Home > Banking Options for Online Sports Betting > Skrill Online Betting

Skrill Online Betting

What’s This e-Wallet?

SkrillIf you don’t know the name Skrill, you may be familiar with Moneybookers. Skrill started out as Moneybookers Limited back in 2001 as a company incorporated out of the United Kingdom. Back then, the term e-wallet was not a mainstream reference, but Moneybookers was one of the original and substantially sized e-wallet services.

When we talk about e-wallets, we’re talking about an e-commerce business that facilitates money transfers online. The wallet account is typically funded by a credit card or bank account, and then money can be easily moved to sportsbooks, online casinos, and other retail stores and services without having to provide all of the bank or card details. These types of accounts allow for a quick transfer with a simple password input.

The original Moneybookers changed hands a few times. It was purchased by Investcorp in 2007 for €105 million and they, in turn, put it up for sale in 2009 with an estimated £365 million price tag. Not too shabby for a two-year turnaround.

Moneybookers was ranked as one of the fastest growing private equity firms in the UK in 2010 based on sheer profit, which meant that customers were gravitating to the service and they were using it… a lot. In 2011, over 25 million people had Moneybooker accounts, and two years later these accounts were rebranded as Skrill, as it’s still known today although you can add another five million customers to the equation.

The name stayed the same, but the ownership changed yet again, actually two more times.

In 2013 Skrill was acquired by CVC Capital Partners for €600 million, six times the value from just the previous six years. But wait, growth is incredibly apparent in the 2015 sale to Optimal Payments, which is also the parent company of direct competitor Neteller. The sale was estimated at over €1 billion!

Optimal Payments still holds on to the brand but is now known by their new corporate identity, Paysafe.

In addition to the ownership changes, Skrill has evolved its brand throughout the years expanding its services as well as its reach.

In 2014, the company entered the incredibly strict United States gambling market by becoming the first online wallet provider approved by the New Jersey Division of Gaming Enforcement (NJDGE) for use in New Jersey’s relatively new online gambling ventures. It’s is available to US residents but cannot be used for online gambling in any state except New Jersey, Nevada, and Delaware.

Then, in 2015, Skrill acquired Ukash, another direct rival with a similar type of service.

The brand has added a Skrill 1-tap, and a branded prepaid Mastercard to its service menu, and also the Paysafecard as an acceptable funding method, thereby taking the credit, debit or bank account out of the equation for customers who prefer dealing with cash transactions.

It was the first FCA-regulated e-money issuer, and today its reach is nearly 200 countries and 40 currency options through the combination of services it is now offering to customers around the globe.

How to Get Started

Accounts are relatively easy to set-up and start using. Skrill promotes the process as “register in minutes and pay or play in seconds.”

A username and password are required, and then new customers set up their preferred payment method for funding their wallet account. It’s as simple as that. We mentioned that credit, debit, bank accounts, and paysafecard are some of the options available to customers and each comes with its own associated fee structure that we’ll get into in just a bit.

There are other methods as well, though, and each region and currency have their own list of acceptable ways to deposit. For example, in the United Kingdom, money can be added by using any of the following:

  • Bank account
  • Maestro
  • Fast Bank Transfer
  • Visa
  • Mastercard
  • American Express
  • Diners Club
  • JCB
  • Paysafecard
  • Bitcoin
  • Rapid Transfer
  • Sofort
  • Neteller
  • Swift

Credit and debit card users should consider completing both the card verification process as well as identity verification. Those two steps can take a maximum deposit amount of just $135 a month and raise it to $25,000 monthly ($5,000 daily).

Reversing the process and withdrawing money from a Skrill wallet is a bit more limited. In the UK, money can be sent to Visa cards, bank accounts, and swift.

Using Skrill for Online Betting

Skrill is practically custom made for online gambling and bookmakers recognize the ease and value that it provides both to them and their players.

If you look at the website, you’ll note several references to using it in conjunction with gambling. As it’s widely accepted and easily approved, it makes for one of the top ways to easily have money available to place bets.

The majority of UK books as well as Asian, Australian, Canadian, and European provide for the option, but you won’t see it on sportsbooks that cater primarily to Americans.

The big guys like bet365, Coral, 888sport, William Hill, and Pinnacle all offer deposits and withdrawals through Skrill and Asian bookmaker, SBOBET also allows for 1-tap use. But, US providers like Bovada, Bookmaker, and 5Dimes have a much more limited menu. The reason being is that, up until a few years ago, Skrill use in the United States for gambling purposes was strictly prohibited. But, four years ago, it became approved for betting in New Jersey and is also acceptable where offered in Delaware and Nevada.

That’s not to say that US residents can’t have an account because the service is offered and overseen on a state by state basis, but anyone outside of the three areas above will be declined if they attempt to use the wallet as a gambling payment method.

Unlike some methods like the Paysafecard or Ukash, Skrill provides the benefit of cash outs as well. Except for Sports Interaction, a Canadian bookmaker who allows for deposits but not withdrawals, most other operators are set up for transactions in both directions.

What About Fees?

Skrill provides a service but, of course, it is out to turn a profit, so it needs to make money somehow, and that way is through the fees that accompany various account transactions. Not everything has a charge associated, but most deposits and withdrawals in and out of the wallet will incur some except for bank transfers.

We’ll use the UK market and GBP currency for purposes of illustrating the fee structure although methods and costs will vary depending on the location of the account holder and the transactional currency.

As a general overview:

1. Fee or Free – Deposits into the wallet have fees – except for bank transfers.
2. Fee – Sending money has a fee but is capped at a certain level.
3. Free – Receiving money into the wallet from another customer or business is free.
4. Fee -Withdrawing money from Skrill to a bank account or other allowable source has fees.

Deposits into the wallet:

Local methods (bank transfer, fast bank transfer, and Maestro – £0.00
Rapid Transfer – 0.50%
Bitcoin – 1.00%
Sofort – 1.90%
Neteller – 3.00%
Swift – 0.00%
Visa – 1.90%
Mastercard – 2.25%
American Express – 2.50%
Diners Club – 2.50%
JCB Card – 2.50%
Paysafecard – 7.50%

Sending money from the wallet:

Flat fee of 1.9%
Maximum charge assessed per transaction – £17.32

Receiving money into the wallet from another source:

Always free of charge

Withdrawing money from the wallet:

Visa – 7.50%
Bank Transfer – £4.76
Swift – £4.76

Basic Details

So let’s get back to Skrill and funding an online gambling account. Once a player has an active account, he or she can easily move money into their player’s account. It’s as simple as specifying an amount and inputting a password. The ease and convenience are the wallet’s selling points.

Once the deposit is initiated, the money should be credited nearly instantly. There shouldn’t be any lag time with processing. Theoretically, there shouldn’t be any delay in receiving payouts either, but each bookmaker has its own processing procedures and timelines, so the delay is a result of their internal approvals and not attributed to Skrill.

Maximum transactions will be dependent on the account holder’s particular stipulations. If they’ve had a long-time history as a wallet holder and have gone through identity and card verification processes, a higher transfer amount is allowed. Brand new customers with no certification in place will only be able to deposit a few hundred into their account so won’t have substantial funds to transfer to their player’s account.

Here are a few Skrill sportsbooks and their specific information:

888sport
Minimum deposit – £10
Turnaround time – less than ten minutes
Minimum withdrawal – £3
Turnaround time – 2-3 days

Betfair
Minimum deposit – £10
Turnaround time – near instant
Minimum withdrawal – none
Turnaround time – 24 hours

Sportsbet Australia
Minimum deposit – $10
Turnaround time – near instant
Minimum withdrawal – none
Turnaround time – 24 hours

William Hill
Minimum deposit – £10
Maximum deposit – £80,000
Turnaround time – near instant
Minimum withdrawal – none
Maximum withdrawal – £80,000
Turnaround time – 24 hours

SBOBET
Minimum deposit – €40
Turnaround time – near instant
Minimum withdrawal – none
Turnaround time – less than 24 hours
SBOBET also accepts Skrill 1-Tap with a minimum €40 deposit

Benefits

Benefits for Use in Sports Betting

Disadvantages

Questions and Answers

What are the restrictions for new wallet holders?
Account holders must be at least 18 years of age and be a resident in a location where Skrill permits registration and use of its services.

If I deposit to a player’s account, can I withdraw using another method?
Every bookmaker has their own set of rules but, in general, operators mandate that if you deposit with Skrill, you also withdraw back into the Skrill account.

Why would I use Skrill if I have to fund my wallet using my bank account or credit card anyway?
The e-wallet provides an additional measure of security as well as allows for quick payment transfers without the need for inputting banking information every time. Transactions also have a much higher approval rate on sportsbooks or other gambling sites as opposed to bank transfers and credit and debit cards as banks may disallow transactions for gambling purposes.

Conclusion

Despite the name change, Skrill still has over 15 years of experience providing a good, viable e-commerce solution in a vast number of areas around the world. Its 30 million customer base proves that it has staying power and bookmakers are eager to accept it as a service to their players and a way to easily move money in and out of betting accounts.

Back in 2010, the wallet did have a bit of controversial publicity when it decided to close down the WikiLeaks donation collection account. It was highly debated by free speech activists who argued that WikiLeaks had not been directly charged with any crime. But, the service opted to keep the account closed as the organization was on both Australian and American watchlists.

Presently, though, operations are relatively quiet. The parent company name change to Paysafe was the last significant change that this provider has undergone. Ironically, the paysafecard that is also part of the Paysafe family has the highest associated usage fees. 7.50% for paysafecard deposits, as opposed to free bank transfers, is somewhat significant considering it’s all under the same umbrella.

Former controversy and current fees aside, this is a good overall solution for sports bettors who are seeking a quick and easy way to fund a betting account as well as to receive those big winnings they’re anxiously anticipating.

There are now a few different primary e-wallet providers with just slightly different features and benefits. Skrill has lower depositing and withdrawal fees than Neteller, but Neteller is better for currency exchange. Skrill, Neteller, and PayPal all offer prepaid Mastercards and good customer service, so a customer’s ultimate decision pretty much boils down to location and personal preference.