E-wallets are considered to be the safest and most private method for sports betting today. They allow funding and controlling of your sportsbook online, and even on the go, thanks to mobile apps. Some of the e-wallets we are going to discuss in this article are completely stand-alone and don’t even need a connected bank account. This is why every passionate sports bettor should consider using one.
E-wallets are digital (or electronic, hence the “e” in the name) accounts which allow you to store, transfer and receive funds online. Their quality has come a long way since they first appeared, and now they are used en masse because of great security features and flexible payment options.
Depending on the site you use for betting and your location, different payment methods are available, including different e-wallets. In this article we’re going to list some of the most popular digital wallets world-wide, and discuss their pros and cons. That will give you a great way to start and find a perfect option.
Why should you use e-wallets?
Privacy
Some digital wallets, like PayPal, offer money storage and payments without any ties to the bank. When you register your account (you will need an email and your legal name for this), you can opt out of giving your bank/ card information. You can then use your account to receive money or pay online.
However, you might need to enter your bank account/ credit card at some point in order to verify the account, but since PayPal accepts gift cards as an option, you can retain your privacy and spending habits. There are no bank statements, so your spending and funds are visible only to you.
Keep everything in one place
E-wallets keep all of your transactions in one place, easily accessible and detailed. You can use your account to pay to whomever, as long as they list that particular digital wallet as an accepted payment method. All the fees, transfer dates and amounts are listed in one place, with no need for backtracking or invoices.
Most popular e-wallets allow the usage of multiple currencies, so you can easily switch between GBP, EUR and USD and many more, depending on what you need. You can also store different currencies if you wish, switching to the one you prefer instantaneously.
Ease of use
Digital wallets are very easy and convenient to use, as long as you do your research and inform yourself about their abilities.
One of the most important benefits of e-wallets is that transfers are almost instantaneous. There are cases where it takes up to 24 hours for the transfer to realize, but those are very circumstantial and rare. Transfers between two accounts on the same digital wallet platform are usually very fast.
The bookie doesn’t get any of your personal information, neither is you bank/ credit card data revealed. The only thing the receiver has to know is your account number or email, and all the funds can be transferred to you in case of a win.
Deposit limits are usually much higher than when using traditional payment methods. Furthermore, you can place your deposit via a dedicated mobile app, which is very quick and easy. Some digital wallets even have a “1-tap” option and previous transactions log, so you can easily repeat the transaction without having to reenter the info.
Related: Sports Betting With Bitcoin – Is It possible?
Best e-wallets for online betting
Skrill
Skrill is one of the most wide-spread e-wallets out there. If you want to use this method, there are plenty of betting sites that accept it as a payment method. Some of them are: 888Sport, Paddy Power, Betfred, Coral, Boylesports, Betfair, William Hill and Ladbrokes.
Skrill had some issues with money withdrawal in the past, which made it almost disappear from the digital wallet scene. However, they improved their security and transfer protocols a lot and are quickly returning as one of the most influential companies in the business.
Quick facts:
- No fees for paying or receiving money through Skrill;
- no fees for account transfers from the bank/ credit card;
- 9% for transfers between Skrill wallets;
- option to withdraw funds from your account at ATMs is available in the UK and Europe;
- deposits up to $50,000.
PayPal
Definitely the most popular e-wallet in the world. It allows holding funds in 25 currencies, has a very strict security and privacy policy and can be used for multiple purposes. One PayPal account can be quite sufficient for all your online payment needs – from paying for goods to betting.
One downside of PayPal is the very security policy we mentioned in the previous paragraph. Because of this, PayPal is very selective when it comes to allowing sportsbooks to use their services. Some of the bookies vetted by this platform are: Bet365, Betfair, Coral, 888Sport, Betfred, Betvictor, Boylesports, William Hill and Paddy Power.
Quick facts:
- High security and reliability;
- mobile app is available;
- instant transfers;
- fees depend on the type of your account, but are always applicable. Transfer fees go up to 3.4% per transaction of any type;
- all betting transactions are documented. If your country has strick gambling laws, this can be an issue.
Neteller
A very flexible and popular e-wallet which even allows usage of cryptocurrencies. In fact, users of popular cryptos like Bitcoin, Litecoin and such prefer this digital payment method. Funding methods are various and offer a lot of freedom to the user.
This company had some serious problems in the US after the Unlawful Internet Gambling Enforcement Act was passed, but is still very popular and widely used in the rest of the world. Betfair, Coral, 888Sport, Betfred, Ladbrokes, William Hill and Paddy Power readily use this platform for both deposits and withdrawals.
Quick Facts:
- Funding fees depend on the payment method – card type, bank and country. It varies from 1.9% to 4.95% per transaction;
- funding your account with Bitcoin comes with a 1% fee;
Deposits as high as $80,000, if the sportsbook allows it.
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