PayPal is the most popular e-wallet service on the market and provides fast and secure online transactions of all kinds. In recent years, PayPal has become a common name in the betting industry, but is there anything that can be done to overcome the restrictions involving Nigerian betting?
- PayPal in Nigeria: Learn about the status of PayPal in Nigeria and how to receive payments using the platform
- Why and How to Use PayPal for Betting?: Find out why PayPal is ideal for sports betting as well as how use this service
- Advantages and Disadvantages of Using PayPal: We look at all the pros and cons that you will have when using PayPal
What's in this article
- PayPal Betting
- PayPal in Nigeria
- Receiving Money Through A PayPal Account in Nigeria
- Why Use PayPal for Betting?
- How to Use PayPal When Betting?
- Advantages of Using PayPal for betting
- Security & Anonymity
- Can be used on mobile
- Instant payments
- Available on many betting sites
- High Reliability
- Disadvantages of Using Paypal for betting
- May be charged fees
- Scams and phishing schemes
- Might not let you redeem welcome bonuses
- What is PayPal?
- What are PayPal Alternatives?
- PayPal Betting FAQs
- SoccerBetting365 Final Say
PayPal in Nigeria
PayPal is available in Nigeria however the service comes with restrictions. Whilst people in Nigeria over the age of 18 can still open a PayPal account and send money through the platform, Nigerians unfortunately are unable to receive payments. This means that although you can still buy items online, send money to friends, and make charitable donations, betting companies are unable to accept payments via PayPal which makes the service unavailable for Nigerian betting sites.
At the time of writing, PayPal also doesn’t accept the Naira as a currency so all payments by Nigerians must be made in the US Dollar. In this article we will describe all the benefits of using PayPal for betting in the hope that soon the platform will be available for betting in Nigeria. Until then, at the end of this article we will give you a list of alternative payment platforms you can use.
Receiving Money Through A PayPal Account in Nigeria
Although officially Nigerians are not able to receive money through PayPal, many people have been able to find ways around this rule. This can essentially be done by registering for a PayPal account in a foreign country as in this way, you will be using other countries’ PayPal gateway but with your own legal name and credentials. Does this mean you need to travel abroad to open up a PayPal account? NO. You can simply use a VPN (Virtual Private Network) to access another country’s network. You can check out this detailed guide to opening up a PayPal account that can receive money for more information on this process.
Why Use PayPal for Betting?
Making payments through PayPal means that instead of needing to input your card or bank details (and displaying them to the bookmaker) every time you want to deposit or withdraw money, you only need to enter them once when creating your PayPal account.
The main reason why PayPal is so successful and used by millions of people around the world is because of the security that comes with it. The company, which has been in the business for a long time and has lots of experience, uses global member protection, secure encryption technology, dispute resolutions, 24/7 monitoring, fraud prevention, and personal data privacy – all of which should give you the utmost peace of mind in knowing that your personal and financial details are heavily protected.
How to Use PayPal When Betting?
To make use of PayPal when betting, you will first need to link your PayPal account to your bank account. To do this, log into your PayPal account, click on the ‘Add Money’ link, choose your bank, enter your bank or card details and click ‘Add’.
Once your PayPal is linked you can proceed to use to it deposit money on your favourite betting sites. Depositing funds into your account using PayPal is no different than making a deposit using any other type of payment method. All you have to do is navigate to the payments page on the bookie’s website, select PayPal, enter the amount you wish to deposit, enter your log in details, and you’re good to go!
The same process applies when making withdrawals.
Advantages of Using PayPal for betting
Security & Anonymity
As we mentioned earlier, PayPal are known for providing a high level of security for their customers. The company uses the latest encrypted technology to ensure that your personal or banking information are never disclosed to anyone when making payments. What is even better is that when depositing money through PayPal, the final destination of the money (in this case the betting site) will not show up on your bank statement. This means that you have full privacy and anonymity as to where you spend your money.
Can be used on mobile
One of the biggest advantages about PayPal is that it is available to use for mobile transactions. PayPal’s services can be very easily accessed via the platform’s dedicated mobile app which means that if you are looking to make deposits directly from your mobile device, with PayPal you can. This is a great feature to have since most betting companies are increasingly becoming more optimised for mobile devices. Check our extensive guide to the best mobile apps Nigeria here.
PayPal are known for their speedy deposits. If you are looking to make some bets, it is important that you can get your money into your account quickly so that you can start betting as soon as possible. With PayPal’s instant deposits you can do just that. Withdrawing money via PayPal is also very fast, taking no more than 48 hours to complete.
Available on many betting sites
PayPal’s popularity means that the platform is now available on many betting sites around the world. This means that if you are looking to open betting accounts with multiple providers, you can use the same payment method for each one. In this way, you can deposit money faster whilst knowing that your payment details are secure regardless of how shady the site may look.
With over 20 years of experience, PayPal is easily one of the most reliable e-wallet providers out there and the company is widely considered to be one of the best, if not the best, platforms in the industry. PayPal has earned its fantastic reputation through years of constantly improving its product, and all of the advantages mentioned above come together to form a superior level of reliability for each and every PayPal customer.
Disadvantages of Using Paypal for betting
Whilst PayPal does not have many disadvantages, we have come up with a few things to keep in mind to make that you know what to look out for when using the platform.
May be charged fees
Whilst moving money through PayPal is free to do, when it comes to withdrawing money from your PayPal account to your bank account, you will be charged a fee (this is how PayPal makes money). Many people might not be aware of PayPal’s fees, which also apply to converting currencies or withdrawing large amounts, so be sure to look up any information regarding fees before using the service.
Scams and phishing schemes
This does not apply to PayPal itself but to companies pretending to be PayPal. With the great success that PayPal has, many fake companies pretend to be PayPal and try to scam people out of their money by asking for important personal details. When using PayPal, you should be alert for these phishing schemes so that you do not put your finances at risk.
Might not let you redeem welcome bonuses
Virtually all betting sites offer sign up bonuses to users creating new accounts, however some of these promotions might not be available to players who make their first deposit via PayPal. This also applies to deposits made using other types of e-wallets, so it is very important to read the terms and conditions of the welcome offer on each betting site before depositing if you wish to take advantage of it. Check out our list of the best Free Bonuses in Nigeria here.
What is PayPal?
PayPal is an online financial platform which allows you to make online transactions (including funding betting accounts) using one secure account. With PayPal, you do not need any special cards as all payments can be made using your email address. With almost 200 million users around the world, if you have done any form of online shopping in the past, then you will most likely have seen PayPal’s famous blue logo. Having been around since 1998, PayPal only got into the betting scene in recent years, and with more and more betting sites being created, things like reliable payment methods can be the defining factor as to what sets some bookies apart from the rest. Betting sites which offer PayPal are already able to stand out for their competitors.
What are PayPal Alternatives?
If, for whatever reason, you are unsure about using PayPal’s services, we’ve created a list of other providers which you can use to make deposits into your betting account. Check our extensive guide to payment options in Nigeria here.
Quickteller is a payment provider available to use on most Nigerian betting sites and gives you virtually all the services offered by PayPal. The platform, which is also available on mobile, accepts most card payment however it does charge a transaction fee when used.
Skrill is an e-commerce platform which lets you send and receive money, store cards, link bank accounts and pay conveniently anytime and anywhere by simply using your email address and password. Like Paypal, Skrill is used by betting companies all around the world including many Nigerian betting sites, so you know this is a name you can trust.
Paysafecard’s are pre-paid cards which you can buy from over 650,000 shops around the world. Simply purchase a card with a certain amount of money and enter your pin into the deposits section of the betting site. Money can also be withdrawn back into your paysafecard which can then be transferred into your bank account by contacting the paysafecard customer service team.
PayPal Betting FAQs
SoccerBetting365 Final Say
PayPal provides users with fast, secure, and easy to use payments. Whilst the platform is used in betting companies all over the world, unfortunately in Nigeria, due to restrictions, punters are unable to use PayPal for betting. Whilst we think that in the future this will change, until then there are plenty of other reliable payment providers which bettors can use with peace of mind.