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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 this payment method can be in our e-wallet review.
E-wallets, electronic wallets, digital wallets, or virtual wallets are applications that allow 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 virtual transactions. You can connect it to your bank account, track your payment record, and even store your IDs (such as driver’s licences) for identification. Its convenience and ease of use allows e-wallets to be used extensively, no matter where you’re from.
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Why is the Net+ Prepaid Mastercard® the perfect card for you?
⚡ Contactless spending enabled ❌ No risk of overdraft fees 🔐 Spending is never linked to your bank account
Get your Skrill Prepaid Mastercard® today! Just tap link 👉 https://t.co/xZAmz5TL8U pic.twitter.com/fUVUSGaCtY
— NETELLER (@NETELLER) April 23, 2022
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 through 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, let's take a look at how you can use e-wallets in esports betting.
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 that point, the e-wallet stores the said funds for later use. Then, your digital wallet encrypts your data to make sure transactions are as secure 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 can and more. Digital wallets can store IDs, extend vouchers, offer loyalty reward programmes, and even protect you with insurance! Therefore, there are many reasons one would consider opening an e-wallet account.
Depositing funds with a digital wallet is 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 log in and pick your e-wallet of choice among the deposit methods. Next, 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, which you can use to bet with straight away!
While deposit times for e-wallets happen in real time, withdrawals take some time. 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.
In fact, 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.
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.
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 goods can be purchased through the use of their mobile applications.
Next, a semi-closed wallet allows users to make virtual transactions at partnered merchants and locations. Compared to the closed wallet, this kind 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, allowing them to enjoy a much greater degree of freedom. You can withdraw money from an open wallet directly to an ATM, transfer funds 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.
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 electronic 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. We'll be taking a better look at these trusted e-wallets and more below.
When you think of digital wallets, you probably 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 e-wallets. With its secure anti-hacking and anti-phishing technology, PayPal ushered in an era where digital transactions could be freely made.
It 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.
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We’re excited to introduce PayPal Rewards, a new unified rewards program that gives customers an easy way to shop, earn, track, save, & redeem rewards & offers all in one place – their PayPal app. It begins rolling out to US consumers today. Learn more: https://t.co/q4udYvVP8J pic.twitter.com/M9SL9ASeaU
— PayPal (@PayPal) October 18, 2022
The first of Paysafe Group’s many digital wallets, NETELLER allows 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 one of bettors’ favourites. 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.
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The Net+ Prepaid Mastercard® always gives you a reason to smile⭐
⚡ Contactless transactions 🛍️ Use online and in-store ❌ No credit checks required
Tap the link to get your Net+ Prepaid Mastercard® today 👉 https://t.co/CMdSthuD7B pic.twitter.com/i69E7oSfhV
— NETELLER (@NETELLER) October 20, 2022
Bettors from the United Kingdom will be wholly familiar with Skrill, one of the leading digital wallets in the region and across the globe. It 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, and has since expanded, offering international money transfers and even cryptocurrency trading on its platform.
Skrill, alongside paysafecard, were awarded the best payments processor of the year at the 2019 American Gambling Awards, further confirming its legitimacy as a leading digital wallet.
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Where will you use your Skrill Prepaid Mastercard® first? 💳
Our contactless card helps you to spend securely online and in-store with ease.
Tap the link to get started with your Skrill card today 👉 https://t.co/qHONChPBEW pic.twitter.com/WukiPAC8jP
— Skrill (@skrill) October 21, 2022
As its name implies, Trustly has grown to be one of the most trusted online banking systems worldwide. Founded in 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 this e-wallet, you don’t need to register an account to deposit and withdraw your funds. You simply pick Trustly as your chosen payment method, choose your bank account to pay from, and you remain anonymous all throughout, thus making it a great option when it comes to esports betting.
Trust your balance this Friday. Don’t overspend like 10% of Brits surveyed.#blackfriday #cybermonday #payments pic.twitter.com/SvzykN3gDs — Trustly (@Trustly) November 24, 2021
Trust your balance this Friday. Don’t overspend like 10% of Brits surveyed.#blackfriday #cybermonday #payments pic.twitter.com/SvzykN3gDs
— Trustly (@Trustly) November 24, 2021
The award-winning “smart payment app” MuchBetter was founded in 2016 and has made great strides in the digital wallet industry. Despite being less than a decade old, the e-wallet is available in a staggering 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 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.
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Curious to know why there are more than one million MuchBetter customers around the world? Join the MuchBetter revolution today! #PayMuchBetter pic.twitter.com/JVfbSM1d6I
— MuchBetter (@paymuchbetter) September 1, 2022
While the majority of bookmakers already accept e-wallets as a form of payment and withdrawal, there are a few bookmakers that stand out. These accept a range of digital 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.
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 at your bookmaker of choice.
E-wallets have become as extensively used as they are today simply because they work. They 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 authorisation measures such as PIN or biometric scans, electronic 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.
More and more individuals worldwide are starting to opt for digital wallets. With their 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.
The primary reasons why so many prefer e-wallets is because of their convenience and their speed. Deposit times are done in real-time, allowing 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.
Contrary to your ordinary physical wallet, you simply cannot lose or misplace your digital wallet. The only possible obstacle to accessing your e-wallet would be 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 becomes extremely difficult for your account funds to be stolen or misused by the wrong party.
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 that's done, you have the privacy to spend your money however you choose to. Since e-wallets are so ubiquitous, you can even have a multitude of them for varying purposes.
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 dedicated e-wallet for topping up for all your betting needs; making it easier to budget and keep track of your bank roll better.
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. Service fees for withdrawals vary between bookmakers; for instance, 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.
While it is true that e-wallets have risen in acceptance over the decades, not all of them are accepted at all bookmakers. And although a digital wallet like Skrill might be accepted by one bookmaker, it might not by another. Since there is no universal e-wallet, each one has to partner with bookmakers to be accepted as a form of payment method. For example, most major bookies 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.
After figuring out which bookmakers accept your preferred e-wallet, you will 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.
Since anyone can start an e-wallet account (even multiple ones), bookmakers have to place deposit and withdrawal limits in the efforts of discouraging money laundering and fraud. For example, minimum deposits can be made 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 digital wallets in circulation.
Where you can place a bet on esports, you can use your e-wallet to fund your account balance. But keep in mind that there are countries with rules forbidding bookmakers from accepting payments from digital wallets under individual circumstances. For the purpose of this guide, we shall be outlining only the top countries that accept e-wallets as there are too many to mention.
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.
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 older payment methods. 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 the range of available digital wallets and all the pros they come with, it’s no wonder why millions across the world have already made the switch.
An e-wallet is an application that allows users to store their credit information and perform secure transactions, thus 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.
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 digital wallet.
The majority of the top bookmakers accept e-wallets for betting on esports. These include bet365, Rivalry, Betway, and so many 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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