Nearly all of the major online casinos accept PayPal. It’s the longest-running and still the most popular payment service, having been around for over a quarter of a century now. It’s preferred by the operators and by punters like myself for many reasons. It makes everything secure with its advanced encryption and it’s also quick and easy. It makes the whole journey of depositing money into my account online and withdrawing money from my account seamless and frictionless. It makes it easy so then I can jump straight into the action and start enjoying playing my favourite online slots and table games.
What licenses do they need?
And so the topic I’m going to cover today is these sites that accept PayPal as a payment method for their customers to deposit and withdraw winnings via. What licenses do they need to operate? After all, not everyone can go ahead and set up their own site. There are plenty of regulations and hoops to jump through before you can establish yourself as a licensed online operator. And there are a lot of hoops to jump through. Despite this, there are plenty of new PayPal casino sites popping up each and every week.
What’s the need for one?
The same applies if you want to set up physical premises, whether it be a gambling place or a licensed betting office. This is in place to ensure fairness and transparency so that players like myself can have the reassurance that we’re not getting ripped off. In other countries around the world, there are also other independent bodies that oversee and regulate gambling companies. And the biggest red flag is that if a website isn’t licensed, you should stay well away from it. You don’t know if they have an unfair bias towards you losing money.
Who provides these licenses?
Every single gambling operator within the United Kingdom must have obtained a license from the UK Gambling Commission or UKGC for short. They are an independent body whose responsibility is to regulate the individuals and businesses that provide gambling in the United Kingdom. In order for them to obtain this license, they also have to make sure the following boxes are checked, just to name a few:
- Provide proof that they are a registered business on the company’s premises.
- Provide information about the business, its employees, and its finances.
- Make sure that anti-money laundering practices are in effect on the website.
And so this means every single online gambling site or betting website that offers PayPal as a payment method. They even oversee the national lottery and ensure that fairness is delivered in every aspect. There are different types of licenses that a site needs, depending on:
- What types of activities are they offering?
- Where is the operator based?
- What currencies are being offered and supported by the operator?
- Pay the fees for the license.
- Ensuring that support is there for those people who may be concerned about their gambling activities
- Someone who is running a website and is applying for a license cannot have a criminal history.
- A business plan that is viable
When was it formed?
The UKGC was introduced and formed back in 2007 and its headquarters are based in Birmingham, UK. They play a very important role in ensuring that all online operators, including those that do and don’t offer PayPal as a payment method, are held to account and are transparent in their dealings. And to me as a player of online games, it’s hugely important to reassure me that they are indeed held to account and that it is in fact fair. It ensures and regularly inspects the RNG systems that are in place on these websites to ensure that they are in fact randomly generated.
When I go onto a new website and I consider signing up and registering with it, I always make sure to know that they are licensed by the UKGC. Typically, all licensed and regulated gambling sites and betting sites will have the UKGC logo somewhere on their website; this is usually very easy to find and is usually found in the footer at the bottom of their website. And if you see this, you know that they are a licensed gambling operator and, as such, will be held to account by the commission, so you know they’re going to be giving you a fair experience.
And so hopefully, that covers the types of licenses that the sites that offer PayPal as a payment method for depositing and withdrawing funds need to obtain. Although it isn’t just for these sites, it’s for any operators within the UK. However, I prefer to go to the sites that offer PayPal, as I know that my financial information is going to be safe and that fast withdrawals are commonplace, meaning that I don’t have to wait ages to get my winnings.