PayPal General Information
On this page you will find all that you need to know about PayPal. This includes information on what it is, where it used, security details and what it means for online gambling.
What is PayPal?
The owning company, PayPal Holding Inc. is based out of San Jose, California, USA. Their system, PayPal, is one of the world's largest online payment systems, and has been for some time.
Established in 1998 by Max Levchin, Peter Thiel, Luke Nosek, Ken Howery and Elon Musk, PayPal aimed to take part in the growing trend of using the internet as a business and payment tool. Since then they have massively expanded into what we know today.
The reason why PayPal became so popular comes down to the slot it filled in what people needed. As the internet grew and sales sites such as eBay rose in popularity new payment systems were investigated. While credit cards were still popular, the early age of the internet was rife with information scams and fraud. In part, PayPal became similar to a second bank account. This could protect the majority of a persons holdings, while also offering an additional set which could be used online.
Payment methods such as PayPal were not originally so heavily accepted. This changed over time as it became increasingly obvious that this was the way of the future.
Security Systems and Safety
As you would expect, this system uses a number of safety and protection measures to help its users. These include:
- A 180 day period where a customer using the service can file a complaint and request a refund. This is most useful when a purchased good is not what was promised.
- Protection for the seller. This system includes a way for sellers to protect themselves in certain situations. These include proof of delivery and initial acceptance by the receiver.
- Security tokens. These are an optional key offered to users which count as additional protection against fraud. This is from either a card sent to the user or a text message sent to owners cell phone. This is so useful because in the case of internet fraud the criminals will usually not have access to such information.
- Location and other tracking. By using a simple system which checks the users location by their I.P address the service can tell the general location where the service is being accessed. If, for example, you withdrew some money into an account from New Zealand one day and the next day a withdrawal was attempted in Spain , the system would recognise that this was unlikely, given they are on opposite sides of the planet. In this case proof would be needed by email, text or security tokens in order for the account owner to be known.
Additional Security Information
These are just a few of the many systems in place to protect against fraud and theft. This it not say that the system is perfect, however. As with any online system, PayPal required that the user keeps their end of the system secure in order for their systems to truly work. This means that if you use PayPal, especially if you have a lot of money in that account, you should also be sure that the rest of you computer system is secure. This means regular virus and malware scans.
This is generally good advice for anyone who uses online gambling services, as if you have a lot of money tied up in these services you could possibly lose a lot.
For malware you can head on over to Malwarebytes. Their free program is one of the best when it comes to removing a variety of software which can open the door for hackers and thieves.
When it comes to virus protection and management you can head over to Avast and grab their free virus scanner. Your computer, and your wallet, might end up thanking you.
Not Supported Countries
While PayPal attempts to cover as much as it can, in terms of locations, there are areas where it is not supported. This is usually because of the laws of the country, or sanctions placed against them.
The current list of restricted countries are as follows:
- Cote d'Ivoire
- North Korea
- Sierra Leone
- Western Balkans
These are subject to changes, based on shifting laws and political climate. For a complete record of countries which are currently supported by PayPal you can click here to see their official listings.
How does it Work / What do I need?
In general terms the user will need a bank account, though a credit card can also be useful.
The user can select one of three different levels of account: Personal, Premier and Business. As this website deals with personal accounts this is what we will focus on. Luckily this is free to use, with only small amounts taken from withdrawals and payments.
First the user must go to the website and create an account, entering their user account information, bank information and personal information. This is important because in order to access most of what it has to offer the user must verify their account. Once signed up and basic proof has been provided through email the user can opt to provide further proof through either bank or credit card. The way this is done is by having PayPal making two very small deposits or withdrawals to the user's credit card or bank. The user then gets some of the transaction information from this and enters it into the website.
If using the bank account method the company will then send an automated voice call for final proof. If the credit card method is used they will then pay back the small charges and the user will then be verified.
It is not strictly necessary to perform these last steps of verification. Users should still consider it, however, as it removes some of the account limitations.
Paypal and Gambling
In 2003 the service was the largest payment processor for online gambling. Concerned about their image, PayPal stopped all functions between themselves and gambling sites.
Seven years later, in 2010, they got back into the game, with some regulations. From then on they only allowed this in countries where gambling was legal, and only on websites which operated on sites located within legal countries.
This means that if your country does not have legal gambling then you cant use PayPal for it. Is also means you cannot use the service for websites registered in locations where gambling is illegal.
Where can I use PayPal to gamble?
PayPal is a common tool to aid in the legal versions of online gambling, so many sites support it. Check out the list below for some supported websites and links to our reviews of those sites.
Stay safe, and good luck!