Online sportsbooks hold a special legal status in Colorado. They’re the only online gambling Colorado law permits. Since it’s legal, PayPal is a reliable deposit method. Advanced encryption aside, PayPal allows sportsbooks to identify the people depositing money. That’s how sportsbooks keep money launderers and other criminals from sinking money into their businesses. Sportsbooks don’t even allow business accounts to deposit into sportsbooks. They’ll only take money from identifiable individuals. Here’s how bettors can use PayPal to deposit at their favorite sportsbooks.
Best PayPal Sportsbooks In Colorado
Access Options Is PayPal A Deposit Option? Is PayPal A Withdrawal Option? Other Deposit Options
Yes Yes Debit/Credit Card
Play+ Prepaid Card
Yes Yes Debit/Credit Card
Play+ Prepaid Card
FOX Bet Browser
Yes Yes Visa
Yes Yes VIP Preferred e-Check
Yes Yes Wire Transfer
The Best PayPal Sportsbooks In Colorado
While PayPal is a nearly universal deposit option, there are a few standout sportsbooks. Here’s everything bettors need to know about Colorado’s three best sportsbooks and their PayPal deposit options.
DraftKings went from the king of fantasy sports to one of Colorado’s best sportsbooks. It has a retail location at the Golden Mardi Gras Casino in Black Hawk for bettors who want to get off their phones. Bettors can also snag a $1,000 welcome bonus for playing at DraftKings. They can check terms for DraftKings’ $500 deposit bonus and $500 risk-free bet before deciding how much to deposit and play. Bettors will find all sorts of single, parlay, and round-robin bets, too. DraftKings’ odds tend to be strong on the favorite, so conservative bettors should keep this sportsbook in mind.
PayPal’s secure transactions make it a great deposit option for DraftKings. It can also handle many deposit sizes, so it’s great for bettors at each economic tier.
Fantasy sports fans may be interested in trying FanDuel sportsbook. Bettors who want to check out a retail location can hit the Golden Gates Casino in Black Hawk. Bettors may also be interested in the $500 risk-free bet they get as a welcome bonus. FanDuel’s odds tend to favor the underdog, so risky bettors may enjoy FanDuel’s odds. Bettors will also find all types of bets, from single bets to parlays and more.
FanDuel also offers many different deposit options. However, PayPal is one of the most convenient deposit methods for bettors who already have an account. It allows bettors to keep track of their betting money and keep it separate from their personal funds.
FOX Bet is a sportsbook designed for bettors with an enthusiastic social streak. Its boosts are a massive draw for bettors who like to live on the edge. The accompanying Fox Sports commentary gives unsure bettors perspective on their bets before placing them, too. It has features for every risk-tolerance. FOX Bet offers bettors a $500 risk-free bet upon signup.
PayPal offers a convenient go-between for bettors who want instant deposits and no fees. It’s secure as any bank transfer, so bettors can rest assured that their money is safe.
How To Use PayPal At Colorado’s Online Sportsbooks
Each Colorado sportsbook may be unique, but using PayPal is largely the same at each of them. Here’s everything Coloradans need to know about depositing with PayPal.
What Is PayPal?
PayPal is a secure online wallet used for online purchases. Users can create an account, then link their bank accounts or credit cards to their PayPal account. That way, instead of entering bank and credit card information every time, users can enter their PayPal login.
It’s also encrypted end to end, so it’s harder for hackers to steal PayPal information than a credit card. PayPal isn’t impenetrable, but it’s safe.
It’s a faster and more secure way to pay.
How To Deposit Using PayPal
It’s easy to use PayPal at Colorado’s sportsbooks. When bettors decide to deposit, they can hit the PayPal option. Then, bettors choose the amount they want to deposit. After that, they’ll be redirected to PayPal’s website. Then bettors enter their PayPal information, confirm their deposit, and they’ll have money in their sportsbook accounts. The money is available immediately, so bettors don’t have to worry about waiting.
How To Cashout Using PayPal
Cashing out with PayPal is like its deposit process. First, bettors enter how much they’d like to withdraw from their accounts. However, bettors can only withdraw sportsbook winnings. Bettors can’t pull any site credits from bonuses out. They can only withdraw their hard-won cash.
However, the process after that is the same. Bettors enter their PayPal information and confirm the withdrawal. The money won’t be available for two to three days because of the processing sportsbooks have to do. But after that, bettors should see the money in their PayPal accounts.
How Does PayPal Compare To Colorado’s Other Deposit Methods?
Few deposit methods are more secure than PayPal. Its encryption is on par with online banking, and it’s more secure than credit and debit cards. Most deposit methods make the money available instantly, too, so that won’t differ among deposit methods.
However, nothing is more secure than depositing cash directly at a sportsbook cage. The transaction is in person, so identity verification is easy. At a retail location, there’s a physical and electronic record of the transaction, making fraud harder.
But if bettors are using online sportsbooks, PayPal is the best online option.
Are Colorado’s PayPal Sportsbooks Safe?
Yes. PayPal and Colorado’s sportsbooks have vigorous security measures to keep bettor information secure. They both need to maintain consumer trust. Neither PayPal nor Colorado’s sportsbooks would last long if they couldn’t secure their transactions.
PayPal keeps customer accounts secure in a few different ways. It has the advanced encryption customers would expect from a global payment processor. Since customers pay with their PayPal login, all the payment information is encrypted from the beginning. It’s not a credit card that has its information briefly public and vulnerable to screen scraping. Hackers won’t be able to get anything useful if they intercept a PayPal transaction.
Colorado’s sportsbooks also have their own security protocols in place. They’re handling money and social security numbers, so they have high security standards. Colorado’s sportsbooks have state auditors who test their systems before going live. Between their internal procedures and outside pressure, sportsbooks are virtual bank vaults that are difficult to penetrate.
What Are The Alternatives Deposit Options To PayPal?
PayPal was the first online wallet, but it’s not alone anymore. Colorado’s sportsbooks have a few other deposit options for bettors to choose from.
PayPal’s most direct competitor for sportsbook attention is Skrill. Skrill is another online wallet that’s focused on exchanging currencies. It’s a good option for bettors who want to change their currencies.
Bettors can also use credit cards to deposit funds. Since the money is available immediately, credit cards will treat bettors like they’re asking for cash. Bettors will probably be charged a cash advance fee for depositing with a credit card. Debit cards are a better choice for bettors paying with cards.
Wire transfers are secure, but they may have fees associated with them. Bettors will have to check their banks to see what they charge for deposits and withdrawals.
How Are Legal And Illegal Sportsbooks Different To PayPal?
PayPal won’t do business with illegal sportsbooks. That doesn’t mean that a sportsbook is illegal because it doesn’t offer PayPal. It just means that sportsbooks should get a second look. Especially if it’s not on Colorado’s list of licensed sportsbooks.
Illegal sportsbooks don’t care about payment security. If they lose bettor information, there’s no regulatory body to revoke their license.
Licensed sportsbooks, on the other hand, have much to lose if they don’t take care of their bettors. They depend on the State to conduct business and maintain their customer base. That dependency ensures legal sportsbooks will take security seriously.
What Types Of Gambling Does PayPal Allow In Colorado?
PayPal allows money to be used for gambling if:
- The gambling activity is legal.
- PayPal has approved the merchant.
Sportsbooks must show they can limit transactions from illegal bettors. Since licensed sportsbooks must meet that requirement anyway, PayPal is a viable option for most sportsbooks.
- Games of chance and skill
- Casino games
- Horse and greyhound racing
- Lottery tickets
- Gaming machines
It’s not a complete list, but PayPal is amenable to gambling in many forms. However, gambling merchants must be approved by PayPal. There’s no gambling free-for-all on PayPal.
Colorado PayPal Sportsbooks: Common Questions
If bettors are overwhelmed by the litany of deposit options, they’re not alone. Here are a few common questions about depositing with PayPal.
Does PayPal Charge Fees For Using It At Colorado’s Sportsbooks?
No. PayPal’s personal accounts aren’t associated with any fees. Unless bettors are converting currencies, bettors with personal accounts don’t have to worry about fees. Conversely, PayPal’s business accounts are loaded with fees. The commonly cited 2.9% fee is for business accounts. Sportsbooks don’t accept deposits from business accounts at all, so that should assuage anxieties about fees immediately. Based on their fee table, PayPal’s personal account holders have a good deposit option at their fingertips.
Is PayPal Accepted At All Colorado Sportsbooks?
No. The biggest sportsbooks accept PayPal deposits. However, some of the smaller casino-owned sportsbooks don’t. As they grow, they may include PayPal deposits. But in the meantime, bettors who are committed to PayPal deposits should stick to the most recognizable brands.
Can I Use PayPal To Deposit On My Apple iOS Device?
Yes. There’s nothing special about Apple devices. They won’t prevent bettors from depositing with PayPal. However, bettors won’t be able to use Apple Pay to deposit at Colorado’s sportsbooks. Sportsbooks won’t be ready to accept Apply Pay until it can meet sportsbooks’ identity verification standards. Colorado’s sportsbooks need to make sure they know where their money comes from. Apple users will have to wait until that’s possible.
Can I Use PayPal To Deposit On My Android Phone?
Yes. Android doesn’t block PayPal, so nothing is keeping Android users from depositing with it. However, Samsung Pay and Google Pay aren’t viable deposit options. They have the same issues as Apple Pay. They’re too new for sportsbooks to use reliably. However, they could become popular deposit options as Colorado’s sportsbook industry matures.
Can I Sign Up For PayPal Without A Credit Card?
Yes. Users can link bank accounts to their PayPal accounts. That way, users who don’t want to put their card information anywhere else can use their bank accounts instead. It’s a good option for bettors who only want their cards used at physical checkout scanners. It also keeps debit and credit card statements from showing sportsbook deposits. That may be useful for discreet bettors.
How Long Does It Take To Deposit At A Colorado Sportsbooks With PayPal?
No time at all. As soon as bettors make a deposit, it’s available for betting. That’s common for different sportsbook deposit methods. Depositing takes between an instant and two minutes. In contrast, withdrawals take two to three days. Sportsbooks are happy to take bettors’ money. But awarding it is time-consuming.