The Advantages of Using PayPal at Igaming Industry
Last Updated on November 21, 2022 by Andrew
The way in which we make payments at online casinos has changed a lot in recent years. Gone are the days when debit or credit cards were the main way financial transactions are carried out. Now we have plenty more available to us including PayPal and in recent years the addition of cryptocurrencies.
It’s always good to join an online casino that has plenty of payment methods available. In addition though, you need to ensure the site you are registering with is safe and secure. A good level of encrypting and a license given to them by a regulatory body are always good signs.
It’s not just the gamblers that need to be sure about a payment method. A new one being added by an online casino doesn’t happen overnight. The owners of the site need to be certain that a payment method is safe to use. It wouldn’t look good for them if they employed a payment method that wasn’t secure. It’s similar to the situation we now see with cryptocurrencies.
Therefore, an online betting site such as those that can be seen now in US states such as New York and New Jersey has to do their homework and only allow payment methods that have proved they offer financial security. It took a little while before PayPal became widely used but now few casinos fail to offer it as a payment method and now gamblers regularly use it without a second thought.
There are several reasons why this is the case. PayPal is one of the most trusted companies in the world. A report last year had only Google above them in terms of trustworthiness. PayPal are regularly improving their service and are known to listen to their customers over issues such as cryptocurrency use and being able to pay for products over a long period of time.
At NJ online casinos, one big advantage is the speed of financial transactions when using PayPal. They only take a few seconds and that’s particularly useful when it comes to making withdrawals from your gambling account.
If a debit or credit card is used, then it can take several working days before you have access to your withdrawn funds. That doesn’t help your cash flow a great deal. With PayPal though, it’s a totally different story. Your funds are back in your account almost instantly.
Then there’s the issue of personal details and security breaches. No one wants to be the victim of a fraudster do they? If you are using a card, then a fair amount of personal information is given to the online casino. This can then put you at risk if there is a security breach.
With PayPal, just like the speed of withdrawals, it’s a completely different story. The only information that you need to give to an online casino is the email address used for your PayPal account. There’s not much need for anything else. With that supplied, the site knows exactly where to send any withdrawals.
If a security breach does take place, that limited amount of information won’t help a fraudster a great deal. They might know your PayPal address but that’s all. Even then, accessing your account is going to be mighty difficult for them. They won’t know your password so the funds there should be safe.
You can see therefore why PayPal is used so much at online casinos and other gambling sites. The level of safety is high and the transactions carried out at great speed.
