This guide is about using PayPal for deposits and withdrawals to and from legal online U.S. sportsbooks through web-based platforms and mobile sportsbook apps. For more information about other deposit and withdrawal methods, visit the Sports Handle Banking Guide.
Many online sportsbook players prefer using PayPal to make sportsbook deposits and withdrawals. Here we’ll take a look at the advantages of using PayPal and provide an easy-to-understand, step-by-step guide to opening and funding your PayPal account.
We’ll also give you an overview of online sportsbooks that accept PayPal as a payment method. Finally, we’ll provide a list of alternative banking options if PayPal doesn’t seem to be working for you.
Legal Online Sportsbooks Accepting PayPal
There are many legal online U.S. sportsbooks that accept PayPal. We have listed the regulated NJ sportsbooks below that accept PayPal; availability may vary in your home state.
- FOX Bet
- Golden Nugget
If you are unsure whether your preferred sportsbook accepts PayPal, you can easily find out. The easiest way to do so is to visit the sportsbook’s website and locate the section for banking and payment options. You will be able to find all the info you need right there.
Advantages of using PayPal
PayPal is an e-wallet that allows you to transfer your funds and receive payments in a swift and secure manner. This allows you to purchase goods and services online, transfer cash to others, and receive payments yourself.
Furthermore, it allows you to fund your account with your online sportsbook of choice. There are many advantages to using this banking option, and we’ll highlight some of the most important ones below.
As soon as you connect your bank account and your PayPal account, you can make transfers that can be processed instantly. Rather than having to sign up for a new sportsbook-branded credit/debit card, or go to a casino cage, or a 7-11 for PayNearMe, PayPal allows simple, smooth digital transactions.
This means that you will not have to wait for a long time before you can make the most of your deposits. The procedure is very straight-forward and does not require lots of effort on your part.
Another benefit of using PayPal that mustn’t be overlooked is security. This e-wallet utilizes security protocols and encryption to make sure that all transactions are handled securely. There have been some massive financial data breaches in recent years, so best to avoid certain banks that have not adequately guarded their customers.
PayPal makes an effort to protect the privacy of its users. All your payment information is confidential. This means that if you are making a deposit using PayPal, the recipient can only see your email address. All your personal information (e.g., bank account details) is secured within PayPal.
Knowing that there are more than 286 million active PayPal users in 2020 shouldn’t come as a surprise. This company boasts of being one of the world leaders when it comes to e-payments. PayPal has managed to achieve this by offering safe and fast online payment services to millions of people around the globe.
Like all reputable e-wallets, PayPal came up with a mobile app to facilitate online payments on the go. When it comes to online sportsbooks, this will especially come in handy.
In case you need to make a deposit or a withdrawal and you are not at home near your desktop computer, you can still do so. All you need is the PayPal app. However, this doesn’t mean that you can’t access the website from your mobile browser. The web page is also extremely mobile-friendly and easy to get around.
Also, you may have heard about Venmo, but weren’t sure what it is. This service is also brought to you by PayPal and is available only in the U.S. at the moment. It allows you to link your bank account and transfer funds using the mobile app. As this is a very popular service and probably just a matter of time before online sportsbooks start offering it.
How to Open a PayPal Account
If you want to know all about how to open an account, we’ve got you covered.
- Go to the PayPal website or download and install the PayPal app on your mobile device.
- Click the “Sign Up” button (personal account)
- Provide your email address, name, and create a password.
- Provide the required personal details (your first and last name, address, city, state, zip code, mobile telephone number).
- Tick the box to accept PayPal’s required policies and agreements.
- Fund account
- Select the card type you want to use and enter your card number, its expiration date, and the card security code.
- Alternatively, link your bank at this stage.
- Verify your account by confirming your email address.
Funding a PayPal account
Once you have opened your PayPal account, all you need to do is fund it. If you haven’t entered your bank account details during sign up (this step is optional), you can do it now.
Here’s how you can add an account to your profile.
- Go to your account page and click the “Link a Card or Bank” option.
- Choose the card type, and enter the card number.
- Finally, enter the card expiration date and the card security code (Last three numbers on the back of the card, for Amex, four numbers on the front).
Now, you need to click the “Add Money” option and enter the amount you want to transfer. As soon as you have funded your account, you can begin making deposits to the online sportsbook of your choice.
Users may also link a bank account directly to one’s PayPal account. This would allow users to make sportsbook deposits without having to first load the PayPal account.
Instead, you make the transaction through PayPal and PayPal automatically deducts the amount from your linked bank account. It is advised that you double check that your linked bank account has the appropriate funds available when using this method. This method may also incur additional fees if funding directly from a debit or credit card.
Withdrawing from online sportsbooks using PayPal
Just like making deposits, withdrawing from sportsbooks using PayPal is very straight-forward. All you need to do is go to the “Payment” or “Withdrawals” section within your sportsbook account, find PayPal, and follow the instructions.
Note: You will not be able to use PayPal to withdraw if you did not use PayPal to fund the sportsbook account.
One other thing you should have in mind: Some websites have withdrawal restrictions when it comes to PayPal. Namely, the withdrawal amount may be capped at the amount that you deposited.
For example, let’s say that you deposited $250 using your PayPal account. In the case that you win $250 (leaving $500 in your account), you may only be able to withdraw $250 via PayPal. If the sportsbook has such a restriction, would need to withdraw the other $250 using another payment method.
Finally, online sportsbooks do not charge fees for depositing using this e-wallet. However, PayPal has a fee of 2.9% for deposits via debit and credit cards.
Withdrawing from PayPal
You are probably wondering how you can make a withdrawal from your PayPal account once your sportsbook funds have been withdrawn. Here’s how to do it.
- Bank transfer: You need to log into your PayPal account, enter the amount you want to withdraw, and choose the account you want to transfer the money to. The time for the withdrawal to come through is usually one to two business days.
- Check: In case you do not wish to transfer funds to your bank account, you can opt for the check. For a fee of $1.50, you can receive a check. All you need to do is select “Request a check” in the “Withdrawals” section.
- PayPal debit MasterCard: Having this card has lots of benefits. You can make withdrawals up to $400 on ATMs that accept the MasterCard. Selecting this option in “Withdrawals” and entering your desired amount is all you need to do.
- Visa/MasterCard debit and prepaid cards: Another popular way for withdrawing funds from the PayPal account is using your Visa or MasterCard. The fee is $0.25.
Alternative Banking Methods If PayPal Doesn’t Work
You surely know that PayPal is not the only payment solution available at legal online sportsbooks. For a detailed guide on all available banking methods, please make sure to visit our banking guide. We have listed some of the most popular alternative methods below.
- (ACH) VIP preferred e-Checks
- Online banking transfer
- Play+ Prepaid Cards
- Bank wire transfer
- Cash at the casino cage
- Paper Checks
As you can see, there are quite a few options to choose from. In addition to PayPal, you can use other e-wallets such as Skrill and Neteller.
You can also use credit and debit cards (Visa and MasterCard) and prepaid cards. If you prefer to make your deposits in person, you can do so at the casino cage belonging to your online sportsbook’s partner. In addition to these, there are other options available that we have covered in our banking guide, so make sure to check it out.