Sport betting is a passion of many sport fans, but the rules of the game have changed quite a bit in the last decade. If you’re new to online sport betting, you are probably still using a debit or a credit card to make deposits and withdrawals. The experience is, you will agree, underwhelming.
Credit and debit cards are very inconvenient for this purpose because of slow transfers, complications during the transaction process and insufficient tracking information. There is also a question of security when you share your credit card info over the internet.
EWallets offer a payment method that is much more convenient for use on online sports betting sites. Transactions are instant, fees are minimal and no one can get a hold of your banking information. The amount of money in your digital wallet is left for you to decide so you can bet securely.
In this article we will give you an in-depth comparison of the best eWallets for sports betting, as well as some facts about using them in general. Make sure you do your research well and leave the rest to the digital wallet provider.
Why use E Wallets instead of debit and credit cards?
To transfer funds to an eWallet, you will need to connect it to your bank account. However, your banking info is not revealed to the sports betting sites so all your personal data stays secure. This payment system also allows you to connect your eWallet to multiple bank accounts and track all transactions in great detail.
Using digital wallets to deposit at a sports book means less waiting time. Transfers are usually done within minutes, but depending on the site you use for betting the transfer time might take up to 24 hours. These cases are rare, though.
Compared to debit and credit cards, digital wallets offer a much higher deposit limit. Furthermore, you can make deposits directly from your mobile phone since most eWallets have their own apps for Android and iPhones. The process itself is very intuitive and straightforward, with options of remembering favourite sites and vendors, so you don’t need to go through the verification process more than once.
Best eWallets for sport betting
WebMoney gained popularity in Russia but due to its versatility and low fees, quickly gained popularity in Europe and the rest of the world. This digital wallet is an ideal choice for small bets because it limits the deposit to $200 with a verified phone number connected to the account.
The withdrawal is almost instantaneous and can be done via bank transfer or to a debit/credit card. There is an option of purchasing a physical WebMoney card if you want to withdraw money directly from ATMs.
WebMoney charges 0.8% of the amount for every transaction except for transfers between their own digital wallets. Conversion fees vary but are very competitive in general.
Skrill is very flexible, widely spread and affordable. It offers very high deposit amounts, up to $50,000. The minimum deposit depends on the bookmakers and it’s usually $10. The withdrawal process is very fast – from Skrill digital wallet to your bank account in less than 24 hours.
This provider also offers a Mastercard you can use anywhere in the world for payments and withdrawing money from ATMs, meaning that you don’t even have to transfer funds from Skrill to your bank account. You can use it directly for online and brick-and-mortar stores.
Uploading funds via bank transfer is free. If you’re using a Visa card for transfer, there is a 1.90% fee. Withdrawing funds via bank transfer will cost you around $5, and withdrawing to a Visa card is a bit costly – it will require a fee of 7.50%.
Neteller is another digital wallet with high deposit amounts and instant withdrawal. Bookies allow deposits of up to $80,000 with Neteller, which is one of the highest on the market. Another advantage of this provider is that it offers bitcoin transactions.
When it comes to transfer fees, this eWallet can be a bit costly. Fees for uploading funds via bank transfer vary from bank to bank. Uploading funds using a Visa credit card is charged between 1.9% and 4.95% per transaction.
Transactions in cryptocurrencies will be charged 1% of the amount. Withdrawing funds is on the high end. Bank transfer will cost you around $8, while money transfers have a 1.45% fee or $0.50 minimum.
This provider might not be a s big as the ones mentioned above, but it offers additional security because their parent company is authorised and controlled by the Financial Conduct Authority. Furthermore, they offer around the clock customer support.
Depending on your needs and deposit levels you want to use, you can choose between the classic, silver, gold, platinum and VIP account. Silver is the way to go if you’re using this eWallet for betting. This account has a daily transfer limit of 15,000 euros which is more than enough for most sports bettors.
Fees for deposits are between 0% and 7% depending on the bank. Withdrawals to a bank account are fixed and will cost you $10 on average.
ecoPayz also offers a physical card you can use in shops and ATM’s. Each ATM withdrawal will cost you 2% of the amount.