As more and more people have started spending money online, the need for increased security and convenience in online payments has been growing. And so came the birth of e-wallets. An e-wallet is essentially a type of electronic cash which can be used to make purchases or transfers of money online through a computer or smartphone. It acts as its own virtual credit or debit card and is linked to your bank accounts. With such a widespread utility out there, it’s my job to help you discern which is the best casino e-wallet for you.
This guide to the best casino e-wallets will take you through all of the main aspects you need to be aware of before deciding which payment method you will opt for. This page will discuss the most popular e-wallet casino payment methods in the UK, how to create an account, and what costs you have to consider. In addition to this, I will then identify the operators who offer e-wallet casino bonuses, focus in on the safety benefits, then offer insight into some of the providers you will find in the market today. I hope you find this page very useful.
E-wallets are extremely useful services. They have two main components: software and information. The software component stores all of your personal information online, and provides state of the art protection by securely encrypting your data. The information component is a centralised database filled with your details. For example, the user’s name, address, bank account details and a history of payments made. The following section will go into more detail about how electronic wallets are used for funding online casino gambling.
As with any sector, when there is a need identified, there will be an influx of start-up businesses formed in order to fulfil that demand. This was no different in the early noughties when the need for better, safer online payments proliferated. As far as the best casino e-wallet in the UK goes, there are three standout services that I would point to. Neteller was founded in 1999, originally in Canada but has since relocated all of its offices to the Isle of Man in the UK. A year later, the company was responsible for processing 80% of the world’s payments to online casinos and sports betting companies. It has since fallen behind in this regard as the competition has improved but is still one of the key players in the market today. EcoPayz was founded a year later in 2000, and has gone to become of the most secure payment systems in the industry. And last, but certainly not least, Skrill, set up in 2001, has shown extraordinary growth operating in nearly 200 countries and over 40 currencies.
E-wallets provide users with the ability to store multiple credit cards, debit cards and bank account information for making faster, more efficient payments online. All you have to do to set up an account is download and install the software on your device and fill out the relevant account information forms. You can store multiple card details on one account and edit or delete these profiles as you please. Once set up, the user can make purchases or payments online. When the merchant or operator prompts you for your payment information, the e-wallet will automatically add your details and all you need to do is fill in your password. Fast and efficient online payments, made easy.
How does it work?
As with any product, you should always be aware of the charges and fees associated with the service. There are four types of fees that I think you should know about before signing up for an e-wallet service. The first fee is for sending money. This cost is generally pretty low. Some e-wallet merchants charge as little as 1% whilst others do not charge anything at all. The next fee is for receiving money. Again, this is usually pretty low, in fact, across my top three e-wallet providers, this fee is completely waved and is free. Most e-wallets will allow you to transfer money internationally across currencies as well. Just make sure you look out for the currency exchange fee. This typically ranges between 3-5%. Finally, inactivity fees are enforced when you leave your e-wallet account dormant for a length of time. This charge can be enacted monthly or yearly depending on the provider. However, you don’t have to worry about being charged fees by online casinos for using e-wallets. Only Betfair currently takes a cut. Everywhere else, using e-wallets at online casinos is free.
Of course, any time you subscribe to a new service, there are various elements you must consider that will influence the type of provider you wish to use. One of the main conveniences that e-wallets offer is the ability to store information from multiple bank accounts altogether in one place. No more need for five different debit or credit cards in the wallet. All that information can be stored and accessed on your computer or smart device.
Strengths of E-wallets
Weaknesses of E-wallets
Another added benefit is the speed with which you can now process payments. Whenever you want to make a deposit to your favourite casino, you will no longer have to enter your own payment details. All of your details are stored on the e-wallet account and this will automatically be filled out on whatever payment form you have to use, saving you from the annoying task of taking out cards and typing out each digit of your long bank card number.
Another added benefit to consider is the secure nature of e-wallets. The providers invest millions of pounds each year into ensuring they deliver on their promise of state of the art software protection so that you can remain assured that your payment information is safe. Unlike credit cards, which of course have their own added benefits, you don’t have to worry about losing your e-wallet. Of course, you have to decide whether or not these benefits outweigh some of the fees that are associated with the providers.
It’s not completely uncommon for operators to offer bonuses to players who sign up to their casinos using specific payment methods. For instance, some online casinos offer specific bonuses for PayPal transactions. Unfortunately, this is not quite the case for other e-wallet casino payments. Of course, the lack of specific e-wallet casino bonuses shouldn’t put players off using them. There are plenty of other welcome bonuses and other promotions available at every other casino, accessible by depositing using a variety of methods, including this one. E-wallets are secure and reliable, and you might not even be bothered about bonuses and promotions. However, if you’re interested in finding out more about bonuses, check out this guide to the best casino bonus offers in the UK. I will continue to update this page as more e-wallet casino payment bonuses are introduced. Feel free to bookmark this page and refer back to it in the future for updates.
When trying to find best casino e-wallet, it’s vitally important you take into account the safety aspects of both online casinos and the wallets themselves. These days, online casinos are kitted out with state-of-the-art security systems for protecting the player’s personal data online. Secure Socket Layer encryption, SSL for short, is considered an industry minimum for all operators. It is used to secure communication between players and the casino. Always remember that all reputable casinos will have received a licence from the UK Gambling Commision – the body responsible for regulating gambling in the United Kingdom. If you’re still not sure, you can go to UK Gambling Commision government website and check if it has a licence number. If it is registered, the casino is just as safe as using online banking or making a purchase at a major online retail merchant. Using e-wallets provides a whole wealth of added protection to your online gaming experience.
All of your bank information will be masked when displayed and none of your confidential information will ever be shared with anybody apart from the card or bank processors. Even when you sign up with e-wallet casinos, your card information is not shared with them. There are very strong identity verification procedures in place to ensure your account is fully protected.
A‘Phishing’ emails and other online scams have continued to grow in recent years, so it’s integral that providers take action to protect players from fraud. Every e-wallet provider posts extensive information to its customers on how to prevent fraud. Typical tactics include creating a very strong password, never sharing log-in information with anybody, and always ensuring all software and apps are up-to-date to guarantee you don’t miss out on any critical security patches or updates.
Making payments with multiple currencies is a viable option if it suits you. However, there is, of course, one thing you need to keep an eye on: the fees for currency exchange. These fees will vary across the different providers but, in general, they range between 3% and 5%, which is sometimes less than what you’d get from your average bank.
Many providers have now introduced real-time transaction monitoring to their security arsenal. For example, Neteller has recently introduced 3D Secure technology which is supported by Visa and Mastercard. The feature uses Three Domain and SSL technology to issue a password that must be validated by the user and further checked by all the parties involved in the transaction. This standardised method of performing transactions online benefits the cardholder, merchant and the banks.
There is no doubting the steady push towards e-wallets across the whole world wide web. With more and more people making online payments every day, it was only a matter of time before the casinos started accepting them. And just so, e-wallets are perfect for players who deposit regularly and want to avoid the hassle of manually entering their card information every time. All of the top online casinos in the UK feature at least one e-wallet casino payments method. The newer payment methods have come so far that online casinos in the UK such as NetBet are even starting to accept payments via Bitcoin.
It’s very important to distinguish between deposit and withdrawal methods on casino sites. Whilst most operators will accept e-wallets for deposit payments, not all of them will transfer withdrawals to you via this method. However, there are some who do. Both Mansion Casino and Betway offer withdrawal payments via Skrill and Neteller with very favourable limits, especially for you high rollers. For example, at Mansion Casino the monthly limit goes up to £15,000 and even to £50,000 for their VIP members. These limits may differ depending on the casino and the particular provider you choose to use.
Our casinos have one of the broadest selections of e-wallet casino payment methods with over ten different methods to choose from. In addition to this, they also feature a fantastic games selection operated by world class software provider, Playtech, and feature one of the biggest welcome bonuses in the market today, coming in at a whopping £500.
As more and more players are wanting to play casino games through their phones, it has become absolutely imperative these days for electronic wallets to be handled through your phone. Fortunately, many of the top e-wallet providers have their own dedicated apps for this. Both Skrill and Neteller feature free to download mobile apps which are compatible with most devices. The apps operate seamlessly with most mobile casino operators, meaning you can deposit and withdraw funds just as easily as you can on your computer. If you are interested in using your phone to fund your gaming at online casinos, I’d recommend checking out my guide to mobile bill payments.
As I have highlighted throughout this page, there are three main providers that I would place my hat on. The first one I will talk about is Skrill. Founded in 2001, Skrill originally began life as moneybookers.com and has steadily grown over the last two decades to become one of the biggest digital wallet providers behind PayPal. Recent reports suggest an annual revenue of around 350 million US dollars. Neteller previously belonged to the top players list, but suffered losses when it was forced to exit the US market in 2007. The product has remained strong and it has remained a force in the UK online casino market scene. EcoPayz is certainly not as well-known as Skrill and Neteller, mainly due to lack of availability in some markets, but has recently done some stellar work to improve its product and has gradually expanded into the online casino market. As more and more casinos start to accept ecoPayz, I foresee it becoming a growth contender over the coming years. All three providers offer two-step authentication, free mobile apps and a cashback programs. EcoPayz users enjoy the highest cashback program of the three (0.6%-1%) compared with Neteller’s (0.45-1%) and Skrill’s (0.3%), but as mentioned before, it lacks the market coverage of the other two.
Of course, as the e-wallet casinos market continues to grow, I would expect more major players to emerge in the coming years. As more competition grows, the providers will be forced to get creative, resulting in either better final products or cheaper access for customers, which ultimately spells better times ahead for all of the casino players in the UK.
Players searching for e-wallet options at online casinos these days fortunately have plenty of options to choose from. Just remember some of the key aspects for evaluating the best e-wallet casino for you. Make sure you are happy with the safety and security features from the provider and that you are comfortable with the accompanying fees that come with the service. Then switch your attention to the individual casino you want to play with and make sure it, one, accepts your chosen provider, and two, has deposit and withdrawal limits that suit your playing style.
I hope you found this page very useful. If you’re not convinced or want to take some time to check out another similar payment method out there, you should take the time to explore the guides to the paysafecard and PayPal. Either of the two would present a suitable alternative to the e-wallets mentioned on this page, with the added benefit of paysafecard being virtually anonymous.