As you may know, there are plenty of payment methods that you can use at the Nigerian bookmakers. You get to choose from credit/debit cards, e-wallets, bank transfers, and even cryptocurrencies. However, some of the options are more popular the others due to their amazing features.
What Is PayPal?
PayPal is one of the most known payment methods in the world that has its use in almost every industry. It is a super fast and highly secure e-wallet that is very useful for online money transfers.
It allows its users to use the website as well as a phone app to transfer funds between parties. Here are some basic features that you should know about PayPal:
- Founded: December 1998
- Headquarters: San Jose, California, U.S.
- Type of Payment Method: E-Wallet
- Users: More than 431 million active users from over 200 countries
- Currencies: 24
As you can read, this e-wallet has been offering its services for 25 years and it currently has 431 million active users. PayPal is operating in over 200 countries around the world, including Nigeria. However, we should point out that this user in this country is only able to send money with PayPal.
This means that you can only send funds when you use it at the PayPal betting sites. For withdrawing money, you will need to use a different payment method.
PayPal processes an average of 41 million transactions per day, which is a staggering number of money transfers. It conducts payments in 24 different currencies, but not in Nigerian Naira.
How Does It Work?
PayPal works as an intermediary between the user and a bank. For a user to start at PayPal, they must first add a bank account or a credit or debit card into the system. Now, whenever they conduct an online payment, PayPal will ask them which account to use.
It is a safer, easier, and much more convenient way of paying as all transactions go through PayPal, instead of their bank. If you are willing to use this payment method, then all you need is an account at this payment option.
After that, you can manage money transactions using an email and password, or a mobile number and a PIN. It is worth noting that PayPal verifies the information that you provide. This is due to make sure that you are the rightful owner of the account.
PayPal allows you to transfer funds to anyone who has an email address or phone number. These individuals don’t even need to own a PayPal account in order to receive the money. PayPal is offering its services not only to consumers but also to merchants.
You can use this payment method for online and in-person payments of services and goods. As we mentioned earlier, PayPal betting is also a thing thanks to its incredible features.
History
Fieldling, later renamed Confinity, started offering its services in December 1998. Established by Peter Thiel, Max Levchin, and Luke Nosek as a company that would develop security software for hand-held devices. Now, the first version of the PayPal electronic payments system came out in 1999.
A year later, the company merged with x.com, which was an online financial company by Elon Musk. The company got its name in June 2001, after Thiel took over the CEO position from Musk.
The biggest turnover for the company happened in October 2002. This is when eBay acquired PayPal for 1.5 billion, after which PayPal’s fame skyrocketed. It started to grow exponentially all around the world, offering its services to many online merchants.
In 2007, this digital wallet got itself an EU banking license, gaining even bigger access to the EU countries. At that time, PayPal had around 35 million users all across the EU, including 15 million in the UK.
PayPal and eBay decided to part ways in September 2014, after the online auction website started including a variety of payment options. The next year, PayPal began operating as a public company once again. After that, the company acquired other financial entities that serve different types of financial services.
PayPal in Nigeria
This highly popular digital wallet is available in over 200 countries, one of which is Nigeria. If you are a resident of this country, then you can easily open a PayPal account.
All you need is an email address and a credit or debit card linked to your Nigerian bank account. You can also provide information about your bank account and avoid using any cards.
However, as of 2023, PayPal is only allowing its Nigerian users to send money through its financial system. This means that you cannot receive any payments on your PayPal account. Yet, we must mention that this company may change the availability and regulations over time.
You are free to use it for PayPal betting, where you are depositing funds with this payment method. But, when it’s time to cash out your winnings, then you must use a different banking option.
It takes between 3 to 5 business days for the recipient to receive the money through PayPal. However, if you need to make urgent payments, then you can use the instant transfer option.
PayPal allows you to conduct 30-minute transactions but for a 1% transfer fee. The maximum fee that you may pay for this service is $10.
Advantages of Using PayPal
Using PayPal in Nigeria comes with many advantages that only a few other payment methods can provide. These benefits are useful for those who conduct PayPal betting activities. But, also people who use this payment method for online shopping and transfer funds to individuals.
One major advantage is that you can combine all of your credit/debit cards and bank accounts on a single platform. Then, PayPal allows you to use them instantly without inputting any card or banking details. This makes the whole financial process much easier and faster to conduct.
Another great benefit is the instant deposit feature that his payment method offers. The fast transactions go in favour, among other users, of Nigerian punters who like PayPal betting.
Next, PayPal is a highly secure payment method as it encrypts all valuable card and banking information. Their advanced security technology prevents hackers from stealing and misusing your sensitive data. PayPal also features an additional layer of security, as it has a built-in fraud prevention system.
PayPal is also a widely accepted payment method that offers its services in over 200 countries. You can find it at many online stores, as well as at countless PayPal betting sites.
There are almost no charges for making a PayPal account. It also charges a small fee of 2.7%, but only when you’re selling on your e-commerce website or through store check-in. Also, there are no fees involved when you are sending money to your family and friends.
PayPal in Betting
Using PayPal for betting in Nigeria is a very common thing among punters. Because of that, all reputable bookmakers make sure to include in their list of acceptable payment methods.
The best reason why punters enjoy PayPal betting is because of the safe and super fast deposits. It’s a well-known payment method that features advanced security technology. You can also use it at legit bookmakers that own valid gaming licenses and utilize the latest 128-bit SSL encryption.
Depositing money on your betting account with PayPal is instant and very easy to do. You can transfer funds by only using your email and password. Then, this payment system will send the money in just a few minutes, allowing you to use it immediately.
Most Nigerian bookmakers make sure to make PayPal an eligible payment method for its bonuses. This means that you can use it to apply for any promotion that you like. We mention this as not every e-wallet is available when claiming a bonus.
The PayPal betting sites do not charge any fees for the deposits you make with this payment method. Sadly, you cannot withdraw funds with this banking method in Nigeria.
- A large number of betting markets
- Betting with cryptocurrencies
- In-play betting and live-streaming
How to Deposit and Withdraw
Depositing with PayPal is a super easy task to do, which only takes a couple of minutes of your time. This goes for sending money on your PayPal betting account, as well as for paying for online goods and services.
To deposit funds using PayPal, you will first need an account at this payment system. Creating it is also super easy, which we will cover further down in this article.
After making a PayPal account, you will also need to join a top Nigerian bookmaker. Make sure to find a licensed betting platform that offers everything that you need for quality sports wagering time.
Next, you will also need to verify your betting account after completing the registration process. Now, you can access the “Cashier” section of the bookmaker and choose the “Deposit” option. Here, you will need to choose PayPal as a payment method.
Then, type in an amount that you want to deposit and fill in the required PayPal details. You will then need to log in to your PayPal account to confirm the transaction. After that, you will get the required funds onto your betting account almost instantly.
As for the withdrawal process, you will need to use a different payment method. This is because PayPal is only offering the service of sending money to its Nigerian users. This is something that can change in the future, as PayPal is always looking for ways to update its services.
How Secure Is PayPal in Betting?
PayPal betting is a very secure activity in Nigeria thanks to the highly advanced security that his payment method is utilizing. In fact, there are several security layers including data encryption, fraud monitoring and prevention, email payment confirmation, and a few more.
It also provides a more secure way of transferring money at the betting sites as you don’t reveal any personal information. Here we also mean your card or banking details. All you need is your email address to conduct such payments. This is a very important feature that protects your privacy.
Now, it is important to choose a reputable Nigerian bookmaker that features a valid betting license. This indicates that the operator is following strict rules to work legally.
One of them is utilizing the latest 128-bit SSL encryption technology. This is very important, as it encrypts all of your data on the platform.
How to Open an Account
Opening a PayPal account in Nigeria is a very easy thing to do. Below you will find a step-by-step guide that will help you set up such an account.
- Enter PayPal’s official site and click or tap on the “Sign Up” button
- Type in your email address and click or tap on “Next”
- Confirm that you are human
- Type in your phone number
- Enter the confirmation code
- Provide your personal or business information
- Type in additional personal details needed for verification
- Agree to the PayPal User Agreement and Privacy Statement to create the account
Fees
PayPal does not charge fees when you are using it for sending donations. You won’t need to worry about fees even when you purchase goods or services online or in-store.
But, this only applies when you send money to a PayPal or bank account. There is a 2.90% + fixed fee set on the cards. Now, this is only for domestic transfer. Paying with PayPal to international entities comes with a 5% fee. There are no fees for the money that you receive with this payment method.
Fees occur when you are converting currencies on PayPal. Charges appear even when you buy or sell cryptocurrencies with this payment method as well as when you receive donations.
However, we should not that when it comes to PayPal betting, you shouldn’t worry about extra fees. The Nigerian bookmakers are not charging additional money for the transactions with this payment method.
Alternatives to PayPal
There are numerous digital wallets on the market that can act as alternatives to PayPal. Among them are of course Skrill, Neteller, and Apple Pay. Below we will write a few words about each of them
Skrill
We start off with Skrill, which is as good as PayPal when it comes to betting and online shopping. It offers instant deposits and withdrawals and it conducts safe and secure transactions. You won’t need to pay any fees when receiving money or transferring it to a bank. Yet, there are some fees on the deposits.
Neteller
Neteller is another e-wallet that conducts super fast deposits and withdrawals. It specializes in conducting money transfers to and from online bookmakers and casinos. Your safety and privacy are on a higher level with Neteller thanks to their super advanced security system.
Apple Pay
Lastly, there is Apple Pay, which is very similar to PayPal. It too allows you to add your credit and debit cards. You can use it for in-person payments using only your iOS device. Apple Pay is also super easy and fast for buying online goods and services and depositing funds in your betting account.
FAQ: Paypal Betting
Yes, it is safe and secure to use PayPal for sports betting. This payment method utilizes several layers of security and you don’t need to reveal any personal information when you use it.
At the moment, you can only use PayPal as a deposit method. This means that you will need to find a different withdrawal method when cashing out your winnings. Among the potential alternatives are Skrill and Neteller, as well as your debit cards.
PayPal requires verification only when you are setting up your account. This prevents someone else from using your personal details. When transferring money you don’t need to verify anything, as you are only using your email address.
There are no added fees when you use PayPal at the Nigerian bookmakers.
Check if you have sufficient funds in your PayPal account. If that’s not the case, then contact customer service.
It takes up to a couple of minutes before you get your funds in your betting account.
Sadly, you cannot use PayPal to withdraw funds at the Nigerian bookmakers.
Tips
Before you start your PayPal betting journey, there are a few additional things that you should know. Make sure that this is the best payment provider for you. Take your time to analyze a few options and compare them before you open an account.
Always check the transaction fees, as they vary from one payment option to the other. PayPal does include some charges, some make sure to learn about them. Also, find out if your bookmaker charges additional fees for the specific method.
Next, examine your favourite Nigerian sportsbook to see if it accepts PayPal or your preferred payment method. You should do this before joining the betting platform.
Last but not least, check out the transaction limits on PayPal or your payment method of choice. These limits tend to vary between the bookmakers. Also, there might be certain limitations set by the payment provider.
Summary: Best Paypal Betting Sites in Nigeria
PayPal is one of the most-known payment methods in the world. It provides one of the most secure money transfers thanks to its highly sophisticated security system. You will only use your email address when conducting the transactions, which guards your privacy.
You can find many great PayPal betting sites in Nigeria where you can wager on your favourite sports. However, you can only use this payment method to deposit funds. This means that you will need to find a different option to withdraw your winnings.
It is worth noting that Nigerian bookmakers don’t charge additional fees on your PayPal transactions. Also, you can use this payment option to apply for any available promotion.
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