Forum

Spending PayPal Funds on Virtual Goods
 

Let's get a thread going about virtual goods that can be bought that don't require shipping using PayPal funds. Of course most of my funds I just withdraw, but sometimes you have those PayPal accounts with money sitting in them that just needs to get spent.

So what are some ideas here?

I have bought credits on horse racing handicapping picks site... I think there are other gambling sites that take PP..? Buying websites or marketing from people on digitalpoint maybe.. I'm trying to find bigger name websites where I can spend $20 - $200 from time to time.

I personally think spending money is riskier then transfers. Especially gambling sites. Anyway to basically use funds instantly are a flag.

I would never risk a good account on anything that is something a scammer would also do. <<< Thats key. If they can use it to "run" then its super risky

There's a lot of buyer scammers too though. Some items that I sell, I only deliver when the money is 100% out of paypal.

Oh I hear ya. Buyers that set out to rip you off are out there!

I just avoid any and all potential flags. Overkill I'm sure. However I have only lost one account in almost two years. So overkill works for me. :)

Have you tried betfair ?

I used to fund my betfair with PP make a few bets but lay it off and take my money out through the bookie.

a bit like carpet bagging.

you can make free money in the process too.

@TizWoz - when you withdraw, they don't force the transfers back into the initial funding source ak.a. PP?

TizWozzzzzzzzzzz...........

I'm extremely intrigued by this as well.....................

What do you mean you withdraw it through your 'bookie?'

He places the bet at the bookies and the corresponding "lay" bet on Betfair.

You repeat the process until the "bookie" bet wins.

If you don't know what I'm talking about then google "lay bets".

@Tizwoz - this is a very innovative way to get the money out of paypal - credit where it's due - well done. :)

Can you talk me through that as if I were completely retarded as I'm still not sure how you end up with the cash...

I'm familiar with laying bets on Betfair but how is that in connection with the bookies.

Don't hate me

Sorry, but I'm not running through the process in full but here it is generalised:

Eg Man United game.

Place cash bet in bookies for Man Utd to win.
Place lay bet on Betfair (using Paypal) for Man Utd NOT to win (eg draw or lose)
If Man Utd win, collect cash from bookies.
If Man Utd draw or lose, Betfair wins so repeat process reassessing the correct bets to place, until bookie bet wins.
The actual amount you bet in the bookies depends on the odds being given / the lay odds and the amount of money your trying to get out the Paypal.

Ok - I think I'm getting there with that...

Quite genius idea methinks.

Does the PayPal account have to be verified to use on Betfair or can you use PayPal funds with no bank/card linked?

No idea. I've never tried it myself. I prefer to use bank accounts to withdraw.:lol:

The theory behind this is totally sound but not sure on the long term sustainability of a Paypal account where money is regularly sent to fund a Betfair account.

The reason why Betfair works is because you can place lay bets on there (as well as the fact they accept Paypal).

This has got me wondering...

Let's say you opened two Betfair Accounts - one with PayPal (account A) funded and one with debit card (Account B).

Can you set up a bet on the Account B account for anyone to accept? Like a really daft random bet that no one would take...

Then take up that bet with account A....lose...then withdraw the wonga from account B???

Or...

Same scenario with two separately funded accounts and LOSE to yourself (with PayPal) at Betfair Poker?? Then withdraw the wonga on the winning debit card??

/quote

LOSE to yourself (with PayPal) at Betfair Poker

Careful on this tactic - these poker sites invest a lot of money into preventing this kind of stuff from happening.

@Mattytman - Why would you want / need to do this when the method Tizwoz mentioned gets you the cash in your hand? I think you're over-complicating a very simple but effective technique.

How about virtual goods that people in the US can use?

sad as it may seem -- I am looking to pull out £800 or so at the min from PayPal. I don't have the free 'cash' to walk into bookies and place a large bet. TizWoz's idea only works when have the funds to place the bet in the first place.

Rent is due and the dog is sick so the Vet is about to prepare me for open wallet surgery...

That kind of money should be going to a bank account...

:silly::silly::silly::silly: