Using an e-Wallet as a payment method for gambling and betting is something you could greatly benefit from. You get no deposit fees, have the fastest withdrawal times and can be sure of always being able to deposit.
What is an e-Wallet and the best e-Wallet for betting?
e-Wallet is short for electronic wallet and is used to store your money online, just like you would store them in your wallet in your back pocket. Basically it works like a normal bank account where you will be able to buy stuff from various sites, as well as quickly deposit and withdraw funds from bookmarkers. There are several different e-Wallets for betting available nowadays. Skrill, Neteller and Paypal are the three most popular choices, which have all been around for a very long time. These are the ones that we would recommend and claim to be the best e-Wallets for betting.
Why should I use an e-Wallet like Skrill, Neteller and PayPal?
Unlike credit cards, there are no fees using e-Wallets
Even though not all bookmarkers have a fee on credit card deposits, it is quite common that they do. Usually you then have to pay 2,5% of the amount you’re depositing as a fee to the bookmaker. 2,5% might not seem like a big amount, but if you’re frequently withdrawing and depositing, this will soon add up to a noticeable amount that will affect the profit that you’re making. To put things in perspective, you could say that every 40th deposit that you make will go straight to the bookmaker. If you on the other hand are using either Skrill, Neteller or PayPal, you will never have to pay any fee like this.
It’s the fastest way to withdraw your money
If you withdraw to a credit card, there is usually a transaction time somewhere between 2-5 bank days from the time that the bookmaker has processed your withdrawal. Should your withdrawal be processed on a Friday, this means that you wouldn’t have your funds until Monday at earliest, but it could take as long as Thursday or even Friday (depending on what time of the day the withdrawal was processed). If you, on the other hand, withdraw to Skrill, Neteller or PayPal, there is no transaction time at all, which means that as soon as the bookmaker has processed your withdrawal, you will instantly have your funds available. Some bookmakers also tend to process withdrawals to e-Wallets faster than credit card withdrawals.
Having your money quickly is something that could be very important when it comes to bankroll management. When searching for the best odds, you would for instance, have to move your money around a lot between different bookies, unless you would be fine having your money scattered on a lot of different sites.
It’s a widely accepted payment method
Although PayPal is not as common, you can be more or less certainthat you will be able to deposit on any bookmaker that you want if you’re using Skrill or Neteller. There are a few, rare exceptions to this like NitrogenSports, which is a pure bitcoin betting site, hence only allowing Bitcoins to be used. Generally speaking, it is however more or less just as common to find Skrill and Neteller available for deposits and withdrawals as it is finding credit cards like Visa and Mastercard.
It’s safe to use and very reliable
Although a bookmaker offers the possibility for credit cards to be used, you will not always be able to deposit with them. Most of the time it certainly won’t be a problem, but from our experience working in the I-gaming industry, a deposit from, or a withdrawal to a credit card can be denied for various reasons. This almost never happens with an e-Wallet. It could be that there are temporary technical issues with the provider used for the credit card; that the bank is refusing to accept the withdrawal or that the transaction has become stuck along the way between the bookmaker and the bank. As previously mentioned, this is usually not a problem, but if we with our experience in the industry were to compare these credit card issues to issues with e-Wallets like Skrill, PayPal and Neteller, it’s very clear that e-Wallets are the most reliable as there is rarely any problem with them.
Another thing worth mentioning is that bookmarkers will sometimes block your deposit if your card has been issued in a country that is restricted by them. Let’s for instance say that you got a Portuguese bank which your card is linked to, but you’re actually now living in Germany. If Portugal is a restricted country (in other words a country not allowed by the bookmaker), they will most likely not accept your deposit from your Portuguese card even though you’re living in Germany. This is something you could bypass by using your card to transfer money to an e-Wallet and then use the e-Wallet to deposit with.
You never have to share any sensitive payment information
Except for Nitrogensports that is completely anonymous, all bookmakers that we have listed have a verification process that they do at some point. This is something that they have to do for security reasons and to comply with the regulations that exist in the I-gaming industry. To verify your account you usually have to prove your identity, your home address and sometimes also your deposit/withdrawal method. This process is nothing you have to worry about as you will be able to cover all the important details. All bookmarkers that we provide also have a very high level of security, which means that everything you send will be handled securely and carefully.
However, should you still be in doubt of verifying your credit card, using Skrill and Neteller will make things easier for you. To verify an e-Wallet account all you would have to do is to send a screenshot of your Skrill or Neteller account where your account number and full name is visible. This way you’re not revealing any sensitive information at all.
Why shouldn’t I use an e-Wallet?
Bonuses can’t always be triggered by an e-Wallet deposit
Bookmakers are smart and have realized that skilled bettors are using e-Wallets to quickly move around their money to be able to take part of different bonus offers. Therefore some bookmakers have restricted e-Wallets from bonus offers, which means that if you’re intention is using a bonus betting strategy, using e-Wallets may not be the best option.
We highly recommend always reading through the terms and conditions for each bonus to see if e-Wallets are restricted or not. To make it as convenient as possible for you, we have already done this for welcome offers and listed this information in our brand reviews. Even if it says that e-Wallets are restricted, we do however suggest that you check with the support and see if they would be able to make an exception for you. It’s not always possible, but sometimes they will go that extra mile and add the bonus for you even though you’re using an e-Wallet.
If you use more than one account, your deposit may become stuck
This is something that rarely happens and really isn’t a reason not to use e-Wallets, but it is something that you should be aware of.
When it comes Skrill and Neteller some bookmakers only allow one account to be used at a time. This means that if you have used one account before and then for some reason try to deposit with a new one (if you for instance changed account due to currency change), your deposit may become stuck. Before your deposit is credited to the bookmaker, you then sometimes have to verify your new e-Wallet account which could take some time. Usually the bookmaker will however be able to refund your deposit at once if you would prefer that, as long as their payments department is available.
Your deposit being stuck will rarely be a problem, but if you find yourself ever-changing Skrill or Neteller account, it’s very good to be aware of this.
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