PayPal and Bitcoin are two of the most popular options in the online casino sector right now. Online casinos that accept PayPal were once the most sought-after in the industry, but the focus has since switched to cryptocurrencies.
It’s clear that players love both of these options, but they are also vastly different, so which of them is best for you and how do they compare?
Let’s take a look.
Accessibility and Compatibility
If you play online casinos in the UK, you’ll notice a trend toward PayPal and away from Bitcoin. In fact, while most casinos seem to be shifting their focus toward cryptocurrencies, the UK Gambling Commission has all but rejected them.
It’s not that you can’t use Bitcoin in the UK, but that Bitcoin doesn’t really agree with the regulator’s protocols. For instance, the UKGC is very strict with regards with Know Your Customer rules, which means that all casinos must prove their players are who they say they are. With a debit card, that’s easily done, as it’s connected to a person’s name and address, as well as their age. With Bitcoin, there is no such connection and so players have been using this to gamble illegally, commit fraud, and more.
The same restrictions are in place in Sweden and a host of other gambling countries.
That may change in the future, but at the time of writing, PayPal casinos are much more common than BTC casinos. In fact, if it’s accessibility that you’re looking for, you should use an alternative option like Neteller or Skrill.
Versatility and Cost
The problem with PayPal is that casinos need a PayPal account to host the payment method. They will also be charged merchant fees, which means they pay a small commission every time they receive a payment. As a player, you’re not entirely free of these charges, as you’ll be hit with fees when you make transfers to your account or when you initiate a currency conversion.
With Bitcoin, there are no such charges and no such issues.
The fact that Bitcoin wallet holders don’t need to abide by strict Terms and Conditions also means it’s a more versatile and accessible option, which is why we’re seeing it being used for everything from real money slot sites to online poker.
Simply put, casinos can process those payments without constantly looking over their shoulders and worrying that an account ban/suspension will grind their business to a halt.
Speed and Ease of Use
Both Bitcoin and PayPal can be a little complicated in the first instance.
With PayPal, users need to sign up for an account, add a bank account, go through a verification process, and then log in every time they wish to transfer money. With Bitcoin, they need to download a wallet, sign up with an exchange, and then purchase some coins.
Arguably, Bitcoin is a little more complicated, but it really all depends on what you’re used to and whether you already have accounts with either one of these.
As far as speed is concerned, both of these options are very quick. When we’re dealing with straight-up deposits and withdrawals, both PayPal and Bitcoin will process payments as soon as they are initiated. From there, it may take a little longer for the cash to get into your bank account, but in most cases, it’s just as quick and painless.
Bitcoin, by its very nature, doesn’t have any kind of customer support. However, you could argue that it doesn’t really need it. The only things that can go wrong occur at the points of transfer, which means the problem is either with the exchange or with the casino, both of which have customer support.
PayPal doesn’t have the best reputation when it comes to customer support, but it has improved a lot over the years. It can still struggle with even the simplest of things at time, but for the most part, the support system is friendly, professional, and very helpful.
If you always like to have a number that you can call or an email address that you can contact, PayPal will be the better option for you.
PayPal vs Bitcoin Summary
As you can see, both of these payment options offer a lot of benefits, and it’s hard to pick one. It really all depends on your location and personal preference, but what we do know is that Bitcoin and PayPal are leagues ahead of other casino payment methods.