The DraftKings Sportsbook is now live in New Jersey. Visit the DraftKings Sportsbook mobile app here for full details.
DraftKings is now the fourth New Jersey sports betting operator to add PayPal as a payment method.
Users were informed via email that the highly popular E-wallet was added just in time for the start of the NFL season, which began Sept. 6.
Who allows PayPal for sportsbook deposits?
Here’s a current list of NJ sportsbooks that utilize the popular payment method:
William Hill and playMGM do not accept PayPal currently.
Caesars, William Hill and playMGM have zero limits on the amount of money customers can deposit. DraftKings (up to $200), FanDuel (up to $100) and SugarHouse (up to $250) have limits in place.
Improvements to a sluggish start in payment processing
It’s understood that credit card decline rates currently hover around 50 percent on New Jersey’s legal online casino sites. At launch, that number was as high as 75 percent.
Online gambling may be legal in the Garden State but that hasn’t stopped major credit card-issuing banks from declining to allow transactions associated with legal online casino and poker sites.
One could assume banks simply aren’t up to taking the perceived financial risk associated with online casino gambling in the US.
However, bringing in alternative payment options like PayPal and Neteller could potentially help online gambling sites in the long term by providing customers with multiple ways to deposit money into their online casino accounts.
The addition of PayPal on the DraftKings platform comes at the perfect time. Now that football season has arrived, along with legal regulated sports betting in NJ, operators want to make sure customers have every available option to place a bet.
Considering the relatively low profit margin associated with sports betting and the fact that NJ now has seven online sports betting apps, with 888 joining the betting landscape, every dollar counts. The more ways a customer can deposit money into his or her account decreases the risk of them jumping ship to the competition.