Using PayPal and Other eWallets for Sports Betting
If you’re a sports bettor located in the UK or Europe, did you know that you can use an eWallet service to fund your sportsbook account?
Read on to learn more about the benefits of using an eWallet service to make deposits, as well as the different types of eWallets that sportsbooks accept.
What Are eWallets?
An eWallet is an online platform that allows you to store numerous credit cards and bank account numbers securely in one place, removing the need to enter in account information each time you want to make a transaction. This allows significantly faster payments without having to search for your credit card. This particularly comes in handy when you’re live betting or line shopping, and don’t want to miss out on an enticing line.
Further, an eWallet acts as an intermediary between you and whoever you’re sending money to. This means that your eWallet will hold your information and data, securely encrypting it and revealing none of your sensitive information to the merchant.
Not only do you not have to reveal or verify your identity to the final recipient of your funds, but your eWallet insures each purchase and money transfer, just in case you don’t end up receiving the goods or services that you paid for.
Some eWallets do charge minor fees for deposits and withdrawals (either in the form of a flat fee or a small percentage of your transaction), but this is just a small price to pay for secure, quick betting options.
The Benefits of Using an eWallet at Your Sportsbook
American bettors are restricted from using eWallets to fund their sports betting accounts, but they eWallets remain popular among bettors in both Europe and the UK. Here’s a list of the main benefits of using an eWallet at your sportsbook:
- If you use an eWallet to deposit at your sportsbook, your transfer is almost always instantaneous. The longest a transfer will take is 24 hours.
- You don’t have to reveal any personal information about yourself to your sportsbook.
- Deposit limits are significantly higher when using an eWallet (rather than a conventional credit card).
- eWallets make the process of depositing at your sportsbook on your mobile phone quick, easy, and efficient. Most eWallets have their own dedicated applications on smartphones, making the process of sending money exceptionally straightforward.
- Your eWallet balance can be funded in multiple different ways, whether from separate bank accounts or different credit cards. This allows for greater flexibility in managing your bankroll.
The Different Types of eWallets
The three eWallets accepted at that the sportsbooks we review are Skrill, Neteller, and PayPal. Each of them has their own respective advantages and disadvantages.
Formerly known as Moneybookers, the company has recently rebranded its service. Since then, Skrill has become one of the most cost-effective and popular eWallets out there.
There’s no fee for paying or receiving money through Skrill, nor are there any charges for funding your account balance via bank transfer or credit card.
However, there is a 1.9% charge for sending and receiving money from one Skrill wallet to another. Skrill allows users to use their balance to withdraw cash at ATMs across Europe and the UK, a unique feature among eWallets.
Skrill is a popular deposit method in Europe, and it allows for high maximum deposits (up to $50,000 at BetOnline, for example.)
American players have been banned from using Skrill/Moneybookers since the Unlawful Internet Gambling Enforcement Act was passed in 2006.
Neteller is the second most popular option for an eWallet, and bettors can fund their Neteller balance in a variety of ways.
The fees for adding to your Neteller balance vary depending on the method. For example, transferring money to Neteller from your Visa credit card carries a charge of 1.9% to 4.95% per transaction.
Moving Bitcoin directly into your Neteller account only comes with a 1% tax, but Neteller is the only major eWallet that allows you to add to your balance with cryptocurrency.
There aren’t many methods that allow for higher maximum deposits than Neteller, which is a big part of why it is so prevalent among European sharps. 888 Sports, for example, allows deposits of up to $80,000 via this e-Wallet
Like Skrill, this method was driven out of the US after the Unlawful Internet Gambling Enforcement Act was passed.
Operating in 202 markets around the world, PayPal is the most popular eWallet for purchasing goods on the internet. As with Skrill and Neteller, it still isn’t available for American bettors to make deposits at sportsbooks.
With PayPal, you can send, receive, and hold funds in 25 currencies. This makes it particularly appealing to bettors who keep their money in multiple denominations.
Unlike other eWallets, you’re able to load money onto your PayPal account to make purchases, or pay directly from whichever accounts you’re linked to, all without having to add to your Paypal balance first.
There are fees attached to sending and receiving money from out of the country you reside in, (as well as money earned from selling goods or services). The former is particularly applicable to funding your sports betting account, as most European sportsbooks are registered in smaller states within Europe.
Firstly, Paypal is the weakest eWallet regarding maximum deposit limits. Among the sportsbooks we review, it can average around $50.
Secondly, fewer sportsbooks accept PayPal, as, over the years, the site has been known to restrict both withdrawals and deposits from sportsbooks. Paypal is extremely selective about the sportsbooks they agree to do business with, and only Ladbrokes, Bet365, and 888 Sport currently have a working relationship with the site.
If you’re looking for more flexibility in your eWallet, we’d recommend using either Neteller or Skrill.
Get Started Today!
Want to learn about all about the different ways you can fund your sportsbook account? Check out the rest of our guide on how to finance your sports betting account.
If an eWallet is the right choice for you – and you want to dive right into sports betting – check out our sports betting strategy section and start applying sharp techniques to all of your sports bets!