Updated on: November 7th, 2024
When it comes to banking at online gambling sites, many gamblers believe e-wallets are the only way to go. This virtual financial service allows you to make payments and receive money without sharing any personal details.
A lot of people are afraid of sharing their financial information with online casinos. After all, how do you know that a site won’t steal your credit card details? Well, with an e-wallet, you do not have to worry about this.
If you want to find out more about using e-wallets at real money casinos and sports betting sites, read on.
What is an E-Wallet?
An e-wallet is exactly what the name suggests – a virtual wallet that allows you to store electronic funds. Think of it as a bank account that is not actually at a bank. An e-wallet allows you to store credit cards and bank account numbers in one place.
You deposit cash into the e-wallet using your credit card or bank account and then use the e-wallet to make payments to outside parties.
The e-wallet acts as an intermediary between you and the person or vendor you want to pay. The benefit of this process is that you do not have to share your personal financial details with the vendor.
Many gamblers who have never used a gambling site before are afraid of making their first deposit. Thus, using an e-wallet or Bitcoin is preferable to gamblers who do not feel comfortable sharing their personal financial details with a gambling site when making deposits and withdrawals.
How to Deposit Using E-Wallet
Making a deposit using an e-wallet is extremely easy. Just follow the steps below, and you will have cash in your gambling account in no time:
- If you don’t already have one, create an e-wallet account and transfer funds to it using your credit or debit cards or bank account. (We recommend digital wallet services from Neteller and Skrill).
- Find a casino or sportsbook that offers e-wallet online payment methods and head to the cashier section.
- Navigate to the deposit section and select the e-wallet option you would like to use.
- Fill in the required details. (For example, a PayPal site may make use of a PayPal Me link.)
- Click confirm to complete the transaction. Your funds should be instantly available in your account.
How to Cashout Using an E-Wallet
Cashing out with an e-wallet is the easiest way to withdraw funds from casino sites. It is certainly the method we recommend everybody use. Here is how the withdrawal process works:
- Log in to your gambling account.
- Head over to the cashier section—this time, select withdrawals instead of deposits.
- Enter the details required for the casino payment, including the amount of money you want to withdraw and e-wallet specifications.
- Wait for the request to be processed by the eWallet casino. This usually takes about two to three days.
- Get your money!
Advantages of Using E-Wallets
Many benefits come with using an e-wallet, including:
- Deposits are instantaneous. As soon as you press confirm, your funds are in your account. So, there is no delay in your casino gaming or sports betting.
- You don’t have to share your personal details with the site. You only share the details of your e-wallet. You don’t share your financial details with the gambling site.
- Usually, deposit limits for e-wallets are higher than that of many other banking methods, which means that this is a preferred banking method if you are a high roller.
- You can fund your e-wallet in many ways. You can use your bank account, debit and credit cards, or even other e-wallets.
Disadvantages of Using E-Wallets
Unfortunately, there are also some downsides to using e-wallets, including:
- Some e-wallets make you connect your bank account to the wallet. Verification for this may take some time.
- There are some costs involved with e-wallet transactions. Some e-wallets make you pay for peer-to-peer transactions, whereas others place charges on deposits in the e-wallet.
- Not all e-wallets support online gambling. For example, PayPal is not available at all casinos and sportsbooks in the United States due to the legal limitations placed on gambling on the internet.
Best E-Wallets for Gambling
Device-Specific E-Wallets
There are a few e-wallets available for specific devices, such as smartphones, that have garnered widespread use, including:
- Android Pay
- Apple Pay
- Samsung Pay
- Microsoft Wallet
Bitcoin Wallets
Many e-wallets have been created to store cryptocurrencies, including:
- Coinomi
- Coinapult
- Coinbase
Other Popular E-Wallets
Outside of device-specific and cryptocurrency wallets, there are many other e-wallets available online. Chances are, you will actually be more familiar with these brands:
- Skrill
- Neteller
- PayPal
- ecoPayz
- Entropay
- PaySafe
Sports Betting Sites that Accept E-Wallets
E-Wallet Casino – FAQs
What is an e-wallet, and how does it work?
An e-wallet is a virtual wallet that allows you to store bank account or credit card details in one central location. You can then use these two options to deposit in the wallet. When making transactions at a place that accepts e-wallets, you enter the details of the e-wallet instead of your banking details so that it is kept safe from the vendor.
E-wallets are safer to use than most other banking methods. The reason is that you do not have to share any personal information with the person you are making the payment to.
Getting an e-wallet is easy. Most financial service providers who offer e-wallets allow you to create one for free. So, all you really need to do is visit the e-wallet provider’s site to create an account and then link a credit card or bank account to it.
Yes, PayPal is an e-wallet. It is probably one of the most widely accepted wallets around the world. Although your country has legislation against gambling on the internet, don’t expect to make online transactions with it.
Probably, the biggest benefit of an e-wallet is that it allows you to make payments online without sharing your personal banking details. This is very useful if you are thinking of making a payment to a suspicious person or site.
The easy answer to this question used to be PayPal because it used to be the most widely accepted wallet. However, nowadays, the landscape has changed a bit, and Apple, Google, and Samsung also offer these wallets on their devices. So, we say that the best e-wallet is the one that you find the most convenient to use. We suggest that you keep in mind that not all e-wallets are accepted at gambling sites.
