A Guide to eWallets: Electronic Gambling in the Modern Age

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02/01/2019

Moving money around in the online gaming world is a top priority. If you can’t deposit funds and, in turn, claim your winnings, you’ll never enjoy the full benefits of the internet betting industry.

Yes, entertainment is the main reason you’ll want to join the top casino sites. But when there’s also money to be won, it would be crazy not to take advantage of these opportunities. With this in mind, you need a safe, secure and efficient payment method. Over the last decade, eWallets have become the go-to solution for savvy players and we’ll tell you why…

What’s an eWallet?

An eWallet is a virtual online platform where you can deposit, store and withdraw money. Another way to think about eWallets is that they’re bank accounts not owned by banks. The leading online wallets are overseen by regulators such as the Financial Conduct Authority (FCA). Because of this, they’re not only as capable as bank accounts, they’re just as secure.

The Best eWallet options in gaming

PayPal is by far the largest and most popular eWallet. Although this has only become an option for online casino players in recent years, it’s now a staple for those who want the backing and support of a major payment processor. Alongside PayPal, you’ll find the following options at the leading online gaming sites:

  • Neteller
  • Skrill
  • EcoPayz

Beware the bonus clause

In many respects, eWallets are the best way to move your money into and out of the online casino world. However, there is one drawback to using certain processors. Although this isn’t true at every site, it’s sometimes the case that Skrill and Neteller deposits will exclude you from receiving a bonus. The reason for this is that it’s not as easy to verify your identity when you use these methods. All regulated casinos have a legal obligation to establish the identity of their players before processing an initial withdrawal.

Because your cashouts are typically sent back to your original deposit method, it can make things tricky for the operator in terms of bonus withdrawals when you use Neteller and Skrill. Because of this, some casinos like to make things easier for themselves by saying you can’t have XX bonus when you make a deposit using the eWallets. Therefore, it’s important to read the terms and conditions attached to every offer before you use an eWallet.

Why use an eWallet?

OK, so eWallets allow you to make casino deposits and withdrawals in virtually the same way you would with a debit/credit card. With that being the case, the question becomes: why use an eWallet?

  • Super Secure: As technology improves, eWallets are becoming a lot safer. An obvious example of this is the PayPal iOS app. In addition to two-factor authentication, you can now use your fingerprint to login instead of a standard password. This added security means any funds inside PayPal and its peers are highly secure.
  • Highly Efficient: Virtually all online casino deposits are processed instantly, but withdrawals are a different matter. Because the security processes carried out by banks were designed before the internet, it takes longer for online transactions to pass through the system. In contrast, eWallets were designed with the internet in mind. This means that most eWallet withdrawals will be with you within 24 hours. In contrast, debit/card withdrawals can take up to five days to arrive in your account.
  • Spread Your Wealth: Keeping your entire bankroll in your bank isn’t the best idea for two reasons. Firstly, it leaves you vulnerable. If someone hacked into your account, you’d lose everything. Secondly, when your gaming funds are mixed with your life-roll, it’s hard to distinguish between the two. Therefore, from a safety and practicality perspective, it’s worth using an eWallet.
 
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