There are many factors that have inspired growth in the £5.7-billion iGaming industry in the UK, from a progressive regulatory outlook to the cutting-edge technology that underpins the marketplace.
The rise of mobile gambling has also made online casinos and sportsbooks more accessible than ever before, with well in excess of 50% of all players now wagering regularly through their smartphone.
The rise of flexible payment options such as PayPal has also helped, and you can click here for more information on the online casinos that accept this method. But what are the benefits of this global payment method?
A Brief Introduction to PayPal – Everything You Need to Know
PayPal was originally established in 1998 under the brand name Confinity, before becoming a digital wallet and launching under its more familiar moniker 12 months later.
The company has since become one of the most successful businesses in the world, boasting more than 150 million global users and based in San Jose, California (which is the cultural, financial and political epicentre of Silicon Valley).
Boasting the highest adoption rate of any ewallet provider in the world, PayPal banked total revenue of $17.772 billion prior to the coronavirus pandemic in 2019.
This spawned an operating income of $2.719 billion during the same period, with the company reporting a net income value of $2.459 billion at the end of the relevant financial year.
PayPal’s share price has also recovered from the immediate aftershock caused by the pandemic when the company’s stock plunged to $86.68 on March 20th, 2020.
Since this time, PayPal has benefited from steady demand and incremental share price growth as innovative tech equities have rallied, with its stock value reaching $286.75 at the end of June 22nd, 2021. This represented the highest price point in more than four months since the value peaked at an all-time high of $298.37 on February 12th.
PayPal and iGaming – A Marriage Made in Heaven?
PayPal’s sustained growth has much to do with its broad adoption rate across multiple industries, including the online gambling sector on these shores.
Although not all online casinos accept PayPal as a viable payment method, these firms are increasingly in a minority as the e-wallet continues to grow in global popularity.
But what are the precise benefits of using PayPal when wagering online? Well, there’s no doubt that this payment method boosts your anonymity as a gambler, enabling you to indulge your favorite pastime without having to expose your personal details or banking information.
This also means that individual iGaming transactions won’t show up on any bank statement or billing documents, so you can bet freely without worrying about any form of social stigma or similar repercussions.
Currently, only cryptocurrencies such as Bitcoin offer a greater level of anonymity, so PayPal is ideal if you want the convenience and speed of debit card payments with increased privacy.
This brings us neatly onto another advantage of using PayPal as an iGaming payment method, as this delivers instantaneous transactions with minimal transactions fees. Similarly, if your PayPal account is linked seamlessly to your bank, you can instantly transfer any winnings that enter your account and start utilising them immediately.
Of course, some online casinos (including Betfair) may apply a transaction fee when processing payments through PayPal.
However, this is relatively rare, and for the most part PayPal remains easy and cost effective to use for online gamblers.
PayPal is also an inherently safe payment method, utilising a 128-bit SSL encryption that fully secures the data that’s shared between your browser and its servers when processing transactions.
Given that online casinos in the UK are frequently tested in terms of their security and are also required to boast 128-bit SSL encryption as a minimum standard, this is a perfect marriage and one that should keep both your personal data and bankroll completely safe at all times.
The Last Word
When it comes to selecting the best PayPal casino for you, it’s crucial that you compare each site in detail and measure their own unique deposit and withdrawal requirements.
While most leading sites such as 888 Casino and 32Red allow unlimited withdrawals through the platform, for example, they also apply minimum thresholds (typically between £10 and £15). PayPal withdrawals may take longer through certain providers too, even up to five working days in the case of 888.
On a final note, keep your eyes peeled for any transaction fees that may be applied to PayPal deposits.
As we’ve already touched on, Betfair applies a 1.5% fee to all PayPal deposits, and this can have an impact on your ability to claim welcome offers and manage your bankroll effectively.