E-Wallets

An eWallet is a type of deposit method that acts as a safe place to store money online and to initiate deposits. If you have any experience with PayPal, Neteller or Skrill, you should already be familiar with how betting wallets work. If not, just keep on reading. The purpose of this page is to explain everything you need to know about using eWallets at online betting sites.

E-Wallet Betting Sites

Almost every online betting site accepts e-wallet deposits, and most accept several different services. Which operator holds the account still decides whether a withdrawal is paid, though — which is what the licence on each review page records.

How Betting eWallets Work

In some ways, e-wallets function in a manner similar to online bank accounts. Once you have signed up for an account at one of the many e-wallet services out there, you can transfer money to your digital wallet, make payments to merchants, send funds to betting sites and receive cashouts from betting sites.

The first thing you’ll need to do to get started is sign up for an account. Visit the eWallet website and somewhere you’ll see an option to register an account. They will ask for your name, address and other contact details. You’ll also be asked to pick a username and password.

Next, it’s time to fund your e-wallet. You can do so via a variety of methods such as linking your credit card or bank account to your e-wallet account. This will allow you to transfer funds any time. Once you have money in your e-wallet account, you can send that money on to any betting site.

The last step in making a deposit is to log in to your betting site and visit the cashier. Next, choose your e-wallet from the list of accept deposit methods. Choose an amount to deposit and then you’ll be redirected to a page where you log in to your e-wallet account. Type in your username and password, confirm the amount and you’re done. The money will be moved to your gambling account instantly.

There are all kinds of e-wallets out there, but that’s the basic rundown of what they do at the most basic level. eWallet accounts come in handy because they make it easy to transfer money between multiple betting sites and to receive payouts when you win money.

Some e-wallets even allow you to apply for prepaid debit cards that give you instant access to your funds. You can use your card to shop in the real world and to pull cash out of ATMs. When you’re done gambling, you can have your e-wallet transfer your money back to your bank account.

The Main E-Wallets

Three services are accepted at more betting sites than the rest, so one of those is the shortest route into an e-wallet deposit.

Neteller Betting Sites: Neteller is just a strong, all-around e-wallet that has been in business since 1999. This company is accepted by almost every betting site on the planet and is available in hundreds of countries, although Neteller does not operate in the USA. Neteller offers multiple funding methods, including country-specific funding methods that are free to use. On top of all that, Neteller offers a Net+ MasterCard that you can attach to your account for real-world purchases and ATM withdrawals.

Skrill Betting Sites: Formerly known as “Moneybookers,” Skrill is another big name in online gambling. Skrill is accepted by hundreds of thousands of online vendors and gambling sites. This company is trusted, cheap and fast. You definitely won’t go wrong with a Skrill account.

PayPal Betting Sites: PayPal is the most widely used e-wallet, accepted by millions of online vendors and has a perfect reputation for safety. The only weakness here is that PayPal only works with a select few betting sites that operate in regulated jurisdictions. This deposit method doesn’t have the same widespread acceptance in the betting world as some of its competitors.

Advantages and Disadvantages

One of the big draws to e-wallets is the ease in moving money back and forth across different betting sites. It is significantly faster to receive a payout from one site, get that money in your e-wallet account and then deposit to the next betting site than it is to wait for a check or wire transfer. It always takes a few days longer for a betting site to transfer the money all the way back to your bank account.

Perhaps even more important is the additional security provided by funneling all your deposits through an eWallet. When you fund your betting account with an eWallet, your financial details are never shared with the betting site. If you’re not too keen on sharing your credit card number with random gambling sites, an e-wallet account can be used as a buffer.

Another side benefit is the ability to do other shopping online. All the major eWallet services are accepted by thousands of online retailers. Sometime it’s nice to treat yourself with a little online shopping after a big win. With the speed of withdrawals, you can easily catch a jackpot, cash it out to your e-wallet account and then go buy a brand new 3D TV that same day.

The main disadvantage is the time it takes to set up the e-wallet account and link a payment method to it. It takes a few days to confirm your identity and make your first deposit. E-wallet deposits are fast once you have everything set up, but the initial setup does take longer than simply making a quick deposit directly to your betting account with a credit card.

A second potential disadvantage is the cost. Potential, because many e-wallets charge nothing to upload funds by certain routes. They also process deposits to and withdrawals from betting sites for free. However, certain funding methods do sometimes incur fees that you wouldn’t normally see with other deposit options.