Skrill is one of the biggest names in online gambling. It operates as an e-wallet, allowing you to put money in a new account to either make payments or claim winnings at your chosen online sportsbook. Skrill launched in 2001 under the name Moneybookers. At the time, it was based out of the United Kingdom, and at that point, the term e-wallet wasn’t even in existence. Moneybookers was a big influence on the modern market.
In 2013, Moneybookers became Skrill, playing host to accounts of over 25 million users. Now, five years later, they’re up to 30 million users. Skrill is still a power player in online gambling. It remains one of the top payment methods used for non-US bettors all around the world.
Simply put, Skrill has fewer fees than Neteller. That’s about it. However, you can pretty much look across the range of e-wallets, or at least the four main ones, and find that there’s nothing drastically different about them. They all provide free transactions to and from online sportsbooks.
Skrill isn’t especially superior or unique. It all depends on what you’re looking for. Do you want a large range of pricier funding methods or a smaller range with fewer fees?
Before making a bet, do your research. Make sure your sportsbook is reliable. As it happens, we’ve reviewed a selection of popular sites.
What happens when you deposit with Skrill? How does it all work? Well, first of all, you need to open a free account through the Skrill website. It won’t take long. You’ll also be required to set up a username and password during registration, which you’ll need to connect with a sportsbook account. Once you’re signed up, you can start funding your e-wallet.
Keep in mind that transferring money from your bank to your e-wallet will take a few days to complete. Just be aware that the money won’t instantly appear in your e-wallet. Skrill accepts wire transfers from all countries.
Alternatively, you can add funds with a credit or debit card. These are also available worldwide and provide you with an instant deposit option. Skrill accepts all major credit cards as well as Diners Club International, CartaSi, Postepay, and JCB. These deposits must come from the original card.
Be aware that credit cards are subject to fees. Depending on location, Skrill also accepts Paysafecard and newer payment options such as Bitcoin, Klarna, Trustly, and even the Neteller e-wallet.
Funding your account allows you to make payments with a sportsbook. This process requires you to navigate to the cashier page and select Skrill from its dropdown menu. You’ll then be prompted to log into your Skrill account. From there, you can choose how much money you want to deposit into your sports betting account. The transaction is instantaneous, meaning you can place a bet straight away.
We mentioned that Skrill has fees for certain upload methods. For residents of the United Kingdom, standard bank transfers into your account will incur a 1% fee. This is the same for deposits using Bitcoin, Neteller, Trustly, and Boku. In fact, 1% is the maximum deposit fee you’ll ever pay in the UK.
Fees will arise whenever you decide to withdraw money from your e-wallet. Withdrawing money from Skrill carries a £4.76 charge per transaction. Visa cards have a set 7.50% fee.
Sending money to other Skrill users incurs a 1.45% charge, with a minimum processing fee of 43p. Thankfully, receiving money is always free of charge. Exact fees vary between countries.
So, why use Skrill? Well, first of all, it’s one of the more widely accepted payment methods. You won’t need to search very long to find a sportsbook that accepts Skrill. That’s a great advantage…unless you live in the United States. Skrill is widely restricted for US residents when it comes to online gambling.
Skrill’s fees are comparatively small. That’s a great advantage. It’s refreshing to see an upload fee of just 1%. Plus, you can withdraw from your chosen sportsbook without having to suffer additional fees. These transactions will always be free of charge.
Having an e-wallet protects you from exchanging personal information with a sportsbook. In terms of security, Skrill is a great option. It doesn’t incorporate any of your bank or card details when you’re moving money from the e-wallet to your sportsbook account. The e-wallet conceals your identity, making your bets your own.
A small con, as with any e-wallet, is that you have to fund your account before you can bet, and every transfer carries a fee. Fortunately, those deposit charges are capped at 1% for UK residents.
The bigger issue is the constraint on US players. Not only are US fees higher, but US residents can only place bets in Delaware, Nevada, and New Jersey. While there are alternative e-wallets, Skrill is widely accepted by many online sportsbooks. Additionally, some sportsbooks do not allow Skrill users to receive special offers, especially welcome bonuses. This isn’t always the case, but it is something to be aware of. A small con, but it stings to lose out on free stuff.
Does Skrill Use Automatic Withdrawals?
It’s common practice for online sportsbooks to send winnings to the same source used for deposits. If you deposit with Skrill, you have to collect with it as well. After the sportsbook approves your withdrawal request, the funds should be automatically delivered to your Skrill e-wallet.
New Skrill users cannot withdraw more than £762.50 within a 90-day period. However, this amount can be increased to £6,862.49 by verifying your identity and postal address. This is as simple as providing copies of your driving license or a national ID card.
When you create a Skrill e-wallet, you’re leaving your money with a trusted name in online betting. Skrill and Neteller are two of the most accepted e-wallets at sportsbooks. While there are fees, UK users will find them lower than Neteller. On the other hand, most US residents cannot use Skrill for betting.
Finally, Skrill has a plethora of funding options and is more secure than using your credit card. Ultimately, the Skrill e-wallet has maintained its popularity for a reason. They know what they’re doing.