How To Use e-Wallets for Betting Online

The online gambling industry is an ever-changing place that moves from one trend to another, and one trend you will want to be on board for is one involving electronic wallets or otherwise known as e-wallets. These digital wallets provide a new, modernised way for gamblers to add funds to their online betting accounts. It hasn’t taken long for e-wallets to gain a lot of attention already. It may not be long until we see them being the preferred transaction method, seeing off the competition of the opposing traditional funding methods.

Continue reading below if you want to find out everything you need to know about e-wallets and how you can use them to bet online.

What is an e-Wallet?

Unlike bank providers who supply you with a physical card, e-wallet providers supply you with an electronic card or ‘digital wallet’. So, rather than entering the details of your debit card, you will use the provided e-wallet app to register all your details which can be entered quickly and stress-free whenever you want to make a deposit. e-wallets are used for much more than just online betting and are a great way of making transactions online for a wide range of real-world purchases. 

E-wallets offer a fast and secure method to transfer fees from one place to another and since they tend to save the users personal details, customers can make deposits and withdrawals that are far superior to most other common methods in terms of speed.

Since these e-wallet 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. The one factor you will have to consider when dealing with this payment option are transaction fees, but we will take a closer look at this later on. 

How To Use An e-Wallet to Bet Online

The majority of e-wallet providers will offer very similar processes when it comes to 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 in how you can use e-wallets on betting sites. 

  1. First of all, you will need to head to your desired e-wallet provider and find where the tab where you can register a new account. 
  2. Then, you will be transferred to the sign-up page from where you will be asked to fill in various personal information. This usually includes; first name, last name, proof of address, email address and password. 
  3. 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. 
  4. After this, you will be asked to confirm your details which are done by verifying the details by an email sent to you from the e-wallet provider. The email will also include an e-wallet ID which you should keep a note of. 
  5. By now, you should have created an e-wallet account and are ready to being making gambling transactions. 

Types of e-Wallets Available

 E-wallets have been around for several years now, so you can find a few options being provided by major bookmakers. There are very few and minor differences between the various e-wallets 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 e-wallets.

Neteller

Neteller is one of the top e-wallets you can find accepted amongst UK bookmakers right now, falling second place only to the powerhouses, PayPal. E-wallets are essentially online storage for money, where customers can fund their accounts by linking them to their personal bank accounts.

One of the upsides to Neteller is certainly the cash withdrawals. Once you put in that withdrawal request, there is no need to be waiting around for countless hours as Neteller withdrawals are very quick in comparison to other withdrawal methods. 

A transaction fee of 2.5% is applied to all Neteller deposits and withdrawals. 

Skrill

Another popular e-wallet 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 in the fact that 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. 

PayPal

PayPal is an e-wallet that was launched way back in 1998, but it is not just any old e-wallet as it sits as the leading online payment system that is currently available. 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. 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. 

Can I Use My Credit Card to Add Funds onto my e-Wallet for Betting Online?

Since the Gambling Commission banned the use of credit cards in the gambling industry, there has been some confusion as to whether or not you can use them to add funds to your e-wallet. To put things simply, you can not add funds with a credit card and then use those funds to gamble online. All e-wallet 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

Like with anything you come across in life, there will be advantages and disadvantages, and it is the same story with e-wallets. Below we take a look at both pros and cons, to help you decide whether or not you will use e-wallets to add funds for gambling. 

Advantages

  • Safe and secure

One of the best factors that come with using an e-wallet is the fact that it offers its customers an extra layer of protection that is not usually given when making transactions using other payment methods. With there being no need to enter bank details, there is no chance that third parties and hackers can get a hold of them. Transactions appear as e-wallet on bank statements. 

  • 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 are spending on bets by visiting the transactions section. This is very handy for customers with multiple online betting accounts. 

  • Accepted by the vast majority of sports betting sites

Most e-wallet providers are now widely accepted by the majority of betting platforms, giving customers a huge selection of options when it comes to picking their preferred casino and/or sportsbook. 

Not only this, but more and more platforms in the sports betting industry are accepting e-wallets as a valid choice of payment when making deposits to claim sign-up offers. 

  • 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 and you have to wait the pesky five business days for your debit card withdrawal to process. Well, join up to this e-wallet and you will no longer have to sit around waiting for your winnings. 

Disadvantages

  • Deposits are not eligible for various promotional offers

Although they are widely accepted across a range of betting platforms. There still remains plenty of online gambling companies that are yet to accept some e-wallets 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. 

  • Transaction fees

One of the downsides to all e-wallets for that matter are the transaction fees that arrive with them.