Almost 60 million Nigerians take part in some sort of game of chances. Among the games, sports betting is the most popular among Nigerian residents. More and more people are starting to bet on different sports with every passing year. And PayPal betting sites know how much you love betting!
PayPal is relatively new to Nigeria, but quite popular among the punters to make their deposits at their favorite betting sites. We are here to discuss all the aspects of PayPal betting sites. This comprehensive guide will definitely help you in your sports betting journey as payment is a vital part of it.
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What Is PayPal?
First and foremost, we need to get you updated with what PayPal is. Do you feel excited yet?
With the popularity of online commerce and gambling, PayPal is being used by almost everyone. Here are a few facts that will clear the concept of PayPal clear like water for you!
PayPal is an all-in-one digital payment service, that makes internet transactions extremely convenient.The digital payment system allows you to link your bank accounts, credit and debit cards.PayPal is also free for the users as it doesn’t require any additional fee while making payments. You can send and receive money using PayPal as well.Founded back in 1998, PayPal has come out to be extremely successful with an active user base of 286 million.This service quite popular among online gamblers as it ensures utmost safety by encrypting your financial data.
How Does PayPal Work?
Before you start betting at the PayPal betting sites, let’s get to know a bit more about how it operates.
PayPal is a service that will help you send or receive money without any hassle, within a very short time. And we are here as your guide to make it easier for you to understand how this service works.
PayPal categorizes its users into two demographics. Namely, the sellers and the customers. Both the parties get to enjoy easy and safe money transfers along with a few other benefits.
If we were a PayPal seller, you can guarantee that your valuable customer’s data is always safe in your hands. You will be able to provide subscription-based goods or services to your customers through PayPal.
Another great thing about this payment method is that it will allow you to let your customers pay in 4 installments, which gives them more flexibility and increases your customer retention in the long run. Your client base will also be able to directly deposit money into your account faster.
And it is even better when you are a customer. This is a more likely case for PayPal betting sites. PayPal provides a wide range of services. As a customer, you have the option to connect your bank account to eCheck and pay directly from your bank. You can also make an instant transfer within a few seconds, which lets you send and receive money at the same time.
History of PayPal
PayPal has been there for more than 20 years in the industry. It was the brainchild of Peter Theil and Max Levchin. In addition, Ken Howery and Luke Nosek came together to form a financial transaction company.
The original name of the company was Confinity Inc. The first transaction method created by this company was based on e-mail.
You must have heard of a famous millionaire being involved with PayPal. In 2000, a merger happened between Elon Musk’s company X.com and Confinity, which was later named PayPal in 2011.
However, the alliance wasn’t successful as Elon Musk wanted to slowly phase out the operations of PayPal. This led the other partners to make a petition to remove him from the company. They successfully removed Elon Musk, who later launched his venture of Space X.
Later on, in 2000, eBay made a $400 million deal with PayPal. This helped PayPal gain a large number of new users. From this point forward, the company started growing. It surpassed 100 million users in 2006, followed by launching a mobile payment platform for smartphones. The company also acquired Venmo in 2013, which turned out to be a great decision.
Currently, PayPal is extremely successful while operating in over 200 countries in the world. This USA-based company is at a net worth of $50 Billion leading the digital wallet market.
PayPal in Nigeria
Nigerian users, as in you, can use PayPal to send money, shop online, buy subscriptions, and fund your accounts. However, you cannot receive any kind of funds through PayPal. As a Nigerian, you will be able to send money to all countries of the world, which means you can deposit at almost all the best international betting sites using your PayPal account.
Sending money from your PayPal account to anywhere in the world is completely free. The person receiving will be responsible for paying the conversion fees required to convert the received cash to their domestic currency.
Once you send the money, it will be manually checked in order to ensure no fraudulent activities are going on. The more security the better it is for you, right?
This may take up to 3-5 working days. But if you require an urgent deposition, you can always opt for the urgent transfer option. This option lets you deposit to your preferred PayPal betting sites within 30 minutes.
For urgent deposits, you will need to pay 1% of the amount you’re sending. But the good thing is no matter how large of an amount you are sending, the maximum fee is capped at $10 for each transaction.
Both the sellers and buyers need to open a PayPal account to use the services offered by the company. After registering, you will have to link your credit card or bank account. This a pretty fast process.
When you are buying anything using your PayPal account, you will not need to give any fee to the payment gateway service. However, when it comes to the seller, they are subjected to a percentage of the fee depending on the area they are operating from.
Advantages of Using PayPal
When it comes to playing in PayPal betting sites, there are quite a few advantages you punters can enjoy! Let’s dive right into it!
The best attribute of PayPal as a company is that it provides highly safe and secured transactions. There is no risk of facing any security issues while playing at PayPal betting sites. PayPal will monitor all of the transactions you make to your online bookkeeper. Their highly sophisticated encryption technology and AI make sure that your financial data is kept confidential.
Though some credit card transactions may take a bit longer due to security regulations, maintaining your funds for in and out payments with PayPal only takes a few moments. Depositing and processing fees are typically added by PayPal betting sites.
Another benefit for punters in Nigeria is the opportunity to deposit using payment options that are not supported by websites. In case one particular option is not available, you can add it to your PayPal account and use that to deposit through the gateway.
For example, let us say your favorite sports betting site does not allow you to deposit directly through Mastercard. You can link your Mastercard to your PayPal and use that balance to make a deposit.
How intrigued would you be to use PayPal if it had a mobile app? Yes, it is there for you to deposit on the PayPal Betting sites in Nigeria. PayPal is accessible via a browser or a smartphone app. There are apps for both Android and iOS. When betting online, look for the PayPal symbol and check out the instructions provided by the bookmaker.
PayPal is also widely accepted in most betting sites. In Nigeria, almost all betting sites allow you to pay through PayPal. You will also be able to make deposits to offshore PayPal betting sites as there are no restrictions.
What’s worse than attempting to buy something online just to have your credit card declined? That possibility is eliminated with PayPal because you can link a PayPal account with banking accounts, debit, and credit cards. Thus, you can be comfortable knowing that your transactions will always go through.
PayPal in Betting
Online sports betting in Nigeria is legal and the majority of PayPal betting sites are not local. As a result, you can keep enjoying all the best PayPal betting sites from your country.
All the PayPal betting sites are readily accessible to Nigerian residents. However, the payment method was not available in the country for a long time. That being said, PayPal debuted in Africa’s most populous country, Nigeria in 2014.
Coming to 2015, Nigeria had become its second-largest market in 2015, just one year after it decided to launch in Nigeria.
Despite its rapid acceptance, PayPal users are still unable to receive payments from other parts of the world. They have to request funds through either bank transfer or use other transaction channels such as WorldRemit.
That being said, very recently the popular payment company Fullterwave announced their collaboration with PayPal. This will ensure that the PayPal betting sites users like you in Nigeria will finally be able to receive funds from other countries.
This is a piece of great news for the PayPal betting sites because you will be able to withdraw your winnings way faster if this collaboration is successful.
How to Deposit and Withdraw Using PayPal?
You can follow these simple steps to deposit to PayPal betting sites in Nigeria.
Select the “PayPal” option to deposit on your preferred betting site.You should be taken to PayPal, in which you will have to fill up your login details.You can now send money from PayPal to the bookmaker.Once you hit the send button, the exchange is completed immediately. Begin betting with your deposits and have fun!
Withdrawing your winnings from offshore sites can be a bit tricky through PayPal betting sites. In Nigeria, you cannot receive funds directly through your PayPal account. However, you can transfer the money to your bank account and withdraw it from your local bank.
Select the PayPal withdrawal option.Again, enter your login information.Once all of that has been verified, the withdrawal process will begin. The withdrawal usually takes approximately 12 and 24 hours from the time of approval.After that, the funds will be transferred to your PayPal account.Now resend the money to your bank account, However, do keep in mind that your bank may incur a fee from PayPal.
How Secure is it to Use PayPal in betting?
The key concept is that a customer can order online all over the world wide web without ever having to give up their banking information to possibly insecure data sources. This is a brilliant security model by PayPal as the company is setting technical standards with elevated security and personal safety.
This means you do not need to provide any of your personal credit card information to your choice of PayPal betting sites in Nigeria.
PayPal has never experienced any notable data breach and demonstrates extremely high-quality protocols when it comes to digital security and innovative technology. The detachment of banking details and your credentials has revolutionized the security model, demonstrating the security of this transaction method’s increasing success.
How to Open a PayPal Account?
If you are interested in how to create a PayPal account, you must first make the decision of what type of PayPal account you would like to create. There are two kinds. Namely, personal and business, and each has its own set of advantages and applications.
A personal PayPal account is all you really need if you only want to deposit the money into betting sites and maybe do some internet shopping. This is the simplest type of account to create, and it is the best option for the average user.
The second type of PayPal account is specifically designed for business owners. If you want to create an online store and accept card payment for a minimal charge, this is the option for you. Merchant accounts allow up to 200 workers to share the account and are provided with added features.
but the method of creating a new PayPal account is almost identical for for both types of accounts. Now, that you know in details about the PayPal betting sites, here’s how to get started.
Navigate to PayPal’s Sign-Up page.Select the account type you want and then click Sign Up Now.Fill in your details, such as your complete email address, and select a password (it must contain at least eight characters and is case sensitive).If you are opening a merchant account, you need to pick a business type.Upon arriving on the next page, you have to provide further personal and financial details. Once done, tick the boxes that agree to the terms and you are good to go!
Once you are done with all the above steps, you will have to link your bank accounts or credit/debit cards. After you do so, you will have to wait for your banking institute to verify all the necessary details. It may take some time depending on how efficient your bank is.
After your bank approves the alliance, you are all set to start using your PayPal account!
PayPal betting sites are easily accessible from anywhere in Nigeria. There are no extra charges for using PayPal for sports betting. You can fund your PayPal account with your credit card, debit card, or bank account. We think PayPal is one of the best methods for making deposits at online betting sites.
However, there is a 10% fee for instant money transfer that takes place within 30 minutes.in such an instance, the fee won’t exceed the amount of $10 though. Sometimes when you are sending money in a different currency there is a conversion charge. It is however not fixed, and oftentimes, the receiver has to pay that charge.
Alternatives to PayPal
Let’s say your PayPal account has been suspended or your recipient will not accept PayPal for whatever reason. In this hypothetical scenario where PayPal is not really a viable option, there are a few alternatives to consider.
Skrill and Neteller are two of the most famous financial services that conduct business with comparable standards of safety in Nigeria. However, you can use Bank Transfers and other forms of E-wallets or credit/debit cards.
When it comes to betting sites in Nigeria, credit cards are one of the most popular means for depositing. There are multiple credit card options available that will help you deposit and withdraw your winnings eve.
All of the transactions you make with a credit card are deemed to highly secure as the industry leading top-of-the-game encryption technology. But there are often fees added to your funds transferred through credit cards.
In a designated store, you can purchase a pre-loaded Paysafe card. This is a form of E-Wallet. These pre-paid voucher cards can be used on a variety of bookkeeping sites. This coupon has a 16-digit code, once entered you can easily make a payment.
You do not need to provide any private information or banking information to purchase a Paysafe card. Because you are not having to use any debit cards or credit cards when you use a Paysafe card, there is no risk of your payment being declined.
Neteller is an e-wallet that is recognized by a large number of betting sites in Nigeria. It’s being used by over 20 million people around the world. It is a fully licensed prepaid card that is very convenient.
Another great feature of Neteller is that you can fund it using your debit or credit card, money transfers, or other e-wallets. When using Neteller, you do not need to give away any additional personal and financial details. Transactions are assured and it is quick and efficient! Due to the strict anti-fraud protocol similar to PayPal, it is also one of the safest.
Skrill is an E-wallet system that functions very similarly to Neteller. Initially known as Moneybookers, the payment system has come to become an easy-to-use global online payment service.
It was purchased by Paysafe in 2015, and it has now become one of the most popular payment options for betting sites in Nigeria. You can receive money for free through Skrill, but there is a fee if you are sending money through the platform.
PayPal Betting- FAQs
Is it safe to use PayPal for sports betting?
Yes, the PayPal betting sites mentioned here are some of the best. We conducted thorough research to ensure these betting sites follow all the standard safety measures to ensure all of your information is kept secure.
Which deposit/withdrawal methods can I use when using PayPal?
While withdrawing from the PayPal Betting Sites, you will find the payment option listed once you go to the deposit or withdraw option. You can just click on it and follow a few simple steps to deposit or withdraw your rewards!
Do I Have to Verify anything, when using PayPal? – if yes, which benefits do you get from it?
Yes, you will have to verify your phone number and email if you are opening a PayPal account. You will also need to add your banking details.
Will, there be any fees added, when I use PayPal?
Normally there are no additional fees on PayPal transactions. However, there is a fee for instant pay and often, a certain conversion rate is added when the foreign currency is involved. Some PayPal betting sites may charge you a small amount of fee for withdrawal or deposition.
What do I do, if my PayPal payment is declined?
A few reasons can cause your PayPal payment to not go through. In this case, check if your credit card has expired. If so, contact your credit card provider to get the issue resolved. Make sure the recipient’s information is correct. If your payment is still declined, you can always reach out directly to PayPal through their website and they are extremely helpful.
How long will it take, before my deposit is received by the betting site?
Depositing at PayPal betting sites is extremely fast. It doesn’t take more than 30 minutes for the sports booking site to receive your deposit. Once the deposit is completed, you can bet all you want!
How long will it take, before my withdrawal is received from the betting site?
It shouldn’t take that long for you to be able to receive your withdrawn amount. The verification process might take some time between 24 to 48 hours depending on the bookkeeping site.
Before you go start betting, let us share some of our top tips for you.
It can be very exciting and engaging when you are betting at the PayPal betting sites. This excitement can lead you to make hasty decisions of selecting the wrong payment system or entering an extra zero after the amount you want to bet with. Thus, we recommend taking your time while making the payments during betting.
Look Out for Any Fees
Some PayPal betting sites charge extra fees for particular games. Sometimes you have to deposit a certain amount to become eligible for VIP punter programs. Whatever the case it is, we recommend you to go through the terms and conditions carefully to be aware of the fees the sportsbooks may charge.
Make Sure PayPal is There
Even though it’s kind of rare to find a betting site that doesn’t support payment through PayPal, you might come across a few once in a while. This can happen because PayPal isn’t available in every part of the world.
For Example, Zimbabwe doesn’t have PayPal. So, if you are betting on a site that’s based in Zimbabwe you will not be able to pay using your PayPal account.
Check Out the Limits
Almost all the PayPal betting sites have a limit set on how much you can withdraw at once. Even though this can be an inconvenience when you are trying to cash out all of your winnings, this limit is set to prevent fraudulent practices. Therefore, check the withdrawal limit before you start betting.
Summary – PayPal Betting Sites
PayPal is one of the most widely accepted payment methods in this world right now. The ease of access and fast transaction make it one of the top preferred payment gateways.
PayPal is considered to be one of the safest transaction methods. We can assure you that all the PayPal betting sites operating out there are very safe and you can bet on your favorite games without any worry.
Now that you know all the nitty-gritty of the PayPal betting sites, you are sure to have a great time betting from Nigeria.
Ekon Musa | Last Modified: April 15, 2022