The online casino world has been growing at a tremendous rate in the last couple of years. According to a report by IMARC Group, the UK gambling market grew to USD 8.7 billion in 2024.
The same market is projected to grow at a CAGR of 4.39% to reach USD 13.0 billion by 2033.
Well, one reason that has made this market grow to the level it is in is the payment methods.
New innovations have improved the speed and security of transactions, making it easier for players to operate their accounts.
Among the payment systems that have grown on casino players, especially in the UK, is PayPal.
According to statistics, out of the 69 million that live in the UK, 56.2 million were active PayPal users in 2024.
Now, it just makes sense that many online casinos incorporate the payment method into their systems.
But now, why do many casino players prefer PayPal over any other payment method?
Well, according to iGaming.com, PayPal offers convenience, compliance and security. In fact these are the biggest reasons behind the massive adoption of the payment method in the UK.
This article will be expounding on these reasons and maybe more.
Security
One of the things that players are concerned about when working with online casinos is the security offered.
Players want to know that the mode of payment they are using is not leaking private information to unauthorised parties.
You see, the rate of fraud in online casinos has really gone up even as technology continually advances.
According to a report by Sumsub, the rate of fraud in the online gambling sector went up by approximately 64% between 2022 and 2024.
With PayPal, security is a prime priority. For instance, PayPal offers services such as:
- 24/7 fraud monitoring
- Advanced encryption
- Buyer/seller protection policies
- Secure connection
- Financial information protection
- Bug bounty program
Also, PayPal allows users to sign in with passkey, a phishing-resistant kind of technology that works better than passwords.
If you have an Android or Apple device, then you are free to use this tech.
With all these security measures in place, it is no wonder that most UK gamers are enticed to work with this payment method.
Who wouldn’t want to have all their financial information secure, especially when there is a lot of money moving back and forth?
In fact, a study by PYMTS in collaboration with FIS reported that at least 60% of consumers trust PayPal to securely store their payment credentials more than their banks.
Easy withdrawals and deposits
An advantage that PayPal casinos usually have over other types of casinos is convenience through instant withdrawals and deposits.
This is mostly true for casinos using traditional forms of payment such as credit or debit cards.
Actually, looking at statistics, many businesses that use PayPal have reported 25% better conversion rates than their counterparts in the same industry.
You see, when someone wants to use a debit card, they will have to put down all their details (including the card number and expiry date) whenever they have to make a transaction.
When it comes to withdrawals, the process takes days to complete, especially when it is cross-border.
Also, if you are working with a traditional banking service, then your transaction cannot be processed on weekends or during the weird hours of the night. You have to wait for banks to open, meaning during weekdays.
Then comes the superhero: PayPal!
But now, with PayPal, things are made very easy.
Deposits are made instantly, mostly using your biometrics (fingerprint on your mobile phone).
Also, PayPal casinos boast of almost instant withdrawals, with user accounts being credited almost instantly.
The good thing is that it doesn’t matter whether the transaction is international or local.
The speed is the same. Digital wallet to digital wallet.
Actually, looking at statistics, many businesses that use PayPal have reported 25% better conversion rates than their counterparts in the same industry.
Convenience
Another thing that sets apart PayPal from other methods of payment is the fact that you can connect it to multiple funding sources.
You can easily connect paypal with your bank account, credit card or cryptocurrency.
This makes it popular among players as they have flexible options to manage their money.
The company has already extended its partnership with Verifone to allow merchants to operate omnichannel payment solutions.
Interestingly, in 2021, the company launched a ‘super app’ that would cover cryptocurrency use.
This is a wallet that manages crypto payments.
In 2023, the company again launched a stablecoin that is linked to the US dollar.
Since this is one payment company, there is a really good chance that they can work to merge the digital wallet and the crypto wallet for more convenience.
Another convenient factor of this payment method is that many PayPal casinos do not charge deposit fees or withdrawals.
This is a great offer for players, as it can be really frustrating to see your winnings being slashed because of the payment method you are using.
However, it is vital that you confirm with the casino you are working with since some casinos might charge for specific transactions.
Looking at all these factors, you can clearly see that PayPal is a fan-favourite among casino players, and for a good reason.
You can be sure that players will not be compromising their security and convenience for anything, and PayPal is not going slow on that.
