Helping propel eBay to global stardom, so much so that they later went on to buy PayPal as a going concern outright.
PayPal’s major innovation for the age of internet shopping was the “online wallet” (or e-wallet). A concept designed to make transactions to many online retailers easier and more secure. When customers create a PayPal account, they submit their card details to only one company (rather than to every company they visit online). And pay for their shopping from that single online account.
PayPal can also store the details for multiple cards if required. And users can deposit or withdraw their money to or from any of their accounts, at any time! In other words, PayPal gives you an extra, separate, FREE account in which to hold your online funds.
Do All UK Bookmakers Accept PayPal for Deposits and Withdrawals?
While more and more UK Bookmakers are accepting PayPal transactions, it is not yet a standard payment method across the industry. Nevertheless, most of the major bookmakers in the UK now accept PayPal deposits and withdrawals.
Some bookmakers are even offering you an extra bonus for using PayPal as your preferred method of deposits.
This is great news because it allows you the chance to gain from a free bet. Also, with all the freedom of keeping you betting fund separate from your main bank account.
Are There Any Taxes when Depositing and Withdrawing with PayPal?
There are 2 points at which you may be charged taxes or other fees when using PayPal. These from the bookmaker and charges from PayPal to use the service.
Every bookmaker has its own terms and conditions with regard to fees. So it is a good idea to check this out before placing your bets. Also, this applies to regular betting, not just the online variety!
Having said all that, bookmakers in the UK generally welcome PayPal deposits. Because of the ease with which it allows their customers to use their service. Thus, most online bookmakers will not charge you anything for deposit or withdrawal.
As for PayPal itself, there are certain fees which could occur. For example, if you are transferring money between countries or if you are betting with a foreign bookmaker. But for all domestic bets in your own currency, the transaction will be free to for deposits and withdrawals.
Are There Any Bonuses When Depositing via PayPal?
Many bookmakers will offer a free bonus specifically for customers who make their initial deposit through PayPal. This is in addition to the bonus offered for creating a new account, and could take the form of a bonus amount, free bets or another promotion (such as a refunded bet).
Why Is PayPal a Preferred Method for Transfers to Online Bookmakers?
Betting with PayPal is an extra guarantee that your payment is secure, with all your information held in one place. And protected without having to pay any premium for this privilege. What is more, you can add more cards to your online wallet. So that you pay for all your online needs from a “separate” account that can help you budget. It makes sense to have another level of security protecting your money with your deposits to PayPal held all the time in your e-wallet, ready for instantaneous use, whenever you need it.
Furthermore, PayPal allows the user to deposit and withdraw amounts of money from their e-wallet with no indication of the bookmaker’s transactions on their bank account. This can be very handy, as some people have had their accounts temporarily disabled as a precautionary security measure when a certain amount of betting activity appears.
Finally, the PayPal logo on a gambling site is seen as a sign of approval or quality. Because PayPal is very selective with which gambling sites they deal with, it is often understood that PayPal bookmakers are an established, reputable company that has a track record for paying out when they should.