PayPal has long been one of the most popular online payment methods both in the US and around the world. As an industry pioneer, PayPal is ubiquitously present in a large number of online sportsbooks and casinos.
In this article, we’ll take you through the ins and outs of PayPal. We’ll discuss its benefits and downsides, show you how to use it, and provide an overview of the sportsbooks and casinos that support it. Finally, we’ll touch on some of the alternatives and do a little compare and contrast.
The Benefits of PayPal
The fact that PayPal has dominated the world of e-wallets is by no means random chance. The service is well-known for providing safe and quick transactions, allowing users to transfer money to and from accounts. Let’s get in to some of the advantages of PayPal that are particularly important in the context of online sportsbooks and casinos.
PayPal uses advanced encryption and security protocols to ensure that each transaction is carried out in a secure manner. Rest assured, your money is safe when using PayPal.
When you make transfers through PayPal, all your sensitive data remains confidential. Whether you’re depositing at an online casino or making a purchase, the recipient will only see your email address. Since PayPal acts as an intermediary between your banking account and the recipient, your personal information is securely stored away.
Whether you’re making deposits or withdrawing funds, PayPal consistently has some of the quickest processing times. In fact, in most online casinos and sportsbooks, deposits made through PayPal are processed and credited instantly.
In addition to its web-based platform, PayPal also offers its full feature set on mobile. You can download the official PayPal app for free on iOS and Android, and fully manage your payments on-the-go. The operator’s services are also available through its mobile website, which is equally intuitive and easy to use.
In 2009, PayPal also launched its exclusive social payment service – Venmo. Venmo allows users to quickly transfer money through the dedicated mobile app. Though only available in the US, the app is hugely popular, processing billions of dollars every year. While Venmo can’t be directly used for iGaming deposits, it is a part of the PayPal family.
As we’ve said, PayPal is one of the pioneers when it comes to online payment services. In its more than two decades of existence, the company has expanded to most corners of the world. It has also accrued more than 300 million active users. The number of users alone says a lot about how trusted the brand is.
How to Create a PayPal Account
Signing up for PayPal is free and easy. This is what you need to do:
- Head to the PayPal website, or install the PayPal app from your device’s app store.
- Click the “Sign Up for Free” button and select “Personal Account”.
- Enter your email address, name, and set a password.
- Enter your mailing address and phone number.
- Check the box to confirm you agree with PayPal’s terms and conditions.
- Verify your account by clicking the link provided in the verification email.
Depositing Money With PayPal
Once you’ve verified your account, you will need to fund it before you can start making transactions. To do this, you will need to tie a bank account to your PayPal account. This is accomplished by clicking the “Link a Card or Bank” option. You will then be guided through entering your banking details – card type, number, expiration date, and security code.
Once your card is linked, click “Add Money” in order to transfer funds to your PayPal account. Alternatively, you can also choose to link your PayPal directly to your bank account. This will load funds into your PayPal account automatically once you make a deposit, deducting the amount from your bank account.
Using PayPal With A MI Online Sportsbook or Casino
It only takes a moment to deposit with PayPal on your favorite MI online sportsbook or casino. First, visit the cashier and select ‘PayPal’ as your preferred payment option. Next, you’ll be prompted to select the amount you wish to deposit. Be sure to enter one of our exclusive bonus codes here if the sportsbook or casino asks:
After clicking the deposit button you’ll be redirected to the PayPal website and asked to log-in to your PayPal account.
Once logged-in, you can authorize the deposit with just a few clicks.
As you can see, the entire procedure is easy and fast. PayPal does a good job of guiding users through the process, so there’s minimal room for confusion.
Michigan Online Casino and Sportsbook Withdrawals
Withdrawing funds from online casinos and sportsbooks to your PayPal account is, for the most part, very straightforward too. All you need to do is go to your casino or sportsbook account’s banking section, select PayPal, and follow the instructions.
There are, however, a couple of things we should note. First off, many online casinos and sportsbooks require you to have made a deposit with your PayPal account before you can withdraw funds to it.
PayPal withdrawals are instant once initiated by the operator, though it may take a little time for support to receive the request and process the transaction.
Which Michigan iGaming Sites Support PayPal Transactions?
PayPal is one of the most popular payment methods in the US states with regulated iGaming, and it is safe to assume that Michigan won’t be any different. So far the information on which sites will support PayPal is limited since the online industry hasn’t officially launched yet, but we’ll make sure to provide you with the necessary details as brands go live.
|Online Casino/Sportsbook||License Partner||PayPal Support|
|DraftKings||Bay Mill Resort & Casino||TBD|
|BetMGM||MGM Grand Detroit||TBD|
|FOX Bet||Odawa Casino Resort/Penn National||TBD|
|PointsBet||Northern Waters Casino Resort||TBD|
|William Hill||Grand Traverse Band of Ottawa and Chippewa Indians||TBD|
How to Cashout from PayPal
So, you have transferred money from your casino/sportsbook account to your PayPal account. How do you withdraw from PayPal itself? There are several ways to do it:
- Visa/MasterCard prepaid and debit cards: This is a quick and popular way of transferring money. The process takes around 30 minutes but comes with a fee of $0.25.
- Bank transfer: Many users opt for bank transfers because they are free of charge. However, it can take up to two business days for the funds to come through.
- PayPal Debit MasterCard: One way to get instant access to your PayPal funds is through the dedicated PayPal Debit MasterCard. The card taps directly into your PayPal account and allows you to withdraw up to $400 daily on any ATM which supports MasterCard.
- Check: If time is not a factor for you and you don’t want to transfer funds to a bank account, you can choose the check option. Once you select the “Request a check” option and pay a fee of $1.50, your check should arrive in one to two weeks.
Baking Options Beyond PayPal
Though it might be a popular choice, PayPal is far from being the only payment option offered in casinos and sportsbooks. Its closest e-wallet relative is Skrill, which offer similar processing times with just a few slight differences. These are some of the other choices we will likely see once online casinos and sportsbooks officially launch in Michigan:
- Credit/Debit Cards
- Prepaid Play+ Cards
- ACH (eCheck)
- Online Bank Transfer
- Paper Checks
- Wire Transfers
- Cash at the casino cage
As you can see, there are quite a few options to choose from. Naturally, not all casinos/sportsbooks will offer support every option. It’s a good idea to check the list of available payments before you decide to register. You should also be aware that operators may impose certain limitations on different payment methods. Most commonly, you may see e-wallets excluded from certain promotional offers or bonuses. For more information about each of the payment options, you can check out our banking guide.
History of PayPal
Finally, let’s take a brief look at PayPal’s history. The company was founded back in 1998 when the internet was just beginning to be more widely adopted. Originally, the company was created under the name Confinity, and it dealt with developing security software for handheld devices.
In March 2000, the company merged with the banking company X.com, founded by none other than the visionary billionaire Elon Musk. Predicting the potential of online banking, Musk rebranded X.com as PayPal in 2001 and geared it fully towards developing online money transfers. PayPal went public in 2002, and shortly afterward was acquired by eBay for $1.5 billion.
Though it’s now a staple in online casinos and sportsbooks, PayPal had a turbulent relationship with iGaming. In the early 2000s the company landed in hot water for dealing with offshore online casinos of questionable legality. Namely, in 2003, the practice led to PayPal being charged with violating US anti-money laundering laws. This forced PayPal to drop all its online gambling clients taking a significant hit in revenue in the process.
It took until 2010 for PayPal to again dip its toes into iGaming. It first started offering its services in regulated online casinos and sportsbooks in Europe. 2015 saw the operator return to iGaming on American soil when it became available on several sites in both Nevada and New Jersey.
The repeal of PASPA, and the subsequent reopening of the US market gave PayPal more room for expansion within the industry. As more US states continue to regulate online sports betting and casino activities, we can expect to see PayPal expand even further.
The speed, security, and convenience all factor into PayPal being one of the most popular payment methods out there.