Many online sports betting websites offer PayPal as a method of payment. Sports handicappers strive to provide their bettors with multiple options for getting their money, such as Skrill and Neteller. This helps them attract new bettors and retain their old customers.
PayPal is common among online sports bettors as it offers an easy route to receiving their earnings from successful wagers. However, they’ve recently made some changes to their chargeback policies which will affect sports bettors.
Let’s discuss the role of PayPal in the world of sports handicapping.
What is a Chargeback?
Many betting and online gambling websites have rules and regulations to make betting a safe and fair sport while minimizing scams or frauds. Most online frauds pertain to chargebacks.
A chargeback is a request sent to the bank or the provider of the credit card. These financial institutions can reverse the payment they sent to the online betting company or platform.
Online betting is susceptible to remorse on the part of the buyer. A bettor might want to deposit some money in their online betting account but regret doing so later when they run into financial troubles.
It’s common in the sports betting world for bettors to deposit a certain sum of money in their online account, make wagers on their favorite sports and teams, lose a large sum of money and then dispute their original transaction with the bank when they start regretting or worrying over their lost money.
Many bettors commit chargeback fraud by filing a dispute with their credit card provider and trying to recover the money they lost during sports betting. If a bettor files a claim with their payment provider requesting a chargeback, the bank refunds them their money and resolves this problem with the service provider.
PayPal and Its Chargeback Policies
PayPal is a safe and easy way to deposit and receive payments in sports handicapping. PayPal allows a customer to directly attach their credit card or bank account with the online sports betting platform and then send and receive funds with the click of a few buttons, saving time and manual effort.
PayPal has made changes to its Terms and Policies on July 15th, which affects sports handicappers as PayPal will no longer allow for chargebacks on non-tangible goods. This change in policy opens up all transactions by sports handicappers to dispute.
A solution for sports handicappers is to represent their online sports betting websites better. A sports handicapper should include their website’s terms or membership policies clearly on their website and direct PayPal to these policies if a chargeback happens.
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