In the world of sports betting, technology has revolutionised the way we place our bets.
Where once we had to visit a physical bookmaker, the introduction of mobile betting
sites and sports betting apps have become an inseparable part of the process, and
nowadays, it’s not a problem to learn, say, how to install Betway app.
Where once we relied on cash transactions, the introduction of e-wallets has
transformed the industry. E-wallets have been around since the late-1990s and they
have been one of the most consistently popular ways to deposit and withdraw money at
online gambling sites ever since. In fact, e-wallets were responsible for nearly 50% of all
e-commerce transactions in 2021. So, what makes them so popular? Well, there are
several reasons and we will go over a few of the most significant ones.
Deposit and Withdraw
Perhaps the most convenient benefit of e-wallets is that most of them allow users to
deposit and withdraw funds at online sports betting sites. This gives them a distinct
advantage over methods like vouchers and gift cards which can only be used to deposit.
Using a different withdrawal method can often lead to delays in payout times.
Widely Accepted
One thing that makes e-wallets such an attractive payment option is that they are so
widely accepted at online gambling sites all over the planet. If you use one of the best
betting sites, there is a good chance that most of them accept a variety of major e-
wallets like PayPal, Skrill, Neteller and ecoPayz.
E-wallets being so commonly accepted at online bookmakers has another upside. It
means that e-wallet users have more top-tier online betting sites to choose from. This is
particularly important for punters who like to shop around for the best odds. Of course, it
also means that e-wallet users have access to more bonuses and promotions.
Easy to Get
It usually takes about a minute to register and set up an e-wallet. In some cases, all you
need is an email address to get started. Once your account is open, you just have to
link a credit/debit card, your bank account, or some other available option that you can
use to move money into and out of your wallet. You can even fund some e-wallets using
other e-wallets.
Cheap to Use
You can’t escape fees no matter how you fund your online sports betting account.
However, using e-wallets is generally cheaper than other methods like debit cards,
online banking, and wire transfers. Whilst you will likely be charged a small fee for
transferring your e-wallet balance to your bank account, it’s still usually cheaper than
the alternatives.
Fast Withdrawals
Almost all payment options including e-wallets provide instant bookmaker deposits.
That’s not special. However, e-wallets are generally the fastest options for withdrawals.
Once the bookmaker has processed the withdrawal, e-wallet users often have near-
instant access to their money. Those who withdraw using methods like debit cards and
online banking usually have to wait up to three working days to gain access to their
winnings.
It’s also worth mentioning that e-wallets like Skrill and PayPal offer ATM cards. So,
instead of having to go through the process of transferring money from your e-wallet to
your bank account, you can simply access your money at a participating ATM.
Most E-Wallets Qualify for Bonuses
Whilst there are certainly a few exceptions, you will find that most e-wallet deposits
qualify for offers like welcome bonuses, reload bonuses, and other deposit bonuses.
This is a great way to get free bets, bonus cash, enhanced odds, and other betting
perks. All of these offers can do wonders for your bottom line. Just don’t forget to read
the terms and conditions of bonuses to make sure your e-wallet system is eligible for
receiving a bonus package.
E-Wallets for Sports Betting: Conclusion
The best online sports betting sites offer an abundance of payment solutions. Whilst
they all come with certain pros and cons, there is little doubt that the advantages of e-
wallets greatly outweigh any negatives. They are cheap and easy to use. They are
accepted for deposits and withdrawals at the majority of reputable online bookmakers
and they usually qualify for a variety of bonuses. Then there is the fact that popular e-
wallets facilitate some of the fastest withdrawal times. Many users gain access to their
money as soon as the bookmaker processes the withdrawal.
If you already have an e-wallet, then you already have the ideal payment solution. If you
don’t, you should consider taking a minute to get one. That way, you can discover the
benefits of e-wallets for sports betting first-hand.
