Online gambling has been improving its services through updated technologies, different variations of games, special tournaments, promotions and bonuses, and different payment methods for cash deposits and withdrawals. The most common methods of banking for online gambling are still through credit and debit cards. However, with the advent of online banking and with the existence of e-wallets like PayPal, Google Pay, Apple Pay, and other electronic wallets, online gambling is now provided with a more convenient payment method.
What is an Electronic Wallet (E-Wallet)?
Electronic wallets are digital wallets that one can use to store funds. These funds can be converted into different currencies depending on what the user prefers or needs and can be used in any type of online transaction. Just like a regular bank account, e-wallets can be used for sending money to different e-wallet accounts.
The most popular e-Wallet that most people use in their online transactions is PayPal. Paypal comes from the popular site eBay that is now a successful multi-dollar company. It is also one of the most used e-wallets by online casino players.
Players who want to use an e-Wallet need to sign up for an account in any e-Wallet provider like PayPal, and to link the created account to an actual credit card where they could deposit money.
How to Set Up EWallet Account
It is easy to set up an account. The players just need to provide some personal and financial details that they will need to confirm again when having deposits and/or withdrawals. They can choose to create an account in PayPal, Neteller, Skrill, etc..
This might take a few days for the verification process and no fees are involved when opening up an account.
After creating an e-Wallet account, a user can now link it to their online casino account.
The benefits of E-Wallet for Online Gambling
Most players prefer to use e-wallets when gambling online as it offers more advantages than using credit and debit cards. In fact, aside from online casino games, e-Wallets are now used in different gaming online. Moreover, there are also online casinos who give extra bonuses when depositing through e-Wallets. Below are the other advantages of e-Wallets in online gambling:
- The transfer of funds is quicker than the traditional banking method
The speed of the transaction of e-Wallet is the most known advantage among others. Traditional banking transactions like withdrawals may take several working days to be completed. There are even times that this will take up to a few weeks. Many top-notch casinos, either brick and mortar or online, are known to transfer funds to e-Wallets for just a couple of minutes, while there are also that take a few hours. This is undeniably an advantage since there is no need for crediting bank cards and checking mails that traditional banking methods require.
- It is safe to use E-Wallets
With the existence of fraudulent online casino websites, many casino players are becoming wary of getting scammed. Fraudulent behaviors are becoming a trend these days and putting on personal and banking details can now be risky even if most sites offer secure connections (manifested by the padlock symbol next to the URL link).
E-Wallets provide users a secure method of banking because although your bank account needs to be linked to the e-Wallet account, the two banks have different systems. Furthermore, eWallets are regulated by a third party like the Financial Conduct Authority that ensures the players’ protection from online theft.
When using an eWallet, the personal details and financial information of the players are also protected from the online casino websites, which makes the players anonymous during the game.
- They are cheaper than traditional banking
When players make some deposits in their online account on any casino websites, the traditional method, on the one hand, will charge transaction fees that can be quite high for some players. On the other hand, eWallets have relatively lower fees involved, and players will only need to pay these fees when making a withdrawal. When players add funds to their casino accounts via their e-Wallets, no necessary fees are required.
With the above-mentioned advantages of e-Wallets, they have become the platforms designed for online casino players and gamblers in general. Betting has become easier and achievable in mobile platforms, which increases the favor of e-Wallets. However, there are also some cons to using these digital wallets.
Some Disadvantages of e-Wallets
- There is restricted access to e-Wallets for casino games.
There are casinos, both live and online, that are yet to accept the electronic wallet banking option. This provides restrictions to players who are active users of e-wallets. For instance, in America casinos have restrictions on using this means of deposits. This is a drawback that needs to be addressed before we can conclude the popularity of e-Wallets among other banking options.
- It is device-dependent
EWallet is electronic and digital. This means that it requires any device, phones or computers, to operate. This becomes a drawback when a player cannot have access to any personal computers or phones, or the players run out of battery and are never able to complete the banking transaction. However, this is a petty disadvantage as players mostly do have access to mobile phones and personal computers.
There are only a few cons to using e-Wallets in online gambling. As mentioned, some casinos online have restrictions on e-Wallet banking options, while others do not, and it requires access to any device, which players basically have.
Players are not required to have an e-Wallet to play casino online, but because the advantages of using e-Wallets outweigh the disadvantages it brings, more and more players are using e-Wallets as an option to online transaction. This is not limited to casino games but is also used by other gamers online. Likewise, online casinos that offer e-wallet banking options also attract more players than those that do not offer this option.
Furthermore, with the advent of technological development, digital wallets have become more and more relevant to any online transactions worldwide.