Sports betting is one of the fastest-growing industries in Nigeria – with millions of people placing wagers on their favourite sports, teams and players to earn real money.
Today, the number of Nigerians active in sports betting is estimated at around 60 million, with more than 50 betting sites readily available. While there is a wide range of payment methods accepted across several sportsbooks in Nigeria, it is essential to have first-hand information about each to help make a great decision.
Since its inception in the US in 1998, PayPal has grown to become one of the most trusted and secure payment methods across online platforms globally. Although it’s known to be an all-in-one e-wallet payment solution, its recent adoption across online betting platforms has been significant. PayPal started operating in Nigeria in 2014 and has since grown immensely popular among bettors to make deposits on their favourite sportsbooks.
This article will explain everything you need to know about PayPal betting sites in Nigeria, how to successfully bet using the payment system, and why it’s an ideal option for punters.
The Best PayPal Betting Sites in Nigeria
- Option to bet live on a sporting event
- Lots of promotions for new and loyal users
- Plenty of available betting markets
- Large number of games developed by leading software providers
- Easy to use website
- Nigerian Based Casino (Allows Naira)
- Combines Casino with Sportsbet offer
- Unique live casino games
- Transactions with cryptocurrencies only
- The 6-level Vip program
- 24/7 available customer service
- In-play betting on sporting events
- Lots of bonuses and VIP program
- Android and iOS applications
- In-play and live streaming of sporting events
- Adaptability to new and old mobile devices
- A large number of betting markets
- Great Sports betting and Live Casino
- Over 80 payment methods
- Nice bonuses for new and existing customers
- In-play betting is available
- Betting on virtual sports is offered as well
- The minimum deposit is only 100 NGN
- A full section of promotions and bonuses
- Frapapa licenced in Nigeria
- In-play wagering function
What is PayPal?
To understand how PayPal works on betting sites, you must know what the payment system is about. Here are some facts to explain what PayPal actually is:
- PayPal is a digital payment service that makes online transactions straightforward and convenient.
- The company was created as Confinity in 1998 in the United States.
- eBay acquired PayPal in 2002, but both brands separated and existed as publicly traded companies in 2015
- PayPal functions across more than 200 countries worldwide in 25 currencies, and its users are estimated to be around 390 million.
- PayPal is one of the top-ranking payment methods worldwide – used by 87.5% of online buyers.
How does PayPal work?
Using PayPal as a payment method is a pretty simple process. Like other e-Wallet payment services, PayPal allows users to connect their bank accounts, debit cards and credit cards to their PayPal account – providing a straightforward means to make deposits and receive payments for goods and services. Generally, when a user makes a purchase online or funds their sports betting account using PayPal, their linked account or card is charged. Also, any payment received by a PayPal user who is a seller sits directly in their PayPal account and can be sent to a bank account or used for online transactions.
Both the buyer and seller’s details are kept highly secured in PayPal transactions – making the payment method one of the most preferred by its users. Due to its top-level security and easy usability, PayPal remains an ideal option for Nigerian punters in depositing funds on betting sites.
History of PayPal
As mentioned above, PayPal was created as Confinity in 1998 by Peter Thiel, Luke Nosek and Max Levchin. Confinity was known to help mobile devices develop security applications but didn’t make headway in the business.
However, Confinity started working on digital wallets, and an internal engineer from the company built an email-based payment system in 1999. Confinity merged with Elon Musk’s X.com online banking company in 2000, but the millionaire was later ousted from the company the same year and replaced by Peter Thiel as the CEO, as his plans didn’t for the company did not sit well with other partners. The company was later renamed PayPal in 2001.
In 2002, eBay acquired PayPal for $1.5 billion – shooting the company into worldwide fame and significantly increasing its number of users. PayPal grew massively under eBay, surpassing 100 million user accounts in 2006. In 2015, PayPal parted ways with eBay, and both companies became independent publicly traded companies while still maintaining very close business ties. However, their 19-year partnership ended in 2021 as eBay replaced PayPal as a payment method.
Today, PayPal has witnessed a burgeoning growth globally with a strong presence across over 200 countries and a market cap of $129.55 billion in 2022.
PayPal in Nigeria
PayPal is widely accepted in Nigeria to send money, make subscriptions, and shop online. In 2020, PayPal ranked number two among the most used eWallet services in Nigeria – coming next only after KongaPay. Despite its wide adoption, this payment method has a limitation in Nigeria as a regular PayPal account can only be used to send money to other countries and make payments online but cannot be used to receive money. Therefore, PayPal in Nigeria only allows you to fund your sports betting account without the option of withdrawal.
As a Nigerian, you can open a personal or business PayPal account. A personal account allows you to send money anywhere in the world and make online purchases but doesn’t allow you to receive funds – a significant setback for the payment method in the country. The only way to receive funds with a PayPal account in Nigeria is by opening a business account and setting up your payment system on your website. PayPal charges no fee when you send funds or make payments; however, the recipient has to bear some charges, such as the conversion fee.
Due to the restrictions on this payment method in the country, most local sportsbooks do not offer PayPal betting. However, there are a number of offshore PayPal betting sites available to punters.
Advantages of PayPal Betting
Despite the limitations surrounding PayPal in Nigeria, it comes with some advantages when used on international betting sites. Let’s get into them right away!
Security
PayPal is undoubtedly one of the safest e-Wallet services globally – built on sophisticated and top-end encrypted technology to ensure that none of the user’s banking or card details is disclosed to a third party in a transaction process. Also, all payments made on PayPal are closely tracked and checked for any trace of fraudulent activities.
Convenience
From easy account setup and quick verification to stress-free transactions and accessibility, PayPal offers maximum convenience to its users. The payment system verifies every required information as fast as possible and makes deposits hassle-free and incredibly quick compared to credit or debit card transactions. With PayPal, deposits are processed almost instantly and do not incur any fee or charges – making PayPal an affordable payment option for Nigerian punters.
Also, you are only required to input your card details once when setting up your PayPal account instead of having to provide them every time you want to make deposits or withdraw.
Mobile Application
Easy accessibility via mobile devices is one of the most significant advantages of using PayPal. The payment system features both android and IOS mobile applications, which makes transactions extremely. This is also good news for punters, as online betting sites are fast switching to mobile apps to make their services more accessible on smartphones and PCs. Therefore, you can easily access the PayPal mobile app and make deposits effortlessly on the road on PayPal betting sites.
PayPal in Betting
PayPal has grown widely popular and accepted across online sportsbooks in several countries. In Nigeria, you can use the payment method to conveniently make secure deposits as a wide range of international betting sites accept it. PayPal has been in the game for a long time and has a reputation as one of the most secure payment systems globally.
However, note that you cannot make withdrawals on PayPal betting sites in Nigeria due to the limitation of the company’s services in the country. Punters who use PayPal in Nigeria need to use their bank accounts for withdrawals. Also, it is essential to know that most local sportsbooks in Nigeria do not offer PayPal betting; however, our list of handpicked websites above will guide you through several international sites where you can bet with PayPal in the country.
Despite the limitation of PayPal services, the benefits offered by the payment method, including security, convenience, and easy accessibility, make it an ideal option for bettors in Nigeria.
How to Deposit and Withdraw on PayPal Betting Sites
Still wondering how to go around PayPal betting? We’ve got you! Below is a detailed step-by-step guide on making deposits and withdrawals on PayPal betting sites.
How to Deposit with PayPal
Here is how to make deposits into sports betting account with PayPal:
- Go to the cashier or banker section on your sportsbook and select ‘PayPal’ as your preferred payment option
- You will be redirected to the PayPal website or mobile app, where you will log in to your account
- You can then send funds to your betting account
- You will be directed back to your sportsbook, and your deposit will be processed and reflected on your betting account almost immediately.
How to Withdraw with PayPal
Since you can’t receive payments with PayPal in Nigeria, making withdrawals on PayPal betting sites can be tricky. You’ll need to select ‘bank’ as your preferred withdrawal option on your sportsbook and send your winnings directly to your bank account. However, recent developments such as Flutterwave’s collaboration with PayPal in Africa in 2021 shines a ray of hope on the total removal of limitations on the operation of PayPal in Nigeria.
How Secure is it to Use PayPal in Betting?
As mentioned above, PayPal has an advanced encryption technology that ensures users’ details are not shared with a third-party – thereby providing optimum security. Also, PayPal doesn’t require you to share your banking or card details with a sports betting site, as all needed details are collected once when you set up your PayPal account. This helps a lot when you want to bet on a sportsbook whose reputation you haven’t confirmed yet, as you can be sure your data is not compromised if such a site is breached.
However, you must conduct in-depth research to select a licensed and reputable sportsbook. This will protect you from falling victim to shady online betting sites whose plan is to defraud bettors of their money or steal their information for fraudulent reasons.
How to Open a PayPal Account?
This section of the guide will provide you with a step-by-step guide on opening a PayPal account in Nigeria while showing you screenshots to make you understand the process better. Though there are two types of PayPal accounts: personal and business accounts, you only need to open a personal PayPal account for online betting and purchases.
Here is how to open a PayPal account in minutes:
- Go to PayPal’s official website in Nigeria at Paypal.ng and click on ‘Sign Up’ for a personal account
- Input your phone number and verify it with the code texted to your mobile.
- Fill in your details, including your name and email, and set up a strong password.
- Fill in your residential address.
- You’re all set! You can add a bank account or card to get started.
PayPal Fees
PayPal does not charge any fee when you deposit on betting sites – whether your PayPal account is funded with your bank account, credit card or debit card. This affordability makes it an excellent choice for bettors in Nigeria. Withdrawals into a PayPal account in Nigeria are not feasible, so charges to send funds into your bank account will depend on your bank and the sportsbook you use.
Alternatives to PayPal
PayPal betting is an excellent option for Nigerian punters looking for easy, convenient and secure payment options on online betting sites. However, if you decide not to delve into PayPal betting, there are other payment system alternatives you can consider in Nigeria.
Neteller
Like PayPal, Neteller is an e-wallet payment system that allows Nigerians to send/receive money, make online purchases and deposit/withdraw on sports betting sites. Neteller is one of the most popular payment options recognized across several sportsbooks in Nigeria. However, note that every type of transaction in this payment option comes with a fee.
Quickteller
Quickteller is a highly trusted payment method used widely across various online platforms in Nigeria, including betting sites. Like PayPal betting, Quickteller does not require bettors to share their bank and card details with their sportsbooks, protecting them against data breaches or theft. However, you can only fund your sports betting account with Quickteller and can’t use it for withdrawals.
Opay
Opal is a Nigerian-based payment system that has risen tremendously across online platforms in recent years. Today, Opay is one of the leading payment options accepted across several betting sites in Nigeria for both deposits and withdrawals. It charges no deposit fees and offers fantastic promos, discounts and bonuses from time to time.
FAQs on PayPal Betting
Yes, it is. As mentioned above, PayPal is built on high-end encrypted technology to protect your details from being shared with a third party when making deposits. Also, the payment method works such that you do not share your banking and card details with PayPal betting sites – making it one of the most secure payment options for punters.
Your linked bank account or card is charged when making deposits in PayPal betting. When withdrawing on PayPal betting sites in Nigeria, you have to send the funds directly to your bank account from the sportsbook.
When opening a PayPal account in Nigeria, you need to verify your phone number and email. You may also need to verify your bank or card details.
PayPal betting does not require any charges on deposits. Since you can’t withdraw directly to your PayPal account in Nigeria, you need to send your funds to your bank account, and that may include some fees charged by your sportsbook.
When using PayPal betting sites, your payment may be declined for a number of reasons. If this happens, you may contact your bank, card provider or betting site to know where the problem came from and get it solved.
Deposits are almost instant in PayPal betting. Therefore, you can place your wagers as soon as possible.
When you request funds to be withdrawn into your bank account from PayPal betting sites, the process should be completed between 24 to 48 hours, depending on your bank and betting site.
Tips for PayPal Betting
Here are a few simple but essential tips to help with
- Take your time when selecting the best payment method for you
Generally, bettors in Nigeria are surrounded by many payment options to choose from. However, it is essential to be patient and carefully select the option that best suits you for successful sports betting.
- Be informed of the fees involved.
PayPal betting involves no charges on deposits. However, your credit card provider may charge you a certain amount since any amount spent on a credit card is regarded as a cash advance. Also, the charges on withdrawals to your bank account depend on your bank and the sportsbook you use.
- Ensure PayPal is accepted on your favourite sportsbook
While many international betting sites accept PayPal as a payment method, it is essential to know that most local sportsbooks do not support the option. Therefore, you must double-check to confirm that your preferred sportsbook accepts PayPal betting before proceeding further.
- Be aware of the transaction limits of PayPal.
You must find out about withdrawal limits on a PayPal betting site before placing your wagers. Most sites have limits set in withdrawal amounts to curb fraudulent practices, so you must check first to know how much of your winnings you can get out at a time.
Summary – PayPal Betting Sites
Overall, PayPal is one of the safest and most secure payment options available on sports betting sites today. Compared to credit cards, debit cards and bank transfers, this payment method offers a more convenient betting experience and faster transactions. In addition to the said benefits, punters in Nigeria do not need to worry about deposit fees when betting with PayPal – making it an ideal payment option.
Are you thrilled to use PayPal for betting? Get signed up today and start enjoying the benefits of the payment method.
