eWallets for Gambling
eWallets are virtual accounts that allow players to transfer money (deposits and withdrawals) between them and licensed gaming companies. New systems, varied game types, unique championships, incentives, and various payment options for withdrawals and deposits have all helped to improve online gambling services.
Although credit and debit cards are still the most common methods of payment in online gambling, eWallets are being used widely for their security and privacy options.
Benefits of eWallets for Gambling
Let’s get into details of some major benefits of using eWallets for gambling.
Privacy and Security
Online casino gamblers are always worried about the fraudulent activities associated with casino websites. Fraudulent activity is on the rise these days, and entering personal and financial information on the internet can now be dangerous, even if most sites provide safe connections. Placing bets using the bank details can lead scammers and hackers directly to your bank account. To avoid this risk, eWallets are necessary as they operate as the intermediary between bettors and the casino by eliminating the chances of exposing your bank account details to casino or hackers.
To pay deposits from your eWallet accounts, you just need to log in with your email address and password. Then the transaction will be initiated on the landing page of the specific eWallet, thus, gambling websites can’t store your bank account details. Apart from this, the bank also no longer tracks your gambling activities if you use an eWallet. Furthermore, if accidentally your eWallet account credentials are exposed illegally, hackers will be unable to access your account due to the two-step verification feature.
eWallets such as MuchBetter are regulated by external authorities, such as the Financial Conduct Authority (FCA), to guarantee that users are always safeguarded.
Quick Processing Time
Another advantage of eWallets is the speed of the transaction. Yes, eWallets make the payment procedure much easier and eliminate the need for a lengthy waiting period in online gambling. Traditional bank transactions can take several working days, sometimes weeks, to be completed. Even when using a debit card, you’ll typically have to wait several days for a withdrawal to show up in your bank account.
However, with eWallets such as Neteller, transactions are almost instantaneous, which allows you to receive money whenever needed and also makes it much easier to keep track of your spending. So, when you use your smartphone to send money or pay, or when you use your credit card to top up your eWallet account, the transaction will be completed in a matter of seconds.
Keep Track of the Payments
Using an eWallet for the transactions of online casinos will make it far easier for gamblers to keep track of their finances such as profit and loss than using a debit card or banking system. When you use your regular bank account to place bets, the chance of losing your money in and out stats in the shuffle of your daily and monthly transactions is high. Payments normally take 48 hours to finish since banking systems don’t update quickly. As a result, players will find it more difficult to manage their account’s finances.
On the other hand, when you are using an eWallet like Skrill, your credit balance is updated in real-time.
There are some other perks of using an eWallet for maintaining your gambling account such as convenience to use, no transaction block, lower fees than traditional banking transactions, multiple funding sources to top up the eWallet, less time-consuming, etc.