Online casino is a lucrative business. A total size of $ 61.5 billion as of 2021 is shown in Statista in the global market size of the casino and the online gambling industry which means that the virtual gambling business is soaring again.
Back in 2020, the revenue of online gambling declined a bit by about 30% probably due to the pandemic after seven years of continuous steady growth. For this reason, the current revenue of the said industry is anticipated to reach $ 114.40 billion by 2029.
The Rising Popularity of the Online Casino
The skyrocketing fame of betting online signals the influx of many bettors to wager online again. This time majority of the bettors come from the millennials and the Gen Z. These yuppies are driven and betting online is one of their favorite past times because it is flexible, engaging, and offers huge chances of winning.
A reliable payment method is of utmost importance because huge money is involved in this business. Players are encouraged by major online casinos to deposit online with Paypal for maximum security. Paypal is known for its dependability hence consumers and entrepreneurs rely much on this third-party payment method.
What makes Payment options important?
Like a land-based casino, betting sites also deal with lots of money ceaselessly. Virtual punters need to make a deposit for signing up or renewing and accept payouts in case of winning. Regrettably, not all clients are comfortable using their personal bank accounts for fear of cyber issues such as malware or scammers and virtual thieves. Not all clients have a cryptocurrency and if they have, not all casino sites accept altcoins therefore, another option has to be available and should be acceptable to both parties.
Paypal is a digital wallet or commonly called an E-wallet is one of the most reliable third-party payment options that we have today. Paypal has been trusted by all big companies in their monetary transactions for many years.
Brief Timeline
Paypal is an American Financial Technology (fintech) and is the pioneer digital wallet. This fintech company has been founded in 1998 and was sold to eBay in 2002.
Interesting Facts about Paypal
- Almost all major online casinos trusted Paypal as their leading digital wallet because all transactions involving money are seamless, efficient, and safe.
- Virtual sports betting enthusiasts find it easy to get the best online bookmaker.
- Automatic currency conversion is part of the setup in Paypal that the player doesn’t have to worry about it. Its conversion is also accurate hence it hassle-free.
- Paypal casinos offer free spins and some exclusive bonuses.
- Cryptocurrency is not yet available in Paypal.
- Paypal asks for a small amount of charge in every transaction as a service fee.
- Deposit transaction seemed seamless but the user cannot withdraw using Paypal. Instead, the incoming money will be deposited to the user’s bank or another digital wallet where the money can be conveniently withdrawn.
- Paypal accounts cannot be used nor transferred to anyone except the user itself.
How to open a Casino Paypal Account
It is easy to fund an account in an online casino using Paypal especially if the player already has an existing account.
Ø Simply go to the payment section of the casino site then click Paypal.
Ø Key in your Paypal Account and the desired amount you want to deposit.
Ø Deposit will be processed immediately.
Final Insight
Paypal has been around for 24 years and is continuously serving consumers and big industries in terms of monetary transactions. It has proven its integrity which made them present the leading digital wallet of all time and earned the title “Best Financial Services Site” from the ’06 Webby Awards and the ’06 Webby People’s Voice Awards. Paypal won twenty-plus awards and more are coming.
