PayPal seems to be synonymous with online purchases and payments. Around since 1998, PayPal seems to be one of the few early internet companies that has remained without going under or being gobbled up by some large multi-national. Although purchased by eBay in 2002, PayPal is still the go to payment company for the internet.
PayPal is a money transfer company and not a bank, but is still subject to many of the same rules and regulations. Just like many of the other payment companies, you are required to sign-up and provide either a credit or debit card or a bank account. This provides the customer with certain anonymity where there financial information is not provided to the merchant. With regards to online casinos, the deposit is transacted in the same way with regards to any financial transaction.
Because PayPal is such a large company, they can demand that their partner companies adhere to strict guidelines and standards. This gives them the ability to terminate their services with any company that breaks their rules or doesn’t comply with their standards of practice. Although this sometimes limits the amount of online casinos that use PayPal, it provides the players with peace of mind knowing that every casino that uses PayPal has to comply with certain standards. One of the rules of having a PayPal casino account is the amount of money you can deposit with regards to a minimum and maximum. At the time of this article it was a $50 minimum and $5,000 maximum per deposit. Amounts and rules change, so be sure to check the current status of both.
PayPal has a huge market, specifically through its relationship with eBay. With this in mind, the online casino market is not their bread and butter which gives them the ability to be particular in who they partner with. This creates less opportunity for the PayPal user in the online casino industry but does provide some solace knowing that whatever casino they are using, that this casino has passed the PayPal test.