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 when participating in online gambling.
PayPal is not technically a bank. However, some federal agencies state that PayPal is indeed a banking institution, because of the way it manages financial transactions and holds funds for long periods of time. PayPal objected to this characterization, saying that, because it charges no interest or account fees and does not have a banking charter, the government should not designate it an bank .
PayPal is a safe and convenient method to use for all types of online financial transactions. However, if you are using it to fund online gambling, do not make transactions directly to PayPal, as the IRS is able to link payments from your bank account to your PayPal account and eventually to your account with the online casino. Furthermore, being an American owned company, PayPal will not authorize payments to online gambling casinos.
Online gambling sites, realizing that many people use PayPal as a way to make online financial transactions, offer to help with transferring money from your PayPal account to an approved Ewallet for online gambling purposes. However, many companies may charge a commission fee of up to 40 percent for providing this service. These transfer companies may also have a questionable reputation for reliability in ensuring that your money arrives at its intended destination. Avoid these types of money transfer companies, and stick to an established and legitimate financial transaction service.
If you use PayPal to fund your online gambling account, you must use your PayPal account to purchase a prepaid credit card and use it to add to your casino account. This way, you keep yourself away from transactions, and neither the IRS nor the casinos know where the money is coming from. Remember, prepaid credit cards don’t charge a fee for transferring or loading money onto the card, although some may charge an activation fee of around $10 and a minimal monthly fee. However, these fees are well worth paying if you are seriously considering investing in online gambling.
The most successful and established online gaming casinos offer PayPal as a payment option in most countries outside of North America. Some people create foreign bank accounts and use a credit card based on that account as their PayPal link account. However, with this method, you should be familiar with someone living overseas who can create an account in your name.
Since PayPal is a bit complicated to use to fund your online gambling account, you can opt for a transfer service like MoneyGram, which is simpler and prevents anyone from knowing how you transferred money to your casino account. Gambling online is much more fun when you don’t have to worry about getting yourself involved in something illegal.
CL Hendricks, from Web Content Providers.