PayPal has long been one of the leading providers of online payment services. As one of the pioneering online wallets, the service quickly grew a loyal customer base. With the 2018 repeal of the federal ban on sports wagering outside Nevada and subsequent changes in online betting legislation, PayPal has found another purpose. Online bettors have begun using their PayPal accounts to make instant deposits and withdraw funds.
Best Indiana Sportsbooks with PayPal option
List of Indiana sportsbooks accepting paypal
So, let’s get straight to the point. Here is the list of the currently active sportsbooks which include PayPal among their payment options.
To find out whether the sportsbook of your choice supports PayPal, you can take a look at the site’s payment/banking options. The information is usually found at the bottom of the homepage.
How to Open a PayPal Account
Opening a PayPal account is free and generally easy. Here is how you do it:
- Go to the PayPal website and you will be offered a choice between setting up a “Personal Account” or a “Business Account.” You will need to choose the “Personal Account” in order to use it for online sportsbooks.
- Click the “Get Started” button.
- Select your country of residence and enter your name, email address, and password.
- Click “Next” and enter your address, date of birth and phone number.
- Tick the box to confirm you have read PayPal’s User Agreement.
- Click Agree and Create Account to finish registration.
Depositing with PayPal accounts
Once you’ve registered your account, the next step will be to fund it. To do this, you should log in and find the “Link a bank or card” option. Follow the on-screen instructions and link your bank account to your profile. Namely, you will need to choose your card provider and enter the card number, expiration date, and security code. Then, you are all set.
The next time you want to make a deposit to your sportsbook account, the only thing you’ll need to enter is your PayPal login credentials.
Withdrawing from IN online sportsbooks using PayPal
Using PayPal to withdraw funds from your account is also very straightforward. You should simply go to your account’s Banking section, select PayPal and follow the prompts. There are, however, a couple of things you should be aware of.
Namely, PayPal charges a transaction fee of 2.9% when you deposit funds using credit or debit cards. Furthermore, websites sometimes impose certain restrictions when it comes to PayPal in particular. You can avoid those fees by using a checking account linked to the wallet.
Some sites limit how you can make withdrawals through PayPal. Make sure to check your preferred Indiana online sportsbooks for any terms and conditions regarding withdrawals through PayPal’s service.
Additionally, it’s not uncommon to see sportsbooks exclude PayPal from some deposit promotional offers. So, make sure to read offer terms and conditions carefully and see if this is the case.
Getting your money out of PayPal
Once you cash out any funds, they will be transferred to your PayPal account. This is where the money will stay until you decide to withdraw it from the service. You can do this in a number of ways:
- Bank transfer: One of the most popular cashout methods, bank transfers allow you to transfer funds directly to your bank account. The procedure will usually take around one business day to complete.
- Visa/MasterCard prepaid and debit cards: For a fee of $0.25, you can transfer money from your PayPal account to a Visa/MasterCard card in as little as 30 minutes.
- PayPal Debit MasterCard: If you don’t want to wait for transfers, getting a dedicated PayPal card might be the best option. This is because the card taps into your PayPal account directly. Since the service was developed in cooperation with MasterCard, you can use your PayPal card wherever MasterCard is accepted. You can also withdraw money from ATMs, with a $400 daily limit.
- Check: If you can afford to wait between one and two weeks, you can cash out with a bank check. For a fee of $1.50, your bank will mail you a physical check.
Alternative Banking Methods if PayPal Doesn’t Work
As you can see, there are many advantages to using PayPal as your primary payment method. From safety and reliability, to speed and availability, there are not many services which offer the same level of convenience. Still, if you would rather use other payment methods, sports betting operators usually provide you with a wide selection. Here are some of the common payment methods you will find:
- (ACH) VIP preferred e-Checks
- Online banking transfer
- Play+ Prepaid Cards
- Bank wire transfer
- Paper Checks
- Cash at the casino cage
Advantages of Using PayPal at Indiana sportsbooks
There are some very good reasons why PayPal has held its popularity for well over a decade. In the next few paragraphs, we will go through some of the major advantages PayPal has over the competition.
Safety and Privacy
For starters, the service is very safe. In particular, PayPal acts as an intermediary between your bank account and the sportsbook. This means that you don’t have to submit any sensitive information such as your bank account number while making transactions (note, of course, that information is recorded by PayPal).
When it comes to the personal data stored by the service itself, PayPal protects user data with high-level encryption and security protocols. The company’s servers are also heavily guarded against any external threats, like hackers, scammers and other criminals.
Transactions made with PayPal usually have near-instant processing times. For many users, this tops the list of reasons to use the service. This is especially important for online sportsbooks, where quick processing times play a major role in ensuring a good user experience.
The fact is that PayPal has long established itself as a staple in any e-commerce business. This means that you are able to use your single PayPal account in nearly all your online transactions. And what’s more convenient than that?
For many years, PayPal has been synonymous with online payment systems. In fact, the company has managed to persevere in an extremely competitive market for more than two decades. Moreover, with more than 286 million active users, the service has continued to grow and develop.
PayPal and online gambling through the years
Way before there were even hints of legalized online betting in the US, PayPal had already started a tumultuous relationship with gambling. In the early 2000s, PayPal was the major online payment service when it came to iGambling. Unfortunately, a significant portion of its operation had to do with offshore casinos, many of which operated illegally.
Following the acquisition by eBay in 2002, PayPal ceased all processing of online gambling payments. The company was subsequently charged with violating anti-money laundering laws in the US, which resulted in a $10 million penalty. It didn’t take long for services like Neteller and to fill the vacuum (both of them would run into legal trouble a few years later).
It took until 2010 for PayPal to again dabble in online gambling. The company started offering its services to the users of licensed iGaming sites in Europe. Betfair was the first one to start offering PayPal, soon followed by most of the other major iGaming brands.
In the US, PayPal kept a relatively low profile with regards to online gaming, providing services to several skill gaming sites. This eventually led to the company extending its services to daily fantasy sports websites in as many as 45 U.S. states.
In 2015, the company began processing online casino and poker payments for Caesars Casino, 888, Harrah’s Casino and WSOP.com in Nevada in New Jersey.
With the repeal of PASPA and the subsequent legalization of online sports betting in a number of U.S. states, we see PayPal present in nearly every major iGaming site.