PayPal deposits and withdrawals require a verified account in your name linked to one TwinSpires account. Deposits cost $5, withdrawals $1, and funds must come from your PayPal balance or verified bank account. Link PayPal through Deposit, then follow the prompts to deposit.
You can use PayPal to deposit to and withdraw from your TwinSpires wagering account. This article covers what you need to set up PayPal, the fees, and how to deposit.
What you need to know
- Your PayPal account must be in your name, verified by PayPal, and linked to your personal bank account.
- Each PayPal account can be linked to only one TwinSpires account.
- Each PayPal deposit has a $5 service fee. Each PayPal withdrawal has a $1 service fee.
- Deposits must come from your PayPal balance or your verified bank account. Credit cards can’t be used.
What is PayPal?
PayPal is a third-party electronic payment service. To open an account, visit www.paypal.com. PayPal’s verification process can take 2 to 3 days to complete.
How much does it cost to use PayPal?
- Deposits: $5 service fee per deposit
- Withdrawals: $1 service fee per withdrawal
Your bank may charge additional fees. Check with your bank for details.
How do I link my PayPal account?
- Log in to your TwinSpires account.
- Go to Deposit and select PayPal.
- Sign in to PayPal and approve the link.
After that, your PayPal account is saved for future deposits and withdrawals.
How do I make a PayPal deposit?
A deposit moves funds from your PayPal account to your wagering account. Before you start, make sure your TwinSpires account information is up to date. This helps prevent problems when you link PayPal.
- Log in to your TwinSpires account.
- Select the + next to your balance, or go to My Funds and select Deposit.
- Select PayPal.
- Enter your deposit amount. The $5 fee is added to your total.
- In the Pay with PayPal window, log in to your PayPal account.
- Under Pay with, choose your bank account or PayPal balance, then select Pay.
Your funds are available in your wagering account right away.
What are my deposit and withdrawal limits?
Your minimum and maximum amounts are shown when you enter a deposit or withdrawal amount. Your first PayPal deposit has a lower limit. Higher limits apply once it goes through.
PayPal may set its own limits. For questions about PayPal’s limits, contact PayPal at (888) 221-1161.
What type of transactions are PayPal deposits and withdrawals?
PayPal deposits and withdrawals are ACH transactions (electronic transfers between bank accounts). Funds must come from your PayPal balance or the bank account you verified with PayPal. If you choose a credit card on your PayPal account, the deposit won’t go through.
PayPal records these transactions as payments for goods and services, so they are subject to IRS Form 6050W reporting. To learn more, visit PayPal’s 6050W information page.
What does ACH mean?
ACH stands for Automated Clearing House. It’s the nationwide network banks use to send electronic payments to each other. The Federal Reserve and the Electronic Payments Network run the network, and NACHA sets its rules.
Can I share one PayPal account with a family member or friend?
No. Each TwinSpires account needs its own PayPal account, in the name of the account holder. A PayPal account that’s already linked to another TwinSpires account can’t be added to yours.
I got a shared account error when I tried to add my PayPal account. What should I do?
This usually means that PayPal account is already linked to a different TwinSpires account. Use a PayPal account that’s only in your name, or contact Player Services for help.