Boasting more than 305 million active and registered accounts in 2020, PayPal is perhaps the single most famous e-wallet around. In what has become an increasingly competitive market, since being founded originally as Confinity in 1998, the company was initially tied to an online banking company led by Elon Musk, before being acquired by eBay in 2002.
Since then, PayPal has become a separately public traded company and has even absorbed other electronic payment businesses, including GoPay and Honey in 2019. Amidst seemingly unstoppable growth internationally, the corporation itself was valued at being worth more than $127.58 billion heading into 2020.
While there are numerous electronic and online payment methods available these days, according to one site providing detailed reviews and guides, PayPal remains the most popular and secure e-wallet you can use for online gambling. Indeed, look through any of the best and most popular online casino and sports betting sites, there's a strong chance you'll find PayPal as one of the primary options available for deposits and withdrawals.
Along with an established reputation for reliability that spans more than two decades, the greatest appeal for PayPal users is undoubtedly convenience. It only takes a few moments to set up and register a new account, using your bank details and a debit or credit card as the main source of funds. Once established, online payments made using a PayPal account are practically instantaneous, whether it's buying goods from an online store or making deposits to your favourite gambling sites.
Of course, it's this ease of transactions and swiftness of transferrals that makes PayPal popular amongst online casinos and betting sites, not to mention the powerful reputation of the e-wallet service itself. Increasingly, security and safety of data are important considerations for punters and gambling sites alike. With a superior level of encryption and some of the most robust financial transaction security in the industry, users feel confident their data and online activities are in safe hands.
What's more, it's often proven to be the case that when customers are making withdrawals from online casinos and betting sites, funds move to their PayPal wallet much faster than many other transaction methods. One of the reasons for this is that PayPal maintains a stringent vetting system for vendors, requiring them to meet rigid terms and conditions, in order to advertise and offer their transfer service.
Whenever we fancy a flutter, whether it's on the next football match or a few rounds of poker, one thing we're never short of is a choice of sites to play at. There are quite literally thousands of online gambling sites to choose from these days; some dedicate their efforts towards casino games, others towards meeting all our sports betting requirements, while increasingly more are combining the two, giving us the best of both worlds in one location.
The industry itself is largely dominated by several major corporations, which means that many of our favourite gambling sights might actually belong to just one or two companies. Market Research Reports published their findings in 2019, indicating that IGT, GVC Holdings, and bet365 are the biggest trio of online gambling and gaming companies, closely followed by Scientific Games, Paddy Power Betfair, then William Hill.
All of these companies operate numerous sites and over the last few years, PayPal remains by far their most popular method of making deposits and withdrawals. That's why all the leading online gambling sites, whether their focus is casino games or sports betting, allows and even actively encourages customers to use PayPal as the payment service of choice. Some even offer additional incentives, such as deposit bonus deals or extra spins on slot games.
It's often the case that most of us gamble at more than just the one online casino or sports betting site. Establishing numerous different depositing methods can obviously be a chore, which makes using PayPal a much more convenient option. All our gambling and gaming accounts can be managed from one location, with the added benefit that in the vast majority of cases, all deposits and withdrawals are free of any additional costs.
Likewise, there has been a growing awareness by PayPal to carefully monitor problem gambling. Last year The Guardian highlighted examples whereby some people were exploiting the world's most popular e-wallet, because the service is so simple and convenient to use. PayPal subsequently indicated they are reviewing controls and tightening payment rules, suggesting they would work closely with gambling sites and introduce new safeguards.
What this leads to is the fact that with PayPal, customers can actually set themselves credit and spending limits. While this places the emphasis on each individual themselves, it is a very convenient way to manage and monitor online spending, including any transactions we make with online gambling sites.
Whichever method of deposits and withdrawals you prefer using, PayPal is clearly one of the easiest and most convenient to use. This electronic service can also be used as an excellent tool for managing our online gaming and gambling spend, given there are settings we can use to moderate our activity. Use these wisely and responsibly, and gambling will remain entertaining and fun.