PayPal Online Sportsbook Deposits and Withdrawals

PayPal is the most popular e-wallet in the world. It started as a payment processor for eBay. Its secondary business in its early days was processing deposits and withdrawals for online sportsbooks. That was back in the day of offshore betting sites that were not legal or licensed.

PayPal was eventually forced out of this business. However, when legal online poker and casino games were legalized in the U.S. in 2013, PayPal returned to the industry. It expanded into the online sportsbook industry in 2018.

Pros of using PayPal at online sportsbooks

• Instant deposits
• No fees
• Numerous deposit options

Cons of using PayPal at online sportsbooks

• Withdrawals can be slow
• There may be fees for moving money around
• Large transactions may be blocked or locked due to overzealous security department

How to make a PayPal deposit

There are several ways to fund a PayPal account. The most common are Visa, Mastercard, Discover, American Express, and bank transfer. You may also receive money from friends or family. 

Once your PayPal account is funded, it is time to make a deposit. If you have not created your sportsbook account yet, that must be done first. It is a simple process that asks for your name, address, email address, date of birth, and the last four digits of your Social Security Number. Your name and email address must match the PayPal account. Make sure those fields are accurate to prevent your transaction from getting declined and to protect your account.

Once your sportsbook account is established, it is time to make your deposit. Open the cashier and choose PayPal from the list of options. After that, enter the deposit amount and log into your PayPal account through the cashier to initiate the transfer. 

If you have enough funds in your PayPal account to cover the deposit, it is taken out of the balance. If your balance is too small, your preferred funding method is used for the transaction. This is usually a bank account. It may be a Visa, Mastercard, Discover, or American Express account.

If your bank does not permit online gambling credit card deposits, or it is banned in your state, PayPal is a great alternative. You can fund PayPa with a credit card and use it to deposit at an online sportsbook.

How to request a PayPal withdrawal

When you are ready to withdraw your winnings from a betting site, requesting a PayPal cashout is simple. Open the cashier and choose PayPal as your withdrawal option. Enter the amount you would like to withdraw and click the accept button. Note that you must have used PayPal as your deposit option for it to be available with withdrawals. 

If you deposited using another method like a credit card, you must request a bank transfer or Play+ debit card withdrawal. In some states, checks by mail are also available. These types of withdrawals typically take one to three business days to process. 

How to get your cash

Receiving your PayPal withdrawal from the sportsbook is the first step. The next is getting your cash. There are five ways to spend these types of cashouts.

PayPal balances may be used to deposit into other sportsbooks or buy items from online merchants. You can also pay friends or family with your cashout without incurring any fees. 

If you want to use the cash quickly, the PayPal Mastercard is the best option. A fee of up to $4.99 is applied when funding the card. The daily withdrawal limit is $400 at ATMs or $5000 at a bank. There is a $3000 daily limit on purchases. 

Some ATMs require an additional fee. Transactions at Moneypass ATMs are free. Otherwise, there is a $2.50 fee on top of what the machine owner charges. Transactions that require a currency exchange have a 2.5% fee.

Bank transfers are free. These usually take one business day. If you need your PayPal funds instantly, that option is available with a 1.5% fee. 

PayPal online sportsbook FAQs

How do I fund a PayPal account for an online sportsbook deposit?

PayPal funding options include Visa, Mastercard, Discover, American Express, bank transfers, and transfers from friends and family.

Are there fees when depositing with PayPal at an online sportsbook?

PayPal does not charge players fees for online sportsbook deposits. The fee is absorbed by the betting site.

Can I withdraw from online sportsbooks to PayPal?

Most online sportsbooks offer PayPal as a withdrawal option.

How can I deposit in an online sportsbook when my credit card is declined?

If your bank or state does not permit credit card deposits to online sportsbooks, you can use PayPal instead.

How do I get around credit card cash advance fees when depositing at online sportsbooks?

If your bank treats credit card deposits at online sportsbooks as a cash advance, you should try PayPal instead. There are no such fees involved with credit card deposits.

How do I withdraw funds from PayPal?

PayPal withdrawal options include ATM withdrawals, retail purchases and bank transfers. 

Are there fees when withdrawing from PayPal?

Bank transfers and retail purchases do not have fees. The ATM fee is $2.50. Instant bank wires have a 1.5% fee.