Why is PayPal so popular among UK casino players?
Added on January 8, 2019, in Gambling Articles by Gambling Gurus
PayPal is quite popular in the UK
Online casino players in the UK have more variety in payment processing options than gamblers just about anywhere else. The choices are nearly unlimited as cashless payment providers compete for the chance to process your gambling dollars into and out of casinos.
Payment system organisations need permission to operate in the market. Visa, Mastercard, and PayPal have long relationships with the Financial Services Authority (FSA) and the Gambling Commission. They help to ensure that only licensed gaming sites can use their payment services.
Since PayPal operates more as an eWallet than a credit or debit card (both can be linked to your PayPal account, as can your bank) the system was able to come into compliance with UKGC rules quicker than the major card brands. Founded in 1998, PayPal simply refuses to process illegal payments.
We wondered about the overall British view of PayPal so we looked at the result of a survey found on Statista, one of the internet’s leading repositories of statistical information.
The Gambling Commission reported in 2017 and again in early 2018 that almost half of the population had gambled in the last month prior to being surveyed. This seems like a good place to start to figure out just why PayPal is so popular with UK casino players.
The survey found that 71% of people queried had a positive view of PayPal, while only 2% had a negative view. A little over a quarter, (27% of those surveyed), had a neutral opinion.
That’s a very high ratio of positive to negative reactions to any brand or service!
Some of the reasons that online casino players like to use PayPal so much are the same reasons so many people have a positive view of the payment method. We’ll look at those first, then winnow it down to the three main reasons PayPal is so popular with online players.
- It’s free to sign up
- It’s secure – The recipient won’t see your sensitive financial information such as credit card or bank account numbers
- It’s fast – Payments are processed in real time
- It’s easy – Wherever you see the PayPal logo, all you have to do click to log in and transfer the amount you wish
No wonder PayPal is one of the most popular payment methods in the UK!
While not every online casino accepts PayPal, casinoreviews.co.uk has compiled a list of several dozens that do.
After looking at the data and asking others why they prefer to do their casino banking with PayPal, we came up with three very good reasons.
Top three reasons UK players like PayPal
PayPal is safe and secure. The company’s digital data defenses include storing your personal account information on computers that aren’t even connected to the internet. The data points necessary to complete transactions are encrypted and kept behind firewalls in a digital vault that only their systems can access.
As with any financial or other sensitive transactions, players still need to do their part by making sure their online security software is up to date and be sure not to make purchases over unsecured public WiFi connections.
PayPal casino transfers are fast. It only takes a few seconds to log in and transfer funds that should appear immediately in your account. Most casinos don’t charge you any fees when you choose this method to deposit or withdraw. Of course, it’s always a good idea to check the cashier, payment, or banking section of the casino, but hidden fees are mostly a thing of the past thanks to UKGC rules.
Instant cashouts are possible, depending on the casino’s internal processing times. Once your account is established, you can usually expect to see your winnings as fast or faster than any other eWallet, and much faster than any credit or debit card withdrawal.
As soon as the casino processes your payment it will appear in your PayPal account almost immediately.
Links of further interest:
- Gambling Commission – Gambling Participation and Attitudes (.PDF file)
- Statista – Evaluation of Paypal as a financial services provider in the United Kingdom
- Gambling Commission – Remote implementation: progress report (.PDF file)