Home Business Insights & Advice The rise of PayPal within the casino industry

The rise of PayPal within the casino industry

by Sponsored Content
6th Aug 20 12:51 pm

The igaming sector has been booming over the past five years or so, with new online casino sites joining the fray almost every day. Any muttering that the bubble was destined to burst sooner or later were silenced this year, when wider circumstances sent people online in greater numbers than ever. With land-based casinos closed and sports betting out of the question, online casino gaming is having its busiest year yet.

Payment methods at the online casino

There are dozens of factors that might influence a player’s decision-making when choosing from the scores of casino platforms out there in cyberspace. These might include the range of games, whether the site is mobile-friendly, the brand’s approach to security and various other considerations. But the most fundamental is the way in which funds are deposited into the betting account and winnings are withdrawn.

In the past, this has been something of a bugbear. Bank transfers are fine from a security perspective, but the wire transfer system they use is archaic and can take days, which seems a little ridiculous in 2020. Alternatives soon arrived on the scene, such as Skrill and Neteller. These online wallets offer instant deposits and withdrawals, but depending on the way you use them, the currencies involved and your membership level, the transaction fees can be off-putting.

Is PayPal the obvious solution?

Could it be, however, that the answer has been staring us in the face all along? There are well over 300 million PayPal users in the world, and for many it is the only choice they know when it comes to an e-wallet. In the past, PayPal and the gambling sector have not been comfortable bedfellows, but all that is changing and PayPal casinos are one of the major growth areas within the sector.

The people behind PayPal have been savvy in hanging back while the rest of the world went casino crazy a few years ago. Now that the industry has matured, the platform has, if you will forgive the pun, shown its hand. PayPal has built and nurtured a close relationship with the UK Gambling Commission (UKGC) at a time when the body is tightening up on the payment methods open to gamblers.

As part of this, PayPal has committed only to work with casino sites that meet the highest standards in terms of security and ethics. In other words, if a casino site accepts PayPal, that give it an immediate vote of confidence.

Are there any shortcomings?

The only real downside to UK casino gamers is that not all casinos accept PayPal, and even with those that do, you might find that some special deals and promotions are not available if you use this transaction method.

For overseas gamblers it is another story. The convoluted rules regarding gambling in the USA mean PayPal is not an option there, even in states that have legalized online gambling. The same applies in Turkey, India and Egypt. But in the UK and Europe, PayPal is rapidly becoming the obvious choice.

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