The industry is an ever-changing place that moves from one trend to another, and one trend you will want to know more about are those involving providers or otherwise known as ewallets.
These digital wallets provide a new, modernised way for gamblers to add funds to their online betting accounts. It hasn’t taken long for ewallet providers to gain a lot of attention already. It may not be long until we see them being the preferred transaction method at most online betting site operators.
Continue reading below if you want to find out everything you need to know about ewallets and how you can use them to bet online.
What Is An ewallet?
Unlike bank providers who supply you with a physical card, ewallet providers supply you with an electronic card or ‘digital wallet’. So, rather than entering the details of your debit card or credit card, you will use the provided ewallet app to register all your details, which can be entered quickly and hassle free whenever you want to make a deposit.
ewallets are used for much more than just online betting and are a great way of making transactions online. Many ewallet providers now also provide you with a physical card linked to the ewallet, so the great news is that you can use the e wallet account to make all kinds of purchases, both offline and online.
Ewallets offer a fast and secure method to transfer fees from one place to another. Moreover, since they tend to save the users personal details, customers can make deposits and withdrawals far superior to most other common methods in terms of speed.
Since these ewallet providers save your information, there is no need for customers to enter their personal details every time they find a new gambling site. This extra layer of security is what makes e-wallets such a secure service. Of course, the one factor you will have to consider when dealing with this payment option is transaction fees, but we will look at this later on.
How To Use An Ewallet to Bet Online
The majority of e wallet providers will offer very similar processes when registering an account, and when it comes to using them to bet online, the process is almost identical. So, in this next part, we have put together a step-by-step process to use e-wallets on betting sites.
- First of all, you will need to head to your desired e wallet provider and find the tab where you can register a new account.
- Then, you will be transferred to the sign-up page, from where you will be asked to fill in personal information. This usually includes; first name, last name, proof of address, email address and password.
- To add funds to your digital wallet, you will need to link a traditional bank account which will require you to enter the related bank details.
- After this, you will be asked to confirm your details by an email sent to you from the ewallet provider. The email will also include an e-wallet ID which you should keep a note of.
- By now, you should have created an e-wallet account and are ready to being making gambling transactions.
Types of Ewallets Available
Ewallets have been around for several years now, so you can find a few options being provided by major bookmakers. There are very few minor differences between the various ewallets available in terms of how they work, but one factor that will help you decide which one you choose is the transaction fees.
Below we have highlighted some of the available ewallets providers:
Neteller is one of the top ewallets you can find accepted amongst UK bookmakers right now, falling second place only to the powerhouses, PayPal. Ewallets are essentially an online storage for money. Customers can fund their accounts by linking them to their personal bank accounts and making a bank transfer from their bank account into their ewallet account.
One of the upsides to Neteller is certainly the withdrawals. Once you put in that withdrawal request, there is no need to wait for countless hours as Neteller withdrawals are speedy compared to other withdrawal methods.
A transaction fee of 2.5% is applied to all Neteller deposits and withdrawals from your bank account, and most e wallet betting site operators won’t charge you a fee for depositing into your online betting account.
Another popular ewallet available across the globe is Skrill or otherwise known by their parent company, Moneybookers. Skrill is a UK based company that follows the same principles as PayPal because it allows users to make money transfers on the internet.
Another similarity between the two payment options is that Skrill allows users to register for free and make deposits without being charged too.
Transactions made by debit cards will not be charged unless sending money internationally. In this case, a fee from 2% to 5% may be applied. If you want to know which betting sites we recommend for Skrill or team has put together a list of options and bonuses.
PayPal is an e wallet launched way back in 1998, but it is not just any old ewallet as it sits as the leading online payment system currently available. However, it didn’t start as an online payment method from online sportsbook betting; it was only later that PayPal added this.
Safety and security are two factors you do not have to worry about with PayPal, thanks to them being fully licensed and regulated by the Financial Conduct Authority. In addition, customers can quickly register an account with PayPal, with the process taking just a couple of minutes to complete and from there, they can begin adding bank accounts so they have access to funds.
Check out our expert picks of PayPal betting sites and see what offers you can claim today.
EcoPayz, founded in 2000, is just as old as PayPal, Skrill, and Neteller, although it is less well-known and utilised in the United Kingdom. EcoPayz, which works in the same way as the other wallets, is accepted on many websites.
EcoPayz has the extra benefit of allowing you to take advantage of the welcome bonus at bookies that accept the payment method. In addition, the EcoPayz account can also be linked to a card used in the same way as a traditional pre paid bank card, so you can use Ecopayz as a banking option even if the provider doesn’t accept it but does accept debit card or credit card transactions.
Can I Use My Credit Card to Add Funds onto my e-Wallet for Betting Online?
Since the Gambling Commission banned credit cards in the gambling industry, there has been some confusion about whether or not you can use them to add funds to your ewallet. To put things simply, you can not add funds with a credit card and then use those funds to gamble online. As a result, all ewallet providers, like Skrill and Neteller, must have actions in place that prevent customers from using funds from being added from credit cards in the gambling market.
Usually, platforms like Skrill and Neteller will reject all payments made through credit card funding sources.
Advantages & Disadvantages of Using e-Wallets
There will be advantages and disadvantages like anything in life, and it is the same story with ewallets. Below we take a look at both pros and cons to help you decide whether or not you will use ewallets to add funds for gambling.
Knowing an ewallet is one thing, but understanding why you’d want to use one for placing bets at an online betting site is probably the most important.
There are many reasons why bettors like to make e wallet deposits, and we’ve listed the most common reasons below.
Safe and Secure
One of the best things about using an ewallet is that it offers its customers an extra layer of protection that is not usually given when making transactions using other payment methods.
There is no need to enter bank details; there is no chance that third parties and hackers can get a hold of your financial information, unlike other banking methods.
Customers Can Keep Track of Their Spending
By using an online payment service solely as your personal gambling account, you can quickly see how much you spend on gambling online. In addition, you can keep an eye on how well you are doing easily by visiting the transactions section. This is very handy for customers with multiple online betting accounts.
No Gambling Transactions on Bank Statements
One of the most important features of an ewallet is that it may keep your financial transactions hidden from your bank. For example, you can deposit money into your ewallet using your bank account, or you can utilise the ewallet as a middleman to send money straight from your bank to your betting site.
When you use an ewallet like PayPal, your bank will have no way of knowing what you’ve done with the money; all you’ll see on your bill is a PayPal transaction.
There’s nothing wrong with gambling; it’s not illegal, and it’s not something a bank manager would frown upon. However, if you have many different accounts with online bookmakers, it might impact your credit rating, so keeping that information out of your bank is a good thing.
Transactions will appear as ewallet on bank statements along with the name of the ewallet account provider you have chosen.
Accepted by The Vast Majority of Sports Betting Sites
Most ewallets are now widely accepted by mos bookmaker websites, giving customers a huge selection of options for picking their preferred casino or sportsbook.
Not only this, but more and more platforms in the sports betting industry are accepting ewallets as a valid choice of payment when making deposits and claiming sign up offers. This used to be frustrating for punters when opening a betting account, and some payment methods will be excluded, so it’s important to check the terms and conditions.
Instant Money Transfers
Whether you are looking to make a deposit or withdrawal, most of the time, with a digital wallet, they are completed instantly! There is nothing worse than landing a big win in the online casino or that huge accumulator at your favourite sports betting site, and you have to wait the pesky five business days for your debit card withdrawal to process and for the funds to be available in your bank account.
So if you decide to use one of our recommended ewallet providers, you will no longer have to sit around waiting for your winnings.
Keep Track of Winnings and Loses
Another important reason to use an ewallet is that it allows you to keep track of all of your betting history in one location, including a detailed report of your winnings and losses.
Sensible gamblers will keep track of everything they’re wagering to keep their wagers under control, so having an ewallet that allows you to do just that can’t be a bad thing.
Increased Deposit & Withdrawal Limits
Many online betting sites allow you to make larger deposits into your online betting account using ewallets. Skrill is usually the ewallet of choice if you consider yourself a high roller, as, at most betting sites, it has the least amount of restrictions on deposit limits.
Of course, everything in life has its downsides and upsides and whilst everything seems really positive when funding your betting activities using ewallets, it’s also worth knowing the disadvantages of ewallets.
Excluded From Offers & Promotions
Deposits are not eligible for various promotional offers like free bet offers or match bonus promotions which are the most common with online sports betting sites.
Although they are widely accepted across a range of betting platforms, plenty of online gambling companies still have yet to accept some ewallets as a valid qualifying deposit method when attempting to claim various bonuses, like welcome offers. Because of this, many punters stick to using traditional payment methods when making an initial deposit to claim the welcome bonus.
One of the downsides to all ewallets, for that matter, are the transaction fees that arrive with them.
If you’ve never heard of ewallets or always wondered why they are, then we’ve covered what you need to know. We’ve also provided you with a list of reputable ewallet providers that you can use to make secure ewallet transactions.
If you have an existing e wallet account with an existing provider, this could be a great opportunity to sign up with another provider on our list to save you some money, especially if you are being charged transaction fees.