e-Wallets have become one of the most used payment types on the internet, with card payments only just edging them out. This popularity is down to a huge factor of reasons – with two of the most important being that these payment types are incredibly fast whilst also allowing users to enjoy almost unparalleled privacy.
One industry that has seen a vast adaptation of this payment type is the online gambling industry – especially betting sites. Betting sites who accept PayPal and other e-wallets have now become the norm. In this article, we’re going to discuss some of the biggest benefits online gamblers can expect when using an e-wallet to fund playing their favourite casino games or grabbing some great bonuses.
What are E-wallets exactly?
e-Wallet stands for ‘electronic wallet’ and these are digital accounts which can be used to transfer money, store it or receive money online. When they first appeared on the web they had incredibly limited functionality, with some slightly rocky security measures. In the few decades they’ve been around though, the quality and features provided by e-Wallets have come on leaps and bounds, with security measures in place that rival some major banks.
Different e-Wallets are available depending on where you are situated on the planet. Some newer ones will only be available to certain countries. Never fear though, because the ones we’ll cover are some of the biggest names on the planet and are widely available – especially in the UK.
Now we’ve cleared up what exactly these nifty payment methods are, onto the benefits you’ll enjoy when using an e-wallet at a betting site!
The Benefits of e-Wallets
Almost all of the big-name e-Wallets on the market offer unparalleled levels of security when it comes to making payments online – including payments to and from betting sites. You’ve got 128-bit SSL encryption which will encrypt all data you enter onto the site. On top of that, you have external security features like airtight two-factor authentication and partnerships with MasterCard and Visa to ensure everything stays safe.
When you’re using an e-Wallet at a betting site, they act as a kind of middleman. They hold your funds and transfer them to the betting site for you, or transfer money the other way. This means that none of your actual information is divulged to the betting site, so it’s totally safe if anything happens to the betting site.
They help keep everything organized
By using e-Wallets when funding your bets, you’re going to find each and every one of your transactions nice and tidy in one place. You can easily access and sort through all of your deposits and withdrawals.
All of the information you need is detailed. From any fees that were incurred, the transaction amounts, dates and times. Long gone are the days of hunting down specific transactions – with e-Wallets it’s a doddle.
You can store different debit cards and bank accounts, meaning you can set up a special pot just for online betting if you wish. This makes budgeting an absolute breeze. You simply select your special account when you’re depositing and withdrawing.
Many of the best e-wallets allow you to even store different currencies in your wallet. You can easily change between USD, GBP or a plethora of different currencies with the click of a button. Some of them such as PayPal even allow you to store cryptocurrencies for ultimate convenience.
Transfers to and from an e-wallet are pretty much instant, thanks to the fact it’s all done electronically. There’s no more waiting around for your fund to get a certain bet on it – a few clicks and you’re all set.
This also goes for receiving funds. You simply cash your winnings out and the balance is in your bank account within minutes.
Super easy to use
A huge draw for e-Wallets is just how easy and fast they are to use. You can sign up within minutes – all you’ll need are a few personal details such as your name, address and emails as well as some form of identification to prove you are who you say you are. After this, you simply add your bank account or payment card and you’re all set.
Whilst each e-Wallet works on the same premises, they may have slightly different signing-up procedures. Make sure you take a quick look at the FAQs or sign-up page to get a full look at the process – and make sure you do your research and choose the one that’s best for you!
Can claim generous bonuses
This one’s specific for all of us betting fans out there – but almost every betting site will allow you to use e-wallets to claim a great bonus. Not only are you getting all of the other benefits, but you’ll also be getting deposit bonuses, reload bonuses and more when using e-Wallets.
Some of the Best e-Wallets to Use
Skrill is a huge name when it comes to gambling transactions. Being supported by big players in the industry like 888Sport, Boylesports, Paddy Power, William Hill and more, Skrill was actually created to be used for betting online. You’ll find a whole heap of benefits specifically designed for online gamblers, which include:
- No fees when you pay money with or receive money through it.
- Absolutely no fees when transferring money from your bank or a credit card.
- The option to withdraw money through select ATMs.
- Huge deposits – up to $50,000 for all the high rollers out there.
The most widely used e-Wallet on the planet, PayPal, is also accepted by many online betting sites. You can hold funds in 25 different currencies and the security is second to none. You’ll also be able to use PayPal at pretty much all major online retailers as well, making it great for more than just online gambling. Some of the features include:
- Incredible security.
- Very reliable.
- Instantaneous transfers.
- Fees are tied to the type of transaction you’re making. The highest fee applicable is around 3.4%.
The final e-wallet on the list is Neteller. The company has recently made its way into the crypto space and allows the use of major cryptocurrencies such as Litecoin, Ethereum and Bitcoin. They have had some issues in the U.S. lately thanks to new gambling bills coming into play, but Neteller is still widely used throughout the UK. Some of the benefits you can expect include:
- Low fees between 1.9% and 4.5% depending on the transaction.
- Extremely small Bitcoin processing fee of 1%.
- Huge maximum deposit amount – you can get up to $80,000.
Hopefully, this article has let you know a few of the reasons why this form of payment is so popular not just at online betting sites but online in general. With the unparalleled speed and safety of e-Wallet payments, it’s no wonder they’ve almost taken over.
These forms of payment are always evolving, just like the ones that are starting to integrate cryptocurrencies. Keep your eyes on any new e-Wallets that come out for great new features and make sure you research which one is the best for you and your situation.