E-wallet betting is another great, quick, and safe way to fund your online sports betting accounts. An e-wallet, or electronic wallet, is a digital version of, well, a wallet. You store your cash in the wallet, and can use it to buy stuff online and place bets. Alternatively, you can also keep your sports betting winnings in your digital wallet and move them to your bank account whenever you want.
If you’ve ever used PayPal or Skrill, then you’ve used an e-wallet. In our e-wallet betting guide, we’ll be looking at the best virtual wallet betting sites, why you should use it, how they work, and the best ones for US sports betting fanatics.
What you’ll find in this e-wallet betting guide:
Best E-wallet Betting Sites
Using an e-wallet at sports betting sites comes with a lot of advantages. Firstly, there’s the element of safety and security. When using an it to place bets, you don’t need to use your credit card or debit card information. It acts as an intermediary between your bank account and the bookmaker.
Secondly, e-wallet betting is much faster than other traditional types of sports betting banking options. Also, it’s easier to move your cash between sportsbooks. You don’t have to wait for the money to clear, like with a credit card or wire transfer. Additionally, there’s no limit to the amount of transactions you can make at any given time. Your betting accounts are funded immediately and there aren’t any fees on deposits.
Finally, most sports betting sites accept e-wallets as a deposit method. This gives you a wider selection of the best sites to place bets at.
E-wallet Betting Cons
While there may not be any fees for deposits, using it as your withdrawal method does come with some fees.
Furthermore, if you want something that’s quick to set up, then it won’t work for you. The e-wallet company takes a few days to confirm your identity and making your first deposit.
E-wallets work like another bank account where you transfer your money to, from your actual bank account. Once you’ve signed up at your favorite service provider, you can begin using it for everything from online shopping to betting on the Kentucky Derby. You’ll have to fill in your personal information and the company will have to verify your details and the bank account you’ve linked your virtual wallet to. Let’s take a look at using them for betting.
See our guides for more sports betting banking methods:
Making a Deposit
- Login or sign up to your preferred sports betting site.
- Choose your e-wallet from the list of deposit methods.
- Put in the amount you want to transfer from your wallet to your betting account.
- Confirm the amount and your money will be instantly deposited into your sportsbook account.
Making a Withdrawal
Remember to first check if the sports betting site allows withdrawals using e-wallets.
- Go to the banking section and click on withdrawal.
- Choose your e-wallet from the list of withdrawal methods.
- Add the amount you want to withdraw from your betting account.
- Click on confirm to transfer your winnings. However, unlike deposits, withdrawals take a few minutes to a few days to appear in your account.
These are the most popular e-wallets for sports betting.
- Neteller: Since 1999, almost all betting sites accept this service provider. It’s ideal for betting because it offer a variety of funding methods for you to choose from.
- PayPal: This is the most widely used e-wallet platform globally. It’s known for its safety and security, which is why it’s the preferred wallet for nearly all online transactions. However, it may not be the best one for betting because it works with only a selection of sportsbooks.
- Skrill: This is another digital wallet giant that’s been around for a while. It’s a fast, trusted, and cheap one that’s accepted by nearly every online sports betting site.