The History of PayPal Casino Sites
PayPal was one of the very first solutions to the problem of how to make deposits at online casinos using something other than your usual bank account details. As the internet grew in influence at the turn of the 21st Century, it was essential to find an efficient way to organise payment for goods and services between buyers and sellers when, for the most part, the two never met or even had much knowledge of each other.
In the real world, customers buy from friends, colleagues, local traders, national retailers or brands where a relationship of trust can be developed. Online, this can be more difficult to achieve. In the new online market promoted by worldwide success eBay, customers simply did not know each other at all and indeed were frequently not even living in the same country. Furthermore, independent online traders were unlikely to have business accounts, so could not accept credit or debit payments directly, whereas cheques would be far too slow to be practical: the seller would have to wait for the cheque to arrive by post, then for the funds to clear. Only then could the goods be sent, with the result that trades (particularly for trans-national sales) would have taken weeks to complete.
The solution found was to invent a new form of electronic payment whereby funds could be transferred and guaranteed, in order to develop a trusted form of payment which was acceptable to both buyer and seller. The system was paid for via a small service charge or commission, charged to the casino site owner as a fee.
So successful was this form of payment that it became the primary means of completing transactions on eBay. This led eBay to buy the PayPal service outright in 2002, so that it became a wholly owned subsidiary of the online trading giant. It is only more recently, in 2015, that PayPal has been spun off from its eBay ownership, to become an independent, publicly traded entity once again.
PayPal remains by far the most popular form of electronic payment used at casino sites today. By 2017, it had developed into a worldwide operation, acceptable in over 200 countries across the globe, using at least 25 different currencies, with a total of over 210 million registered accounts still in use.
How Do PayPal Slot Sites Work?
To get started, all you need to do when you register is supply an e-mail address and create a secure password. This is all you need to do to set up an account – it’s that simple. Once you’ve done that, you will need to link your account to your debit card, credit card or bank account. When you make a deposit at the slots or casino site, the funds to make the payment will be drawn from this linked account. There is no charge to you (as the buyer) for this service. Instead, the casino site owner pays a small commission charge for accepting your payment via PayPal.
The advantage of using the service for the buyer (apart from the fact that it is free) is that you don’t then have to supply the casino with any of your own personal financial information: everything is taken care of via your PayPal account. This makes PayPal casino sites some of the safest to join. It means the chance of having fraud through your bank is pretty much zero.
To pay by PayPal on a Dragonfish powered casino, just look for the PayPal icon when you make your deposits. You are then directed to PayPal’s secure encrypted service, where you can log in using your e-mail address and unique password. All it takes is a couple of taps or clicks and you’re done! It’s free for you to use and is a really swift, secure and convenient way to pay for your spins.
One real advantage is withdrawal times. The processing time for a withdrawal at a dragonfish casino is 48 hours. It will then take a further 5 working days to debit your account if you have used a debit card. When you use PayPal as your deposit and withdrawal method, payments will be made into your account within 24 hours of then being processed. This in turn means the whole withdrawal process is vastly sped up.