Using PayPal and Other eWallets for Sports Betting

Sports bettors in many regions can use an eWallet service to fund their sportsbook account. It’s often the most secure and painless way to make deposits and withdrawals.

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

Not every online sportsbook offers banking functions via eWallet services, but they are well worth consideration when offered. 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 PayPal, Venmo, Skrill, and Neteller. Each of them has their own respective advantages and disadvantages.

PayPal

Operating in 202 markets around the world, PayPal is the most popular eWallet for purchasing goods on the internet.

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).

PayPal is extremely selective about the sportsbooks they agree to do business with, luckily we have compiled a list of recommended PayPal betting sites, to get you started.

Venmo

Venmo is mostly known for allowing customers to send money to their friends and family, but did you know that some sportsbooks are starting to accept Venmo as a payment method?

Sports betting apps like DraftKings, FanDuel, and BetMGM will now take payments through Venmo to fund your online sportsbook accounts. Venmo is only available through Apple and iOS mobile apps, making it very convenient for online sports betting.

You can fund your Venmo account with debit, credit, or directly through your bank account. Venmo charges 3% per transaction for peer-to-peer credit card payments and 1.75% per transaction for instant transfers.

As an eWallet that’s owned by PayPal, you can trust Venmo with your personal and financial details.

Skrill

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 many markets, and it allows for high maximum deposits, often up to $50,000.

Neteller

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 sharps. Some sportsbook will allow deposits of up to $80,000 via this e-Wallet.

Neteller was driven out of the US after the Unlawful Internet Gambling Enforcement Act was passed.

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!