PayPal is one of the most simple, convenient and secure methods available for paying for online goods and services. It has been around for more than two decades, and while it was primarily viewed as the official eBay payment method in its early years, it is now accepted by all types of companies, including those operating in the gaming industry. PayPal is increasingly being offered as a primary payment option by online casinos and sportsbooks in Canada, so in this article, we will take a look at how PayPal started, how it works, and why it has become so popular among Canadian casino players.
PayPal Casinos Available in Canada
PayPal in a Nutshell
PayPal was founded as Confinity in 1998, rebranded as PayPal in 2001 and acquired by online auction company eBay in 2002. It became the payment method of choice for both buyers and vendors on eBay, and there were a number of very good reasons for that high level of popularity.
One reason is that PayPal allows users to keep their financial and banking information to themselves, with PayPal acting as a safe and convenient middleman between sender and receiver so a casino doesn't hold your bank details. Another is that PayPal transactions are processed swiftly, with most being completed within seconds.
PayPal partnered with MasterCard in 2007 so that transactions could be made via its Secure Card Service even at online outlets that didn't accept PayPal in its original form. This, followed by PayPal becoming an independent entity in 2015, helped it to become a convenient payment processor for everyone both online and offline.
Today, PayPal can be used at a growing number of virtual casinos to make both deposits and withdrawals. Its instant transaction processing and reputation as a secure payment method have made it one of the most trusted payment brands in the world.
Before you can use PayPal to make deposits or withdrawals at online casinos, you will need to set up an account with PayPal itself. This is quite easy and takes no more than a minute or two. Here's how to go about it:
- First, visit the PayPal website and click the Get Your Account button. You'll be asked if you want to set up a Personal Account or a Business Account. For using PayPal at online casinos, as well as online retail stores, you should select the Personal Account option.
- Provide the information that is requested of you. This will include your mobile phone number, your name, address, and so on.
- Link a payment method to your new PayPal account. This could be a credit card, debit card or your bank account.
When your account has been set up in this way, you can either transfer funds from your payment method to the PayPal wallet in advance, or you can simply leave things there and funds will be transferred from your payment method as and when you need them.
How to Use PayPal at Casinos in Canada
Using PayPal to make deposits and withdrawals at online casinos and sportsbooks in Canada is as simple and straightforward as you could want it to be. Of course, in order to use PayPal, you must first check to see if this payment method is accepted by the casino you are visiting. You can do this by visiting the banking area (sometimes called the Cashier) to see if PayPal is listed as a valid payment method. If it is then you can proceed as follows:
- Select PayPal as your chosen payment method.
- Enter the amount of money that you want to deposit.
- Submit the request. You will be referred to a PayPal authorization page.
- Authorize the payment with PayPal by providing your password.
When PayPal has accepted your authorization, your funds will be transferred to the casino as requested.
The advantages of using PayPal at online casinos are much the same as the advantages of using the payment method when paying for other online goods and services. Namely:
Safety and Security: Your banking or credit card information is never revealed to the casino. Instead, funds are transferred from your main payment source to your PayPal wallet and then similarly transferred from there to the casino.
Transaction Speed: PayPal payments are made electronically, so they often take no more than a few seconds to process. This means that you'll be able to start playing with your transferred funds straight away.
No Fees: There are usually no fees to pay when using PayPal to make casino deposits as long as no currency conversion is involved. If your PayPal account is in Canadian dollars and you are depositing in the same currency, no fee would normally be payable.
There aren't many disadvantages associated with using PayPal, but there are a couple that should be mentioned:
Availability: Not all venues accept PayPal, so you can only use this method at those that do. Fortunately, the number of casinos accepting PayPal is increasing month on month.
Exclusion from Promotions: Deposits made by PayPal at some casinos will be excluded from promotional offers. You should always check the terms and conditions of welcome bonus deals and other offers to confirm the situation beforehand so that you can decide on the best way to proceed.
PayPal: CasinoGuide Verdict
PayPal hasn't become one of the most popular online payment methods in the world by accident. This is a widely trusted option for anyone who wants to transfer funds quickly and enjoy the highest level of safety and security when doing so. We're pleased that online casinos have started accepting PayPal for deposits and withdrawals, and we expect this payment method to become even more popular in the years to come.