E-wallets or digital wallets are the future of digital ecommerce. As we move into a cashless future, e-wallets will be the preferred way for anyone to get their foot into the world of esports betting. Get to know how fast, secure, and convenient e-wallets can be in our e-wallet review.

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What is an E-Wallet?

E-wallets, electronic wallets, digital wallets, or virtual wallets — call them what you want. An e-wallet refers to an application that allows you to conveniently make secure transactions much like traditional credit and debit cards. You can top up an e-wallet from various modes of payment (from cold cash to cryptocurrencies) which can then be used universally across the internet.

But what truly separates e-wallets from the traditional credit cards is that you can do much more than just do virtual transactions. You can connect it to your bank account, track your payment record, and even store your IDs (such as driver’s licenses) for identification. Its convenience and ease-of-use allows e-wallets to be used extensively across the world no matter where you’re from.

Without the constraints of a physical wallet, e-wallets have risen in use to the point of being accepted by the top esports bookmakers. In fact, it is even estimated that over half (52.5%) of ecommerce payments worldwide will already be done thru e-wallets by 2025. Bookies and casinos have kept up with the times by providing e-wallets as a viable deposit and payment method. Now, it’s time for you to learn how you can use e-wallets in esports betting.

How E-Wallets Work

Digital wallets use several technologies (such as near-field communication or QR codes) in proprietary applications to process payments. Think of e-wallets as an intermediary between your bank and your bookmaker of choosing. You enter your credit details, transfer your funds, and at which point, the e-wallet stores the said funds for later use. Then. your digital wallet encrypts your data to make sure transactions are secure as much as they are convenient.

However, e-wallets can do more than just be an alternative to your credit line. In the modern day, e-wallets have become a one-stop shop that offers everything a bank could offer and more. E-wallets can store IDs, extend vouchers, offer loyalty reward programs, and even protect you with insurance! Thus, there is much to be desired in opening your own e-wallet account.

How to Deposit Funds with an E-Wallet

Depositing funds with an e-wallet is simple, fast, and easy. Much like depositing with credit cards, the process is instantaneous and can be done in a matter of minutes. First, you will be required to login and then pick your e-wallet of choice among the deposit methods. Then, enter your e-wallet’s account information which will be followed by an authentication process (usually either through OTP or by logging into your e-wallet on mobile). The funds will then be credited to your account instantly. Of which, you can use to bet with straight away!

How to Withdraw Funds to an E-Wallet

While deposit times for e-wallets happen in real-time, withdrawals take time process. But compared to traditional withdrawal methods like credit and debit cards that can take up to a week to credit your winnings, e-wallets reign supreme. You can count on your winnings to be credited to your account in 24-48 hours. Depending on the bookmaker, you might need to verify your identity through KYC (Know Your Customer) to initiate a withdrawal. There might also be a minimum withdrawal amount depending on the bookie.

To withdraw, first choose the e-wallet of your choice as the destination of your funds. Then, make sure to input the right account details as you might not be able to recoup your funds should you deposit them into the wrong account. Enter your chosen amount and you’re good to go.

Different Types of E-Wallets

There are three main types of e-wallets in circulation: closed wallets, semi-closed wallets, and open wallets. Closed wallets are digital wallets dedicated to a company’s specific product or service where transactions are limited within itself. Examples of companies that offer closed wallets would be Starbucks or Walmart Pay where buyers can purchase goods through the use of their mobile applications.

Next, a semi-closed wallet allows users to do virtual transactions at partnered merchants and locations. Compared to the closed wallet, the semi-closed wallet has greater flexibility and can be used to pay for transactions and transfer money. However, this means that semi-closed wallets have a limited coverage compared to an open wallet.

Lastly, we have the all-powerful open wallets. Open wallets are issued by banks or reputed financial institutions which allows them to enjoy a much greater degree of freedom. You can withdraw money from an open wallet directly to an ATM, transfer money to your bank account, and of course, perform any type of transaction.

As a side note, while crypto wallets are indeed considered digital wallets, we already have dedicated, in-depth guides about using cryptocurrencies like Bitcoin and Ethereum for esports betting.

Top E-Wallet Apps

For the purposes of esports betting, we’re only concerned with semi-closed and open e-wallets. This is because these wallets are the only kinds of digital wallets that can be used to freely make deposits and payments through accepted bookmakers.

Of which, you have the well-known digital wallets like Paypal, Neteller, and Skrill among others. Then, you have the local, semi-closed e-wallets like M-Pesa for Africa, Dana for Indonesia, or GCash for the Philippines. Get to know these trusted e-wallets and more down below.

Paypal

When you think of digital wallets, you think of the ecommerce giant PayPal. Formed at the start of the new millennia in the year 2000, PayPal has since become the symbol of digital wallets. With its secure anti-hacking and anti-phishing technology, PayPal ushered in an era where digital transactions could be freely made. PayPal made famous a new way of banking that allows users to protect their payment information while shopping online. Today, this security and privacy is prized in the realm of esports betting as PayPal continues to be one of the most trusted payment methods in the industry.

Neteller

The first of Paysafe Group’s many digital wallets, Neteller is an e-wallet through and through allowing users to transfer their money across platforms, withdraw funds, and perform digital transactions. Since the early 2000s, Neteller has been prominently used as a payment system in online gambling and remains as one of bettors’ favorites. With their fast processing times, diverse top-up methods, and acceptance across countries worldwide, Neteller is a go-to for bettors who want an all-in-one e-wallet that can help them with their betting needs.

Skrill

Bettors from the United Kingdom will be wholly familiar with digital wallet Skrill, one of the leading digital wallets in the region and across the globe. Skrill operates in 131 countries with all the functionalities of a full-fledged e-wallet: money transfer, digital payments, and even remittance. Like Neteller, it was acquired by Paysafe Group in 2015. Since then, it has expanded offering international money transfers and even cryptocurrency trading on its platform. Skrill, alongside Paysafecard, were awarded as the best payments processor of the year at the 2019 American Gambling Awards which only further underlines its legitimacy as a leading digital wallet.

Trustly

As their company’s name signifies, Trustly has grown to be one of the most trusted online banking systems in Europe and the rest of the world. Founded in Stockholm, Sweden in 2008, the Trustly Group is now partnered with big names like PayPal and over 8,000 partnered merchants worldwide. This is because, with Trustly, you don’t need to register an account to deposit and withdraw your funds. You choose Trustly as your chosen payment method, choose your bank account to pay from, and you remain anonymous all throughout. That is why the trusty e-wallet can be relied on when it comes to esports betting.

MuchBetter

The award-winning “smart payment app” MuchBetter was founded in 2016 but has made great strides in the digital wallet industry. Even being less than a decade old, the e-wallet is available in a staggering number of more than 180 countries. MuchBetter’s implementation of a unique dynamic CVV code (the three-digit number on the back of your credit card) was revolutionary and has made millions, if not hundreds of thousands, of transactions online much more secure. As such, MuchBetter presents itself as an appealing e-wallet to use for esports betting with its added layers of security. However, due to its relative infancy, it has yet to be accepted by the majority of bookies.

The Best Esports Betting Sites that Accept E-Wallets

While the majority of bookmakers already accept e-wallets as an accepted form of payment and withdrawal, there are a few bookmakers that stand out. These bookies accept a range of e-wallets from across the world, from semi-closed to open wallets and are, to start with, great places to bet on. So, you can rely on them not just because they accept e-wallets as payment methods, but as trustworthy bookmakers with good odds.

BookmakerAccepted E-Wallets
Rivalry logoSkrill, Neteller, PayPal, PhonePe, AstroPay
bet365 logoSkrill, Neteller, PayPal
Betway logoSkrill, Neteller
1xBet logoPaytm, Skrill, Neteller, Unified Payments Interface, Google Pay, AstroPay, PhonePe
Pinnacle logoSkrill, Neteller, AstroPay

It is worth noting however, that each of these bookmakers may accept local, semi-closed e-wallets native to one’s country or region. One example is the acceptance of GCash in Rivalry for bettors from the Philippines. Check the payment methods available to you in your bookmaker of choice.

Are E-Wallets Safe?

E-wallets have become as extensively used as they are today simply because they work. E-wallets have been built on the foundation of secure technology. First, e-wallet companies make use of encryption which protects your financial data from prying eyes. Then, with the simple yet secure addition of authorization measures such as PIN or biometric scans, e-wallets become inaccessible by anyone but its intended user.

However, it’s not enough that we blindly trust these mechanisms that supposedly protect us and our data. One should always check that the e-wallet you are putting your money into is certified or licensed by a financial institution (such as Trustly and the Swedish Financial Supervisory Authority). Always keep your wits about you when it comes to handling your money.

Why You Should and Shouldn’t Use an E-Wallet

More and more individuals worldwide are starting to use e-wallets. With its wider acceptance and use, it is important to know what you are getting into when you put your hard-earned cash into your e-wallet.

Pros of E-Wallets

Fast Transactions

The primary reasons why so many prefer e-wallets is because of their convenience and their speed. Deposit times are done in real-time which allows bettors to start betting the moment they feel like it. Meanwhile, e-wallets withdrawal times are one of the industry’s fastest. Although rates might vary from bookmaker to bookmaker, generally, withdrawals are processed as fast as four hours in e-wallets like Skrill and an average of 24-48 hours between the top e-wallets in esports betting.

Advanced Security

Compared to your ordinary, physical wallet, you simply cannot lose or misplace your digital wallet. The only way you lose access of your e-wallet is by losing your phone or password, which you should be strictly taking care of to begin with. With the added security of two-factor authentication and pin verification, it then become extremely difficult for your account funds to be stolen or misused by the wrong party.

Anonymity

While betting, you can protect your credit line from being flagged for gaming activities by simply transferring your funds from your bank account to your e-wallet of choice. Once you transfer your money to your digital wallet, you have the privacy to spend your money how you choose. Since e-wallets are so ubiquitous, you can even have a multitude of e-wallets for varying purposes should you choose.

Record Keeping

While traditional banks do store a record of your transactions, they take time to be kept up-to-date and often don’t state the exact nature of the transaction. Meanwhile, e-wallets will have an exact, detailed, and real-time list of transactions done on your account so you can take better care of your finances. You can even have a specific e-wallet as your dedicated wallet for topping up for all your betting needs. This way you can budget your bank roll better and be a responsible bettor.

Cons of E-Wallets

Fees, fees, fees

While this does apply to every payment method available, transaction or service fees apply all the same to e-wallets. After all, they are still business at the end of the day. These service fees for withdrawals vary between bookmakers. For example, Skrill has a 1% fee when depositing funds but offers free withdrawals. Meanwhile, MuchBetter’s deposits are free-of-charge, but its withdrawals cost around £18 per transaction. Therefore, depending on the amount you are withdrawing or depositing, it might be wise to use one e-wallet over another.

Limited Recognition

While it is true that e-wallets have risen in acceptance over the decades, not all e-wallets are accepted at all bookmakers. And while a digital wallet like Skrill might be accepted in one bookmaker, it might not be accepted in another. Since there is no universal e-wallet, each e-wallet has to partner with bookmakers to be accepted as a form of payment method. For example, most major bookmakers will have Skrill and Neteller listed as accepted e-wallets. However, bet365 and Rivarly are among the few that will accept PayPal. This pattern seems to hold up among newer payment methods like Klarna.

Restrictions on Promos

After figuring out which bookmakers accept your preferred e-wallet, you will then be disappointed to learn that most bookmakers’ bonuses and promotions do not apply to e-wallets as a payment method. Preferred payment methods for deposit bonuses are either in cryptocurrency or the traditional credit and debit cards. But do not fret, as typically, these bonuses can be hard to fulfill due to the immense rollover needed to claim the bonus.

Deposit and Withdrawal Limits

Since anyone can start an e-wallet account (even multiple ones), bookmakers have to put in place deposit and withdrawal limits in the efforts of discouraging money laundering and fraud. For example, minimum deposits can be made as from as low as £10 and the maximum is usually around £100,000. Another reason for this is the movement around responsible gambling which is heavily enforced by financial institutions that keep e-wallets in circulation.

Countries Where E-Wallets Can be Used for Esports Betting

Where you can place a bet on esports, you can use your e-wallet to fund your account balance and start betting. But keep in mind that there are countries with rules telling bookmakers that they can’t accept payments from digital wallets under individual circumstances. For the purposes of this guide, we shall be outlining only the top countries that accept e-wallets as there are too many to mention.

  1. United States
  2. United Kingdom
  3. China
  4. South Korea
  5. Sweden
  6. Russia
  7. Canada
  8. France
  9. Australia
  10. Spain

In countries where online gambling is legal in select states or territories (such as in the US or China), bettors will have to find e-wallets that can operate in the mentioned regions. On the other hand, you have the following countries where betting or gambling is completely banned and outlawed: Poland, Singapore, Japan, Cambodia, United Arab Emirates, and more.

Summary

E-wallets truly are the future of payments. They offer the same security of the traditional credit lines and bank transfer, but with the speed and accessibility that is unmatched by these older generations of payments. There are even a lot of e-wallets to choose from depending on what region you’re from and your lifestyle. And when it comes to betting, you can be sure that e-wallets are going to be a hit with esports bettors who are likely to be young and tech savvy. With all the pros we mentioned about digital wallets, it’s no wonder why millions across the world have already made the switch.


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FAQ

E-Wallet Review FAQs

An e-wallet is an application that allows users to store their credit information and perform secure transactions, replacing the traditional, physical wallet for a more convenient digital one.

First, you top up your e-wallet’s balance through bank transfer, prepaid card, or credit and debit card. Then, you can use these credits for whatever purpose later on.

To set up an e-wallet, you simply create an account with the e-wallet of your choosing. Afterwards, verify your identity through KYC or a mobile number. Then, you are free to use your e-wallet.

A majority of the top bookmakers accept e-wallets for betting on esports. Namely, bet365, Rivalry, Betway, and so much more!

Entropay closed down in 2019 when their partnership with VISA was cancelled. Entropay was one of the top e-wallets that was founded in the early 2000s.

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