No one has a pal quite like PayPal. Ever since 2002, when PayPal joined the world of publicly traded companies, it has been gracing all of us with high speeds, low fees, limits, and extra levels of security to ensure every payment goes off without a hitch.
This has been especially useful in the iGaming world, where the process of sending money and receiving money has to be ultra-fast and efficient.
Even after it was sold by eBay back in 2015, PayPal has remained the top alternative payment method, ensuring that users do not only use it as a method of transaction, but a method of trust.
As of today, PayPal is the payment method of choice in over 200 countries around the world, amounting to a market capitalisation of around $77.30 billion. According to recent statistics, just over 60% of online gamers utilise its services, making it the indomitable payment of choice in the gaming industry.
The Relationship Between PayPal And iGaming
For some, it can feel like PayPal’s rise to dominance happened overnight, but this payment service has been working in the background for more than 22 years.
Its story when it comes to the iGaming market, however, is a complicated one. Obviously, today there are many regulated and legal paypal casino sites available across the market, and this is mostly due to the trust that has been built up over the last two decades.
But for a large portion of those decades, PayPal wasn’t actually available for iGamers, with players having to choose between alternative payment companies Neteller and Firepay instead.
This was mainly due to the fact that, in its infancy, there was not the regulation that we see today in the gaming world, making it difficult to provide the security which would eventually make PayPal so popular. In 2015, however, PayPal was ready to merge back into the iGaming market, quickly rising the ranks to become the payment method of choice amongst millions of users.
So Why Is iGaming So Dominant?
If there’s one thing we know about iGamers, it’s that they appreciate three things:
- Speed
- Safety
- Practicality
The reason that PayPal has become so popular is because it offers all three of those traits in one package. In the iGaming market, PayPal ensures that payments are secure and your information is completely safe – something that is particularly important when gaming online.
It does this all with a fast service pretty much unmatched by any other payment method. When iGamers pay with PayPal, there’s no need to enter financial information every time they play. They go through to checkout, they pay, and all without unnecessary fees that make the process more difficult. It’s also easy. Anyone can sign up to PayPal, and it’s completely free to do so.
It is these three traits that make PayPal such a beneficial addition to the iGaming industry. As mentioned before, it is currently the best payment method, and over the next few years, it is only set to become more popular, as security, speed and convenience become even more valued.
