So you’ve singed up to a bookmaker and noticed logos for Skrill, Neteller and many more, but what are they and more importantly how can they help you with your betting accounts?
We can cover the “what are they” right now! An e-wallet is a fast, secure and simple way to move money online. The most popular of these is of course PayPal. Which due to its massive success was acquired by eBay in 2002 for $1.5 billion. A little known fact is that its creator (Elon Musk) went on to found Tesla Motors. Anyway I digress and while PayPal is an excellent product for eBay and store purchases it lacks as far as managing gambling funds goes. So we’ll look at products that can manage gaming accounts the way we need them to.
There are two main products that most if not all bookmakers use Neteller and Skrill (previously Moneybookers). First a little background, Neteller sponsor Crystal Palace and are listed on the London stock exchange. Skrill was purchased by CVC Partners (hence the name change) in 2011. So both offer a good pedigree (excuse the betting pun), so there should be no fear when asked for bank details etc. as with PayPal.
In this tutorial/guide we are going to focus on these two, as the are the most wildly used and in my opinion most secure. I’m not trying to undermine the others, but I trust these implicitly, so I’m more than happy to point you in their direction as I would Visa, MasterCard or PayPal.
Due to the reputable nature of these companies, opening an account is easy and if you google them you can also find good sign up bonuses (another plus). Just sign up as you would have done with PayPal or any bookmaker.
The small amount of time spent signing up to these e-wallets, will pay dividends later, as it saves time inputting payment details, depositing and withdrawing funds. While there are certain checks that can be annoying, such as sending photographic evidence or proof of address. These are a necessary evil and make sure that only the “good guys” get accounts. Meaning that deposit costs and bookmaker acceptance is maintained.
Once your account is open you can deposit funds but Credit cards, Debit cards, bank transfers or by cheque. Why not just use my credit card, I hear you ask. Well that’s a good question, however by using an e-wallet you can quickly and easily open accounts, transfer money (or withdraw winnings).
But possibly the main bonus is the more you use them the better the service becomes. Neteller and Skrill have outstanding and very accessible VIP programs, that reduce fees and get you a dedicated account manager, who will help you resolve any issues immediately. Handy when dealing with some smaller gaming sites!
Amongst these additional features is a pre-paid credit card, which until writing this I had no idea that PayPal also did. This essentially means that the funds you have in your e-Wallet are usable as your pre-paid card. Skrill have an excellent video that explains it. This is a great feature and can instantly turn you winnings into a nice pair of Jeans, a few beers with the boys or a nice family treat!
You can also transfer funds, immediately and for free. This again is like PayPal and is to other user of the service. They also run bonuses or loyalty programs that can see you increase your balance simply by using their services.
So I guess the ultimate goal of this guide is to explain why use one for your gaming account. All my betting account now use an e-wallet so why should you do it?
With an e-wallet it is easier and faster to transfer cash into your gaming accounts or set up new ones. I also keep these accounts as gaming funds, so I know that the money within there is purely for my online activities. It lets you know what you have won and/or lost and gives you the discipline to know that whatever funds you deposit, are what you are prepared to play with. Separating your expenses and “play” money also eliminates the temptation of just backing another to cover any losses. But of course that’s a worst case scenario.
So make your life simpler and get an e-wallet. I know when shopping online I look for Paypal and when betting online I look for Skrill or Neteller!