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PayPal was formed back in 1998 before being subject to a take over from eBay in 2002: and it is generally considered to be one of the pioneers in the world of online payments. It received a European banking licence back in 2007 and is now available in more than 193 countries worldwide and across more than 26 currencies.
Perhaps its most attractive element is that it is completely free to use PayPal for both services and transfers. This is because PayPal makes its money by charging the seller rather than the buyer.
Opening a PayPal account is also relatively straightforward as you generally only need a bank account or credit card, and an email address to do so. As you are not carrying out the transactions directly from your account, this also has the advantage of keeping your financial information secure from the party that receives the payment. As such, PayPal has become increasingly popular among those who are concerned about identity theft.
Generally speaking, at online casinos you can simply go to a payments page and PayPal is invariably listed as a payment option. You can then fill out the amount you wish to transfer and log-in to your PayPal account via a pop-up window to complete the transfer.
Withdrawals from an online casino to a PayPal account work in a similar manner: just visit the withdrawals page and choose PayPal as your preferred withdrawal method.
The advantages of PayPal are relatively straightforward and easy to follow – it is seen as a safe way to bank online because of its European licence and security. In addition payments are fast – they will generally appear immediately in the online casino; the payment service is kept anonymous; you can use PayPal to make withdrawals as well as transfers; and the service is completely free.
Perhaps the largest downside of PayPal at online casinos is that, remarkably, there are still many online casinos that do not offer it as a payment method. In addition you will need some time to open an account as you will need to verify your bank details or card.