Want to learn more about the best PayPal betting sites in Canada, and how it works when you’re making deposits, placing bets, and withdrawing your winnings?
The Best Betting Site For Paypal In Canada Is Neo.bet
Looking for the best betting site for PayPal in Canada? Our top recommendation is Neo.bet. With over 35 different sports including the NHL, NBA, MLB, NFL, and quite a few others, it has a wide variety of betting markets to choose from, and it provides excellent odds on most matches.
Not only that, but Neo.bet also has great mobile betting and live betting options, as well as unique bonuses both for new and returning gamblers that help you make the most of your bets. It supports PayPal as well as most other methods of deposits and withdrawals like Skrill, wire transfers, and e-Checks.
Neo.Bet was found in 2017 by a team of industry professionals with years of experience in the industry. It offers a perfect and licensed sports betting experience backed up by the MGA license as well as a license from the government of Germany.
The sportsbook is owned and operated by Greenvest betting Ltd., a company incorporated under Maltese laws. The bookie offers sports betting for the masses with over 20 sports and thousands of markets in its offer spanning fixed and live bets.
- Innovatives Design
- Very good App for iOS and Android
- Nice Welcome Offer
PayPal In Betting
PayPal is one of the most well-known and frequently used payment methods for sports gambling in Canada. It has reasonable fees and is very reliable. It’s also very secure, since PayPal has a very long reputation for strong data security and uses the latest technology to protect your data. Let’s take a deeper look at Paypal and how it works when betting now.
Advantages of using PayPal in betting
Why use PayPal for betting? Here are a few of the reasons it’s such a popular choice for Canadian sports gamblers.
- Already used by most Canadians – If you’ve ever bought something online, chances are you’ve already set up a PayPal account at some point in the past. It’s a very common method of payment, especially for online auction websites like eBay.
- Easy to set up – Creating a new Paypal account only requires a few simple steps, which we’ll discuss later in this guide. You can get started in just a few minutes, and begin making deposits quickly.
- No extensive verification processes – You’ll have to verify some of your personal information like your banking details, but it’s fast and easy to do so, and PayPal confirms identity verification very quickly.
- Extremely safe and secure – PayPal has top-notch data security, and it allows you to avoid sharing sensitive information like bank numbers or debit card numbers with gambling sites, which keeps you safe.
How to deposit and withdraw with PayPal in betting
Wondering how betting with PayPal works? Let’s take a look at the process of depositing cash and withdrawing winnings using PayPal.
How to deposit with PayPal in betting
You can use credit and debit cards to pay for purchases through PayPal, or you can set up a bank transfer to send cash directly to your PayPal account to fund it. Once your account is funded, you’ll go to the cashier/payments section of your gambling website, and select PayPal as your payment method.
A new window will appear, and you’ll log into PayPal securely, and confirm the amount you want to deposit. Then, your cash will be deposited right away.
How to withdraw with PayPal in betting
Once you’ve won a bet or two, you can withdraw using PayPal in a similar process. Go to the cashier/payments section of your account, and then select PayPal as your withdrawal method.
You’ll confirm the Paypal account to which you want your winnings sent, and then your withdrawal will be sent directly to that account. However, it usually takes up to 2-3 business days to receive your winnings.
How secure is it to use PayPal in betting?
PayPal is extremely secure. It has been around for more than two decades, and has only ever suffered one major data breach in its entire existence. It uses the latest encryption technology to keep your information safe during every online session.
In addition, PayPal lets you deposit money and place bets without ever sharing your banking details with a gambling website. This means you’ll be protected in case a sportsbook you bet with ever has a data breach, because they won’t have your personal banking information.
What Is PayPal?
PayPal is one of the largest ePayments companies in the world, and it’s widely used to pay for online goods and services, as well as for sports betting in Canada and a number of other countries. Here are a few facts you should know about this company.
- PayPal was founded in the United States in 1998 as Confinity
- In 2002, PayPal became a fully-owned subsidiary of eBay, but was spun off into its own company in 2015
- PayPal was ranked 240th on the 2019 Fortune 500 of the largest U.S. corporations by revenue
- There are more than 325 million active PayPal accounts worldwide, making it one of the largest international payment companies
- PayPal processes more than 12.4 billion yearly transactions
How does PayPal work?
PayPal works similarly to other “eWallet” services like Skrill. Your PayPal account can be used to pay for goods and services by linking a credit or debit card to your account. Then, when you make a purchase, the full amount will be automatically charged to this card via PayPal. The advantage of this is that your payment details are protected. Your card information is never shared directly with any other party.
You also have the option to deposit cash directly to PayPal using a bank account. These funds will be held in your PayPal “wallet,” until you spend them or transfer them back to another bank account. It typically takes 3-5 days to process this transaction, however.
Overall, PayPal is a great alternative to simply using a credit or debit card, or funding your sportsbook account with a bank deposit or eCheck. It protects your information and is easy to use, so it’s very commonly used in Canada.
PayPal in Canada
PayPal is very commonly-used in Canada. In a 2016 survey, it was found that 18% of smartphone users used PayPal. However, adoption of PayPal in Canada is not as high as it is in the neighbouring United States. This is likely because Canada has Interac e-Transfer, which is a convenient way to send and receive money and is supported by default by almost every major bank. Still, PayPal is a convenient way to pay for goods and services online in Canada, and is widely used in the country.
How to open a PayPal account
Opening up a PayPal account in Canada takes only a few minutes. Here’s what you’ll need to do.
- Visit Paypal.ca and click “sign up”
- Select “Sign Up For A Personal Account”
- Enter your personal information
- Enter your residence & contact info
- You’re done! Add a credit card or payment method to get started.
To complete the process, you’ll just need to confirm your email address and add a card payment method or a bank account number. Then, you can start making deposits right away.
Fees with PayPal
PayPal does not charge fees for deposits. In addition, it’s rare for gambling websites to charge any fees for withdrawals or deposits using PayPal.
However, you can expect to pay a service fee for withdrawals, which is typically 2.9% of the transferred amount + $0.30. This fee is automatically taken by PayPal before your withdrawal reaches your account. Once your funds have entered your PayPal account, it’s free to transfer them to your bank.
Alternatives to PayPal
Wondering what other options you have instead of PayPal in Canada? Here are a few of the top alternatives you can use.
Bank transfers – A bank transfer is an easy and straightforward way to fund your account, and deposits usually don’t carry any fees. However, do note that you will be sharing your information directly with the gambling website, and that you may have to pay a withdrawal fee depending on your sports betting provider.
Interac e-Transfer – Interac is a great option for betting on sports in Canada if your bank supports it. It’s totally free to use, though some betting websites will charge a transaction fee on withdrawals.
FAQs about PayPal & betting
Got questions about using PayPal for betting? Let’s discuss everything you need to know about PayPal and betting now.
Yes. PayPal is a very well-regarded payment method, and it protects your banking details when you’re depositing cash and withdrawing your winnings. PayPal lets you deposit cash with a bank account, or charge your credit/debit card directly when making a purchase. The most common way to withdraw money is to send it to a verified bank account. You’ll have to verify your email address, and depending on your level of activity, PayPal may request that you verify other information for anti money laundering (AML) purposes. Deposits are free, but withdrawals usually have a flat fee of 2.9% plus $0.30. Most gambling websites do not charge any fees for using PayPal. You can contact your bank or PayPal to learn more about why your payment was declined, and work toward a solution. You may also wish to contact the sports betting website you’re using to learn if the payment was declined by them. Deposits are instant with PayPal, so you can place your bets immediately. The transaction will be processed right away, but it may be 2-3 days before it appears in your PayPal account. Withdrawing your money from PayPal usually takes a few additional business days.
Is it safe to use PayPal for sports betting? Which deposit/withdrawal methods can I use when using PayPal? Do I have to verify anything when using PayPal? Will there be any fees added when I use PayPal? What do I do if my payment is declined? How long will it take before my deposit is received by the betting site? How long will it take before my withdrawal is received from the betting site?
Tips for using PayPal in betting
Here are a few things that you may want to keep in mind when you’re using PayPal to place bets online in Canada.
- Take your time when selecting the best payment provider for you – PayPal is a good option, but other providers like Interac e-Transfers may be simpler and a better option. Consider all of your payment providers before making a decision.
- Be aware of any fees which may occur – PayPal charges fees for withdrawals, and your bank may also charge fees if you deposit cash on a betting site with PayPal using a credit card, since this is considered a cash advance. Be aware of all of these potential fees.
- Make sure that your favourite betting site accepts PayPal – Many online gambling websites in Canada accept PayPal, but not all of them do, so double-check its supported deposit and withdrawal methods.
- Know the transaction limits of PayPal – Unfortunately, PayPal is not very transparent about transaction and activity limitations. You may need to contact customer support to learn more about limits on total transaction size, daily and weekly transaction volume, and other such details.
PayPal Is A Safe, Reliable Way To Deposit Cash & Place Sports Bets
Overall, PayPal is a great option for Canadians who want to bet on sports online, and are looking for alternatives to credit/debit deposits, bank deposits, Interac e-Transfer, and other such common methods for making deposits.
While PayPal does charge transaction fees, they are quite low compared to most other methods of deposits and withdrawals, and PayPal is very highly-reputable, so you can trust that your money will be safe and secure. Overall, it’s a great option for sports betting at Canadian sportsbooks that support the payment method. So get signed up today, and start placing bets right away!
