When it comes to making real money transactions online, few names are as recognizable and as highly-regarded as PayPal. Since its establishment, it has become one of the most dominant players in financial technology, serving millions of customers around the world. Read on to learn a bit more about the company and how you can use PayPal to handle your transactions with UK online casinos.
Although most people associate PayPal with eBay and Elon Musk, the true origins of PayPal were very different. The company was originally named Confinity when it was founded in 1998 and initially focused on developing security software.
Elon Musk would only enter the picture about a year later when his online payment company, X.com, merged with Confinity. This merger pushed Confinity to focus primarily on the online payment solution that they were developing at the time—this payment solution would later be named PayPal.
Since then, the company has grown its reach and reputation as one of the leading names in financial technology, going public in 2002 before being bought out by eBay later that year for a staggering 1.5 billion dollars. The buyout led PayPal to be the primary payment option used on a majority of eBay’s transactions, further cementing the company as the online payment mainstay that it is today.
Unlike Neteller and other specialized online casino payment systems, PayPal does not have a strong iGaming presence. However, prior to 2006, you could deposit funds on a variety of random US poker sites. However, when the Unlawful Internet Gaming Enforcement Act of 2006 went into effect, it became illegal to play (and, in turn, transact with) online casinos if you were a resident in the US.
PayPal quickly moved to ban such transactions in compliance with the law, and preemptively announced that they would immediately ban all gambling-related transactions in all of the regions they serve if said regions also enforced similar restrictions. Thankfully, such legislation does not exist in the UK, so British gamblers can continue to use PayPal for their online casino payments.
Another effect of the Unlawful Internet Gaming Enforcement Act is that PayPal now requires all online casinos to undergo an approval process before PayPal will allow transactions to and from these casinos. To gain this approval, online casino operators must reasonably prove that they will also refuse service to the US and any region that blocks online gambling transactions if and when these restrictions are put into effect.
As such, online casinos that allow transactions through PayPal have a “badge of honour” of sorts, as PayPal does happen to have one of the largest, if not the largest user bases of any online payment app in the world.
For the regions that support them, using PayPal to deposit or withdraw money at online casinos is very easy to do. Simply create an account either through their website or their mobile app, and all of PayPal’s services will be available to you.
After that, fund the account with a credit or debit card or a direct bank transfer. The funds should be available immediately, and you’ll be able to make deposits at the casinos of your choosing. When making a deposit or withdrawal at a casino, you will just need to enter your login and password. There is no requirement for account numbers or 16-digit codes.
Whether or not PayPal is a good fit for your needs really depends on your use case and preferences. As one of the largest online payment companies in the world, PayPal should never be immediately dismissed. For this reason, we’ve summarised our thoughts on the platform in the following paragraphs so you can make an informed decision.
Arguably the biggest drawback of PayPal is its coverage. Given its obligations to US law, PayPal does not support as many online casinos in the UK as, say, Neteller or Skrill. This can significantly limit your options if you want to stick with PayPal when playing at other online casinos.
That being said, online casinos that do support PayPal tend to be some of the best in the business, owing to the fact that they have passed PayPal’s stringent approval procedure to gain their support. So even if you might not have the biggest number of choices, staying with PayPal-supported casinos can mean you will more often get the best casino gaming experiences in addition to PayPal’s exceptional security and service reliability.