How to Use PayPal for Online Gambling Fun

How to Use PayPal for Online Gambling Fun

Personal bank accounts to fund online casino gambling are illegal in most of the United States. PayPal offers a viable alternative as a way to send and receive money while participating in online gambling.

PayPal is technically not a bank. However, some federal agencies assert that PayPal is indeed a banking institution, because of the way it manages financial transactions and retains funds for lengthy periods. PayPal objects to this characterization, saying that, because it does not charge interest or account fees and lacks a banking charter, the government should not designate it as a bank.

Using PayPal

PayPal is a secure and convenient method to use for all kinds of online financial transactions. However, if you use it to fund online gambling, do not have transactions made directly to PayPal, since the IRS is capable of linking payments from your bank account to your PayPal account and finally to your account with an online casino. Further, as an American-owned company, PayPal will not authorize payments to online gambling casinos.

Online gambling sites, realizing that many individuals use PayPal as a way to perform online financial transactions, offer to assist by transferring money from your PayPal account to an approved Ewallet for online gambling purposes. However, many companies may charge as much as 40 percent commission for providing this service. These transfer companies might also have questionable reputations for reliability in ensuring that your money arrives at its intended destination. Avoid these types of money transfer companies, and stick to established and legitimate financial transaction services.

Loopholes

If you use PayPal to fund your online gambling account, you should use your PayPal account to purchase a pre-paid credit card and use that to add to your casino account. This way, you remain distanced from the transaction, and neither the IRS nor the casino knows where the money originated. Remember, pre-paid credit cards do not assess fees for transferring or loading money onto the card, although some may charge an activation fee of about $10 and a minimal monthly fee. However, these charges are worth paying if you are considering seriously investing in online gambling.

The most successful and established online gaming casinos offer PayPal as a payment option in most countries outside North America. Some people create a foreign bank account and use a credit card based on that account as their PayPal link account. With this method, however, you will need to be familiar with someone living overseas who can set up an account in your name.

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