eWallets, sometimes stylised as e-wallets and also called digital wallets, are types of electronic cards used for money transactions online via desktop or mobile.
Increasing in popularity in the betting industry all the time, eWallets are similar in effect to debit cards in that they are used to pay for goods and services, however they need to be linked to a player’s bank account in order for them to be funded before they can be used.
An eWallet then is a type of pre-paid account. Betting customers can store their money in their account for a future online transaction, in this case to fund a betting or casino account.
eWallets are password-protected and comprise of two major components; information and software. The software element stores personal data and provides a layer of security and encryption of that personal information, something punters love given a perceived lack of trust when handing information direct to a bookmaker or casino.
The information section is essentially a database of details including name, payment details, home address etc.
Bonus Exclusions With eWallets
eWallets are a very modern and secure way of funding betting account, but unfortunately its not all good news!
First of all, there are fees attached. There are usually no fees for actually downloading, nor for sending money back and forth between your eWallet and your betting account, but there are fees attached for actually removing that money from the eWallet back into your bank account.
Of course, the fees aren’t particularly high. But, if you need to make a number of different transactions each month then they will rack up and that’s something you’ll have to factor into your betting itself to make sure what you thought was good value and good profit, is actually so in the long run.
In terms of those fees, what many people are happy about is paying for that extra security layer and not giving bank account details direct to the bookmaker.
This could become a very prevalent issue if and when funding checks are allowed by bookmakers to assess a player’s viability, as when they are funding their account via a pre-pay method, those funds become none of the bookmaker’s business.
The biggest bugbear however with eWallets within betting is that you often cannot claim bonuses and promotions when using them. This likely comes from the fact that eWallets have been used in the past to abuse bookie offers, particularly where punters have used eWallets to set up multiple accounts.
More often than not these days, a welcome bonus will come with terms and conditions stating eWallets are not included. This means you could miss out on up to £100 of free bets by using an eWallet to deposit rather than a debit card.
However, as long as you are happy using a debit card with your bookmaker initially, there is nothing to stop you making your first deposit that way and claiming your bonus, before moving to an eWallet at a later stage to fund and withdraw from your betting account.
Major eWallets Used for Betting
These are the major eWallets accepted within the betting industry, though more are being added all the time.
PayPal
Easily the most famous eWallet of them all and, in the past at least, synonymous with eBay.
PayPal was bought by eBay inf act for over $1.5 billion way back in 2002. Since then, it’s been used by a lot more people for a lot more things, with betting punters being major customers.
PayPal does have high fees for merchants, meaning some betting companies just flat-out refuse to accept it, however many do and in terms of the overall standards of the app and associated support, it’s still the best eWallet out there.
It’s extremely quick and easy to use, with a biometric login included on the app for newer smartphones. Security here is top-rate too which is the main reason bettors use it, with the biggest pull being that it is the most popular eWallet generally meaning you can get used to using it for a lot more than betting.
Skrill
Some may still remember Skrill under its old name, Moneybookers, though under its current moniker it has made great strides within the betting industry which is now, as a whole, a valued contributor.
In fact, this service was originally set up with betting in mind. At the turn of the millennium Skrill, as we know it now, was conceived in order to allow punters to gamble online from one account, i.e., not having to put personal financial data into various casino and betting accounts.
Once again, few bookmakers allow bonuses with Skrill uploads but it is still a great tool to use as it comes with low fees.
Neteller
Neteller, for reasons we genuinely cannot know, is the most popular eWallet with bookmakers. While that may mean they are looking out for their own interests, the fact remains that most bookmakers do accept it so it may be your best bet as an eWallet if you’re looking to open multiple accounts with one payment method.
As with many eWallets, cashing out is instant with Neteller so at least you get to claim any winnings without delay, though as usual despite this being a bookies favourite bonuses are very limited with Skrill.
EcoPayz
Although it may be a new name to many of us, especially within the betting industry, EcoPayz has been around just as long as PayPal.
On the market since 2002, it is used overseas far more than in the UK but more and more popular betting sites are beginning to accept this as a payment method.
For whatever reason they see fit, more bookmakers do allow EcoPayz payments to contribute to bonuses, a huge plus for this wallet and probably the main reason to use it as your payment method of choice.
The speed and security of EcoPayz is on a par with its better-known rivals, and so is without doubt worth considering as a way to simplify betting deposits and withdrawals in future.