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It allows registered customers to send, receive and hold funds in 25 different currencies around the world. Essentially, PayPal offers individual and business users the ability to transfer funds electronically to complete any number of financial transactions online.
Users can send and receive payments from online auction sites. They can buy and sell all kinds of goods and services. Plus, they can donate money to charity or receive charitable donations.
Now thanks to an agreement with a number of New Jersey online casino sites , gamblers on the NJ online casino sites that currently accept PayPal can use it to both deposit funds into their account and withdraw winnings from the site.
PayPal is accepted as a method of deposit by seven legal, regulated and currently operating NJ online casino and poker sites.
These sites include CaesarsCasino. These sites all operate under the Caesars Interactive Entertainment internet gambling license. These sites both operate under the Golden Nugget Atlantic City internet gambling license.
The first step to take when making a deposit on an NJ online casino with PayPal is ensuring the email address for both the online casino account and PayPal account are the same.
PayPal accounts can be funded through a transfer from another PayPal account. However, PayPal charges 2. The third step is the easiest.
PayPal is not a bank. However, it is licensed as a money transmitter , meaning the company is subject to some of the same rules and regulations that govern banks in the United States.
SSL is a type of encryption allowing the secure transmission of sensitive information such as credit card numbers, Social Security numbers, and login credentials.
When you use PayPal to deposit on a New Jersey online casino, the site will never see your credit card number or bank account information. PayPal helps keep all that sensitive personal and financial information secure.
These programs help solve disputes, prevent fraud, and provide an additional layer of protection for users if their money goes missing.
PayPal is one of the most secure ways to fund a New Jersey online casino or poker account. Plus, they are owned, operated, or associated with brick-and-mortar casinos in Atlantic City in accordance with the law.
NJ online casino or sportsbook players who successfully make a deposit using PayPal can also withdraw funds using the online payment processor.
PayPal is licensed as a money transmitter subject to many of the same rules and regulations governing US banks. As a result, your money is as safe with PayPal as it is with any bank in the US.
These programs help solve disputes, prevent fraud, and provide an additional protection. The government oversight is there, and the casino industry has been a trusted one in New Jersey for more than 40 years.
The sports betting industry is brand new, but is under intense scrutiny as the new kid on the block. Of course, the government has regulations in place that guarantee the safety of all player funds and the games and mechanisms are rigorously tested for fairness.
As a result, NJ online gambling and businesses and sportsbooks are totally aboveboard. PayPal launched in , and online gambling sites around the world soon became one of the online payment processors largest business partners.
Online auction site eBay struck a deal to buy PayPal in Soon after, the U. After that, the company instituted a strict no-gambling transaction policy.
This policy stayed in effect for almost seven years. However, by that time, governments around the world had started legalizing and regulating online gambling.
In , PayPal moved back into the online gambling market , acting as payment processors for licensed and regulated sites in Europe.
PayPal proved once again to be interested in working with online gambling sites, but only if they were licensed and regulated by local governments.
There are now seven legal, regulated and reputable online gambling sites in New Jersey that accept PayPal. There are also five online sportsbooks that use PayPal as a banking option.
PayPal has credit card fees, but most NJ online gambling sites will not accept PayPal deposits from accounts funded by credit card.
There are no fees for funding a PayPal account by electronic funds transfer or directly from a bank account. Players must create a PayPal account to use it as a deposit method.
Plus, the email address must be the same one associated with the NJ gambling site or sportsbook app account. A PayPal account used to deposit at an NJ gambling site or sportsbook must belong to the NJ gambling site account holder.
It must also share the same email address. PayPal withdrawal options include the same methods used to deposit funds.