The deal means that the PayPal service will be fully integrated with the account management section of the Betfair site so its customers will be able to pay in and withdraw funds from their account.
By using PayPal, Betfair customers will be able to use a variety of funding sources including credit and debit cards, their existing PayPal balance and, in the UK and Germany, transfers from their bank accounts. Betfair customers will also be able to withdraw winnings directly into their PayPal accounts.
Betfair’s Mark Davies said: It is a significant step for Betfair to be the first online gambling company approved by PayPal Europe. This will undoubtedly also give us access to a large and growing base of experienced online users.
