If you're looking for the safest way to move your bankroll in and out of your accounts at the best sportsbooks in the U.S., PayPal may be the banking option for you. First marketed as a more secure alternative to credit cards, PayPal now accounts for 22% of all online transactions in the U.S. (Statista, 2020) and has become one of the top sportsbook deposit and withdrawal methods for American bettors.
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Last Updated Jul 25, 2022, 01:56 PM ET
If you're looking for the safest way to move your bankroll in and out of your accounts at the best sportsbooks in the U.S., PayPal may be the banking option for you. First marketed as a more secure alternative to credit cards, PayPal now accounts for 22% of all online transactions in the U.S. (Statista, 2020) and has become one of the top sportsbook deposit and withdrawal methods for American bettors.
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Not all PayPal betting sites are created equal. The best U.S. betting sites offer bettors favorable odds, lucrative bonuses and promotions, safe and convenient banking, and industry-leading customer support.
Bonuses and promotionsSome PayPal betting sites greet new sports bettors with enticing welcome bonuses. Risk-free bets and deposit matches are the most common sign-up promotions in the U.S., while some newly-regulated operators may activate pre-registration offers to generate excitement leading up to their go-live dates.
Competitive oddsThe top PayPal betting sites know that they need to offer competitive odds in order to stick around. Savvy sports bettors will jump from sportsbook to sportsbook after taking advantage of welcome offers, so expect bookies with staying power to provide you with reasonable betting lines.
PayPal deposit and withdrawal limitsMost sports betting sites that accept PayPal set deposit limits of $5-$10, while you should expect withdrawal limits to be a shade higher.
If your preference is to withdraw funds via PayPal, read your sportsbook's banking terms and conditions. If you plan to deposit cash using another deposit method, you may be restricted to the same type of withdrawal.
Payout speedSports bettors who need lightning-quick withdrawal speeds should take note that not every sports betting site processes this type of transaction at the same rate. Some operators in your state may allow you to instantly draw funds from your account, while others will take a few banking days.
Regardless of the speed at which your withdrawals are processed, PayPal takes extra caution to verify your account and ensure your winnings make their way to you safely.
Bet types and sports availableDepending on your preferred type of wager, you may have to take a deeper dive into the betting markets of each PayPal betting site in your region.
Some PayPal sites touch on major sports only, while others may offer a vast collection of live betting options, futures betting, and player props. Check out all that's available before settling on a sportsbook.
SecurityWhen it comes to banking and security, all legal and regulated sports betting sites in the U.S. are subject to stringent testing to ensure your personal information is locked away safely. Still, there's something to be said about the added layer of protection that PayPal provides through its use of end-to-end encryption and security keys.
Customer supportA sports betting site needs to make it easy for users to contact its customer support team. This means providing bettors with multiple ways to reach out and being quick to respond to urgent customer inquiries.
If an online sportsbook features a live chat option, test it out at different times during the day before signing up. If customer service agents respond promptly, this could be a good indication you'll be in good hands as a customer.
When you use PayPal to bet on sports, you'll never be asked to share your personal banking information with a sports betting site.
And while PayPal charges a 2.9% fee — plus a fixed fee of $0.30 USD — when you use a credit card or debit card to top up your account balance, all transactions involving your existing balance are free when betting online.
Fees when adding funds to PayPal account with credit card or debit cardPayPal's reputation precedes itself. Viewed as one the most secure ways to complete transactions online, many sports bettors choose the e-wallet as a safe and easy way to fund a sports betting account.
PayPal uses end-to-end encryption, security keys, and email confirmation to make certain your banking transactions are completed with the utmost security in mind.
Consider end-to-end encryption the data equivalent of a complex set of signs given by a third base coach — only exponentially more elaborate. This is the industry-standard approach to protecting the communication of sensitive data online.
Public keys, stored on servers, encrypt your personal information. Sports betting sites then use private keys stored locally to decrypt your sensitive data. End-to-end encryption ensures that hackers will swing and miss on any attempt to intercept this information.
U.S. sports bettors seeking an additional layer of protection can opt in to receive a one-time-use security key. This unique pin can be used for every new PayPal session, along with your password, to sign in to your account.
PayPal will send you an email anytime you make a payment or add cash to your account. If you don't recognize a transaction, contact PayPal support to investigate the matter immediately.
If you're new to PayPal, follow this step-by-step guide to open and fund a personal account.
Now that your PayPal account is up and running, you can deposit funds directly into a sportsbook account and place your first bet.
Choose the sports betting app that best suits your needs. Consider betting odds, promotions, banking options, customer support availability, and more.
Most PayPal betting sites in legal states allow sports bettors to complete the registration process anywhere within state lines. Prepare your personal and banking information ahead of time for the smoothest sign-up experience.
PayPal sportsbooks offer new users welcome bonuses like risk-free bets, deposit matches, and free credits. Remember to opt in or enter the correct promo code if necessary.
Go to your sports betting app's cashier section and select the PayPal option to fund your account. After specifying how much you'd like to deposit, sign in to PayPal when prompted and confirm your instant deposit.
Now that you've safely transferred funds from PayPal to your betting account, it's time to start betting. Browse the markets, select your pick(s), and confirm your wagers.
You can access your bankroll at any time via PayPal. Payout speeds vary from sportsbook to sportsbook, but you should receive your cash in a day or two.
If PayPal isn't your preferred banking option, there are plenty of other ways to add and remove funds from your sports betting account. U.S. bettors can also turn to Visa, Mastercard, Amex, other e-wallets, and many more popular payment methods. Crypto betting sites may also soon arrive in the U.S.
Check out the following guides for additional payment and betting resources:
Yes, many U.S. sports betting sites accept PayPal deposits and withdrawals.
While PayPal isn’t universally accepted by U.S. licensed sportsbooks, many of the top operators support PayPal deposits and withdrawals. FanDuel, DraftKings, BetMGM, Caesars Sportsbook, and PointsBet are among the betting sites that process PayPal transactions.
Yes, you may use your PayPal account to deposit and withdrawal funds at FanDuel.
Follow the steps in this guide to start betting with PayPal. Depositing funds using PayPal takes only a few moments.
Yes, if you use PayPal to make a deposit, you’ll also be able to withdraw funds back to your PayPal account.
Absolutely. PayPal uses end-to-end encryption to thwart even the most skilled hackers’ attempts at accessing your personal information. PayPal offers sports bettors an incredibly safe and secure method to deposit and withdrawal from online sportsbook accounts.
Jeff Watters is a content editor at Covers. Before pivoting to sports betting in 2021, the well-traveled Nova Scotian and Atlanta Braves fanatic spent time writing about education, software, and NHL prospects.
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