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When you’re looking to get the best from your betting, your payment method is really important. Some you’ll already know, such as debit and credit card betting, but we’re going to tell you all about Skrill betting, a great alternative payment method using an e-wallet. With our simple guide to Skrill betting, we’re going to tell you all about this quick and convenient way of getting your money in and out of your favourite Skrill bookmakers. We’ll tell you all about the advantages and disadvantages of using it and point you in the direction of some great bookmakers that accept Skrill.
You might not have heard of Skrill before, or you might know it by its old name, Moneybookers. It’s a system that’s been in use since 2001 and you can use Skrill for gambling or non-gambling transactions. But, if you’re looking at Skrill betting as a way to pay money in and out of your bookmaker accounts, you’ll be pleased to hear it’s really easy. It’s a type of e-wallet, where your Skrill account acts as a secure way of moving money between your bank accounts or credit card accounts and your bookmaker accounts. In this way, a Skrill money transfer is pretty much the same as using PayPal, something you might be more familiar with if you’ve ever used Ebay. It’s the great advantage of Skrill betting, knowing you’re not exposing your banking details to loads of different bookmakers. Instead, you securely transfer money to your Skrill account, either online or using the Skrill app, and then transfer funds in and out to bookmakers using your secure Skrill email / Skrill ID and password.
With any payment system, the very first thing to consider is just how safe it is. Well, when it comes to using Skrill betting sites, you can be reassured, as it’s an established, trustworthy and secure way of moving your betting cash around. All of your personal and financial info is held securely, with full encryption, and Skrill holds the highest level of payment card security possible, the Payment Card Data Security Standards (PCI-DSS) Level 1. Additionally, Skrill is fully licensed and regulated by the Financial Conduct Authority (FCA). If that’s not enough, there’s also the optional protection of adding two factor account authentication and to use a PIN number. Skrill is definitely locked down tight!
We’ve already told you that Skrill betting is simple and, no doubt, you’ll be wanting to check out all the betting sites that accept Skrill already. But first, here’s a quick and easy guide to getting the most from Skrill:
Step 1: Set Up Your Skrill Account.
Before you can head off to those Skrill bookmakers, you’re going to have to set up a Skrill account. Either head to the website or use the Skrill app, enter the standard personal details, choose the Skrill ID and a password, and verify the account. That’s all there is to it!
Step 2: Moving Money Into And Out Of Your Skrill Account
Another wonderfully simple process, just as it should be. You can use many payment methods to move cash in and out of your account, including debit & credit cards, bank transfer, or by adding your bank account. And, if you’re after a way to make use of those Bitcoin betting millions you might have, Skrill is one of the few payment methods that accepts them! You have to choose the depositing currency on your first deposit, and it’s not something you can change in the future.
Step 3: Depositing & Withdrawing At A Skrill Bookmaker
There are plenty of bookmakers that accept Skrill and you’ll find the method varies slightly depending on which Skrill bookmakers you use. Generally, you simply need to provide your Skrill email and enter your password for deposits and withdrawals. Again, beautifully simple! However, some bookmakers who offer Skrill deposit betting fail to offer withdrawals to Skrill, so always check before depositing!
Unfortunately, there are some fees for using Skrill. These include fees for uploading money to your Skrill account, currency conversion, withdrawing funds from Skrill, and an inactivity charge that kicks in if you haven’t logged in every 12 months. The good news is that all transactions to and from your Skrill account to betting sites that accept Skrill are completely free.
Currently, the upload fees are 1% per transaction up to EUR 20,000 (or equivalent), no fees for more than EUR 20,000. Currency conversion is charged at 3.99% per transaction, and withdrawal fees are variable, but as an example, VISA withdrawal is 7.50% and bank transfer a flat GBP 4.76. If the account is inactive for more than 12 months, you’re charged EUR 3.00 per month.
Unlike payment methods such as debit and credit cards, not all bookmakers will accept Skrill, and that includes some of the big names! For example, one of our favourites, Betway doesn’t accept it at all, whereas one of the biggest names in the bookmaker biz, Paddy Power, doesn’t accept it on its mobile apps. So, be careful when signing up with new bookmakers if you want to use Skrill betting, and always check that they are bookmakers that accept Skrill.
With those bookies that operate Skrill, there are no fees involved for paying in or withdrawing, and the minimum and maximum deposits and withdrawals tend to be in line with those for all e-wallets. You’re looking at £10 minimum deposits usually, so be wary if you’re looking at Skrill minimum deposit betting. Maximums, as with all e-wallets, tend to be lower than debit/credit cards, with £5,000-£10,000 being the norm. When it comes to withdrawals, it’s £10 or £20 minimums that take between 24-72 hours.
If there is one big problem with Skrill as a method of payment, it’s that a lot of bookmakers that do accept Skrill as a payment method also exclude Skrill deposits from their bonuses, including William Hill, Ladbrokes, and Coral. It’s a problem they share with the other e-wallet providers, such as PayPal betting and Neteller betting. And, unfortunately, this means that you’ll not be able to make use of any of the great deposit bonuses, welcome bonuses, or reload bonuses that we love so much, here at bettingtips.net. And that’s a real shame! Obviously, one way round this is to use another form of deposit to grab the bonus, but if one great reason for using Skrill is to avoid giving financial details to lots of different betting sites, this rather defeats the object of using the e-wallet!
If you’re looking to use Skrill as a betting payment alternative, we’ve given you enough info here to set you on your way to becoming a Skrill betting expert.
To us, the advantages of Skrill are obvious, but they’re only the same advantages that you’d find for any of the various e-wallet methods of payment available. They’re all, including Skrill, a perfect way to isolate your betting funds and betting account from your main financial accounts, whether that’s bank accounts or credit cards, and can also be useful for helping you set a betting budget, something that’s always a great idea. And, like the other e-wallets, Skrill is super easy and convenient to use, saving you from having to enter credit card details and all the individual passwords for whatever card you used to use at multiple bookies. Having just the Skrill ID/email and Skrill password is way simpler!
However, it’s a payment method that also comes with certain disadvantages. We don’t like having to pay fees for anything, to be honest, but when it comes to e-wallets, fees are pretty standard. The real problem we’ve found with using Skrill for betting is the issue over being ineligible for all of those great bookmaker welcome bonuses.
Overall, Skrill proves a worthy alternative payment method. It’s as safe as you could want, it’s wonderfully easy to use and convenient, and it acts as a stopgap between the betting site and your financial info. However, it’s merely one flavour in a range of e-wallets, with the fees and the ineligibility issues a problem for a lot of bettors. Looking for more? Have a read of our Paysafe betting guide for an in-depth review.