The Three Best eWallets For Betting
The gambling industry is a consistently rising market and the value within it is astounding. As a result, the industry must keep finding new ways to innovate itself to allow customers new and safe ways of managing their funds.
Of course, eWallets are not solely used on online betting platforms, but they are increasingly being used in this way, and as a result, it is important to understand what they are used for, why they are used, and the positives and negatives of both.
E-Wallet Betting Fees Comparison
When choosing an e-wallet for betting, it is important to understand the fees for different actions.
- Depositing to Bookie: Generally, Skrill, Neteller, and PayPal do not charge fees for depositing funds into a bookmaker account, although this can depend on the specific bookie.
- Withdrawing from Bookie: Withdrawing from a bookmaker account to these e-wallets is often free, but some bookmakers may charge a small fee.
- Bank Deposit to E-wallet: Fees vary across e-wallets, with PayPal and Neteller being more expensive compared to others. MuchBetter offers free bank transfers, though fees may apply for credit/debit cards.
- Bank Withdrawal from E-wallet: MuchBetter charges a flat 2% fee, while Skrill and Neteller have different rates depending on the method.
| E-wallet | Depositing to Bookie | Withdrawing from Bookie | Bank Deposit to E-wallet | Bank Withdrawal from E-wallet |
|---|---|---|---|---|
| Skrill | Free | Free | 1% | 1.75% (min £3.50) for bank transfers, 7.5% for credit/debit cards |
| Neteller | Free | Free | 2.5% | £10.50 for bank transfer, 1.75% for credit/debit card |
| PayPal | Free | Free | 2.9% + fixed fee depending on currency | £1 to 1.5% or a flat fee depending on the method |
| Payz | Free | Free | 1.69% to 6% depending on method | £5.10 - £8.50 depending on account level |
| MuchBetter | Free | Free | Free for bank transfers, 0-5% for credit/debit cards | 2% (min £2) |
The Best E-Wallets for Betting
For us, there are three standout eWallets for betting: Skrill, Neteller, and PayPal, with the latter being the most popular.
Betting with Skrill
Skrill is a trusted eWallet that has been in business since 2001 and is used by over 30 million people worldwide at the time of this review. It allows secure and quick transactions in nearly 200 countries and 40 currencies.
It is free to create an account on your phone, tablet, or computer. They feature a 1-tap single-click payment platform for fast and secure mobile-friendly transactions.
- Security and Privacy: Skrill is considered a safe payment method, and customers do not have to worry about their information being leaked. In fact, many feel this is safer than using a debit card directly, seeing as a hacker cannot intercept any Skrill details of value as opposed to your debit card information.
- Convenience and Speed: If you have used an e-wallet before, you know just how simple it is to make a purchase with one. Just entering your email and password is far more convenient than having to pull out your debit card every time. For betting, this is very important as you might need to make a fast deposit to place an in-play bet.
- Fast Withdrawals: Although a few new methods have emerged in recent years, such as Instant Banking, e-wallets are generally still the fastest way to withdraw funds from a betting site. Skrill is indeed one of these and this is often the number one reason why punters opt for an e-wallet in the first place.
Betting with Neteller
Another trusted eWallet that has been around since 1999 with over 23 million account holders worldwide.
It is free to create a Neteller account using their app, which is available on the Google and Apple App Stores or your computer.
- Convenience and Speed: E-wallets are very easy to use and most punters prefer this to having to pull up your debit card for details. Speed is of the essence when it comes to live betting and fast deposits are thus important, which e-wallets like Neteller help with.
- Security and Privacy: Neteller, just like the other popular e-wallets, is considered a safe platform to store your money and card details on. The fact that it is owned by Paysafe Group makes it even more reassuring, given just how big that conglomerate is.
- Fast Withdrawals: The fastest way to withdraw winnings from betting sites is usually an e-wallet, although more and more bookies are now accepting instant bank transfers too. Neteller also supports quick withdrawal as most punters will have the money within a few hours, at most 24 hours.
Betting with PayPal
Calling PayPal an 'eWallet' perhaps is questionable, but they fit all the requirements to be classed as one in our eyes. Founded in 1998, the vendor is probably the best known digital wallet platform available on the market, and you can argue that it is the most supported vendor.
Creating an account is quick and easy, and given the wallet is trusted by over 426 million people, it is surely a reliable payment platform.
- Fast Withdrawals: Depending on the betting site and if your account is verified, PayPal withdrawals can arrive in your account within 15 minutes. At worst, the withdrawal is usually in your account within 24 hours.
- Security: PayPal is a reputable and secure payment platform. There are several security measures to help safeguard your account and finacial information including fraud monitoring and prevention, data encryption, key pinning and security keys.
- Email Payment Confirmation: You will receive an email any time you send or receive a PayPal payment. This ensures you can alert PayPal quickly if you didn't make a transaction.
- Convenience: PayPal is user-friendly and easy to set up by linking your bank account or debit card to your PayPal wallet. This also means you do not need to share sensitive details with the bookmakers directly.
- Privacy: Using PayPal for online betting means you do not need to share sensitive details with the bookmakers directly.
What is an E-Wallet?
Simply put, an eWallet is an online 'bank' so to speak, where funds are held away from a bank account and can be accessed from any online device. They rose to popularity due to their convenience, security and accessibility, and as they are bettered, their popularity continues to grow.
Having an eWallet allows customers to have an alternative to a bank account - although to add funds to an account, a bank account must be used - meaning customers can keep their personal bank account separate from their 'gambling' account, so to speak.
This means that customers can make quick payments to some online bookmakers easily, without making some of their personal payments open to the bookmaker, which is key for some punters.
At the cost of this privacy, though, some eWallet providers have additional charges when depositing and withdrawing. Additionally, most bookmakers will not allow you to make the most of their signup offers if you use an eWallet, so this is something to consider.
Finally, the minimum deposit using eWallets is commonly higher, but the amount you can deposit in one go may also be slightly higher, as can be seen later.
There is another difference to consider also, whilst Apple Pay, Google Pay and other vendors are 'electronic wallets', they are different to an eWallet. This is because they are linked to the same account as a bank account, just stored electronically, rather than a separate, electronic account.
Install the eWallet provider of your choice
Create an account with the necessary information
Deposit funds to the eWallet
Deposit using the eWallet
What Are the Benefits of Using an eWallet?
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Using your eWallet is great for keeping your bank details off the betting site. You can simply deposit and withdraw your money using your eWallet without entering any bank details directly.
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The bank will have no way of knowing your gambling activity, which could be beneficial for mortgage or other loan applications.
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It's easy to move money around or to different betting sites and is generally a lot faster with processing times for deposits and withdrawals.
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Potential to control or limit your gambling to just the funds you move to your eWallet.
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If you have several online betting accounts, you can easily keep track of your transactions and monitor your winnings/losses all in one place.
What Are the Disadvantages of Using an eWallet?
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Many free bets sign-up offers are not available if you deposit using an eWallet. Be sure to check the T&C’s of each signup offer before depositing.
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You will need to verify and link the eWallet to your bank which usually takes a few days. Some may also require you to upload a clear and valid copy of your driving license, passport, ID card, or other forms of identity verification.
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Several betting sites will also charge you a fee for withdrawals or deposits. Also, most e-wallets will charge you a fee to withdraw money to your bank.
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Unless you verify your account with some form of ID you may have transaction limits.
Steven is an experienced iGaming content writer who has been working in the industry since 2018. He is passionate about sports betting and enjoys writing about all aspects of the industry, including bookmaker reviews, betting tips and strategies, and news and analysis. If you have any questions about online gambling in the UK, please don't hesitate to contact him.