Electronic wallets, or e-wallets, have become a no-brainer when it comes to online gambling payment, due to the transaction speed they offer primarily. E-wallets also act as a great buffer between your bank account and the casino, thus increasing users’ privacy.
However, there is a vast ocean of e-wallet brands out there, and not all of them are reliable nor suitable to be gambling e-wallets. Let’s take a look at the top names who dominate the online casino payment industry.
Neteller – The Giant in Online Gambling
Neteller used to be the most dominant force in the gambling industry bar-none, with their name present in almost every betting site. Nowadays, even though other competitors have stepped up their game and taken their share of the market, Neteller still remains one of the most trusted and popular e-wallets for gamblers.
The payment brand doesn’t take security lightly, so you’ll have to verify your identity with an ID (KYC) before gaining access to all of their services. Moreover, even though a fee is charged for every transaction involving currency conversion and withdrawals to a bank, depositing through bank transfer is completely free. Also, you’ll be glad to know that Neteller accepts Bitcoin and other cryptocurrency deposits.
People who don’t gamble often should know this: Neteller charges an administration fee after 14 months of inactivity. But don’t worry, you can leave your funds in your account inactive for up to 6 years before they are forfeited.
Overall, Neteller users will enjoy many perks, such as wide availability, fast transaction speed, and high-quality data protection. This e-wallet also offers different levels of VIP programs so players have many options to choose from. The only disadvantage is that their fees are higher than some of the other e-wallets.
PayPal – Incredible Security
PayPal needs no introduction when it comes to their reputation as an all-purpose e-wallet, and they have also earned many players’ trust as a great gambling e-wallet. You can make online payments at many gambling sites and different betting sites with no fee using PayPal.
What’s more, having PayPal as an available option almost works as a mark of reliability for the casino. This is because PayPal does a thorough analysis of the businesses they partner with to ensure their credibility.
Safety is a priority for PayPal. Their service includes Buyer Protection, Fraud Protection, and high-level data encryption as well as Account Protection, which protects you from unauthorized purchases and identity theft. PayPal also employs a 24/7 monitoring system on top of this to supervise all transactions, making sure to detect any fraudulent behaviors.
Safety is a priority for PayPal. Their service includes Buyer Protection, Fraud Protection, and high-level data encryption as well as Account Protection, which protects you from unauthorized purchases and identity theft. PayPal also employs a 24/7 monitoring system on top of this to supervise all transactions, making sure to detect any fraudulent behaviors.
There’s another useful feature that PayPal offers at the price of $29.95 (one-time charge) called PayPal Security Key. When there’s an issue with your payment, whether, at online casinos or other online retailers, this feature guarantees you get 100% cashback. For gamblers, this serves as a great layer of protection in case a casino tries to scam you of your money.
Skrill – Not Just An E-Wallet for Online Casinos
Skrill is a name that’s all too well-known among online gamblers. And even though gamblers are indeed their main demographic, Skrill puts great effort into branching their business to other areas so it’s a great option for those who want a payment option for both gambling and online shopping or other purposes.
Skrill has partnered with major online brands to make their product flexible: eBay, Facebook, and over 100,000 merchants around the world accept Skrill as a payment option. It also offers low-cost international transactions so it’s easier to transfer funds to family, friends, and business partners quickly.
Skrill utilizes the highest of encryption and security means to protect their client’s safety, evident by them being authorized by the Financial Conduct Authority. When you access your account from an unknown device, Skrill requires two-factor authentication and a PIN is needed to confirm transfers.
In regards to gambling specifically, people love Skrill for how convenient it is to both deposit funds to and withdraw from online casinos. For this reason, many gamblers use Skrill to fund multiple online casino accounts. In addition, Skrill’s mobile app is really easy to use (it’s rated an impressive 4.5 on App Store), it’s great for players who enjoy the mobile gambling experience and making payments on the move.
ecoPayz – Pay Economically
Among the numerous e-wallet services, ecoPayz is the favorite for many players due to its low fees. The transaction charges of ecoPayz are much lower compared to many of their competitors including Neteller and Skrill. Yet the e-wallet still provides users with super-fast transaction speed and reliable security.
When you first create an e-wallet account at ecoPayz, it will begin as a Classic tier. After proving that you’re a real person with an ID, bank account details…the ecoPayz account will be promoted to Silver. Continual uses can move your account to Gold, which offers even lower fees and higher transfer limits, then to Platinum and VIP. As a result, ecoPayz is a great match for frequent gamblers because the fees keep decreasing the higher you move up the VIP ranks.
Furthermore, ecoPayz is beloved for its sophisticated customer support, which functions 24/7 and includes a wide range of languages. Additionally, ecoPayz offers regular monthly cashback programs for accounts signing up through their affiliated partners.
Trustly – Only Require a Bank Account
Trustly is one of the most unique e-wallet services because you don’t have to create an e-wallet account at all. Trustly acts as a payment channel to facilitate transactions directly from a bank to the casino and vice versa, not storing any of the money themselves.
This payment method has won multiple awards and has had recognition for its success. In 2011, Deloitte named Trustly a ‘Rising Star’ because they were Sweden’s second-fastest-growing company. In addition, they won the CIT Golden Card Award in 2014 for their innovation in the payment service field. Trustly was ranked among the top 3 payment methods in 2015 and 2016.
Users of Trustly enjoy instant transactions, high-end encryption and a lack of redundant register processes. Players will also only settle transaction fees with their bank as Trustly doesn’t charge any additional fees.
Many players dislike making frequent transactions directly from their bank to the casino because they will show up on the bank reports, consequently affecting their financial credibility. To address this, Trustly ensures that bank statements will only show Trustly’s name and not the actual casino or online betting site.
If you didn’t know, Trustly is also the one behind Pay N Play, a service that is prominent in the mobile gaming market. Pay N Play’s core function is the same as the normal Trustly services, but it’s even more intuitive since you don’t even need to register a casino account to play. However, one major downside to Pay N Play and Trustly is that it’s almost only available in Europe.
