Skrill

E-wallets like Skrill are secure and fast for sports punters to get money into or out of their betting accounts. The wallet is more like an online personal bank account that has been used for over a decade. People use this digital wallet to store money online, make payments, and receive funds.

Additionally, the payment method acts as a middle-man between a punter's betting platform and personal bank accounts. Plus, players can make a Skrill deposit without even providing their banking details. Many sports betting providers worldwide accept payments made via this banking method. Here's the full low-down on this online banking option.

Sportsbooks And Skrill - Overview

Previously called Moneybookers, Skrill began operations in 2001 and has its headquarters in London. After operating for six years, Investcorp purchased the e-commerce business for about €105 million. The company expanded rapidly to reach millions of customers globally. Skrill's services are available in over 200 countries, and the banking method is supported by close to 16000 online businesses and merchants.

Today, e-wallets are one of the most commonly used payment methods in the online betting space, mainly because they allow for fuss-free and fast payments. In fact, their history is closely linked to betting since they were the first e-wallets to process online payments to and from gambling operators.

Away from that, the method is perfect for both cash-ins and cash-outs. The best thing is that a Skrill withdrawal is relatively easy since the e-wallet directly links to a bettor's bank account. For this and other reasons, the largest and best online sports betting apps, including William Hill, Betfair, and Ladbrokes, allow deposits and withdrawals via this payment method.

However, online punters from Turkey and China cannot use it. And if the payment method in question is available in a particular country, bookmakers usually list it among the available options.

Deposits and withdrawals using Skrill

Compared to other well-known digital wallets, Skrill has relatively similar e-wallet services. Users do not need debit or credit cards to enjoy the benefits because the digital wallet is an intermediary when processing online payments. No third party is involved in using the wallet, making everything fast and straightforward.

However, users must fund their accounts before depositing money into their preferred betting sites. The most common way to do this is by initiating a bank transfer, which needs to be linked to a bank card. Afterward, the bettor can wire money to their betting account easily and instantly.

Further, withdrawals are relatively easy and instantaneous since no verification is needed. Thanks to the dedicated mobile app, players can even initiate transactions with their mobile devices. That said, the payment option charges nominal fees every time a player uses the service.

Why some U.S. sportsbooks allow Skrill deposits but not Skrill withdrawals

One of the more confusing and frustrating aspects of making sports betting transactions with Skrill is that some licensed sportsbooks allow bettors to make deposits through the method but not withdrawals. Bettors can still withdraw their winnings from their accounts, but due to backend payment routing restrictions, they cannot be taken out through Skrill, even though an initial deposit may have been made with that method.

Some sportsbooks do allow for Skrill to be used for both ends of a transaction, but the ones that don’t have multiple reasons as to why, including compliance and regulatory hurdles. Some states have stringent financial regulations for sportsbooks, which force some sportsbooks to use other methods for withdrawal, such as ACH, mailed checks, or verified online banking. The easiest way to avoid this problem is by checking to see if Skrill is listed under deposit and withdrawal methods in the sportsbook's payment options FAQ section.

How to deposit with Skrill

1. Log in to the online gambling account. With an active and funded Skrill account, the bettor should visit the sports betting operator's site and sign in to their betting account. This step typically requires the account's username and password only.

2. Go to the cashier menu and select Skrill. Here, the bettor will choose this e-wallet as the preferred deposit method.

3. The sports betting operator will prompt the bettor to log into their Skrill account. Often, the player will only need to provide their username, password, and 2FA to gain access.

4. Select the amount to deposit. If there is a balance on the e-wallet account, the site will initiate the payment while protecting the punter's banking information. Otherwise, the site will prompt the bettor to initiate a transfer. The bookie will instantly credit the betting account afterward.

Safety and trustworthiness

Sports gambling enthusiasts who wager on regulated Skrill betting sites have no reason to worry about their safety. The payment method doesn't require users to disclose their banking information. Further, all payments are processed within the platform, but users must provide their login credentials first.

Verisign's secure 128-bit SSL encryption safeguards all transactions initiated using the e-wallet. Moreover, the service uses its in-house security tools to back up Verisign's tech tools. As such, all payments undergo a rigorous monitoring process, which is why the e-wallet has an excellent reputation in the betting industry.

With this in mind, Skrill is one of the safest payment modes. Users can take various measures to ascertain their safety when using this platform. First, punters should ensure that their login information is kept private. Further, they should take advantage of the 2FA security addition, designed to lock out third-party interference.

Using Skrill on public Wi-Fi: When overzealous risk filters block legitimate betting transactions

Like most mobile wallets, Skrill’s security systems are designed to protect users from fraud, but sometimes they can be overly protective. If a bettor attempts to deposit to a sportsbook using Skrill over public Wi-Fi, in places such as airports, hotels, or coffee shops, they may find their transaction blocked or flagged for review.

Skrill’s real-time fraud detection analyzes IP address reputation, encryption, and potential location abnormalities. As a result, public networks found in places like airports often raise red flags due to shared IPs, weak security, or interference from high-risk regions. Even if a bettor's credentials are correct, the transaction might be immediately declined. To avoid such issues, bettors should always use their private networks or mobile data to conduct transactions when in public.

Pros

• Easy deposits and withdrawals: Skrill makes it easy and fast for punters to deposit into and withdraw from betting accounts.

• Safely stores funds: The payment method uses Verisign's secure 128-bit SSL encryption to store users' funds and information safely.

• Doesn't share users' details: Skrill has a strict privacy policy against information sharing with third parties.

• Accepts a wide array of payments: The platform allows users to make payments using various methods, including credit cards and bank transfers.

• Popular: When you choose Skrill as a payment option, you'll have a wide range of sportsbooks.

Cons

• Unavailable in some countries: Bettors in countries such as China, Israel, and Turkey cannot use Skrill as a banking option.

• Fees vary based on transactions. Users incur varying fees depending on the transaction type. For example, when performing Skrill to bank transfers, bettors pay up to 7.5% of the amount as added costs.

• Unwarranted account limitations: This payment service has pretty tight security policies that sometimes lead to accounts being blocked.

• Slow response time to issues raised: The support team usually responds to customers within 24 hours or longer.

Final verdict - Betting with Skrill

To sum up, Skrill is a relatively dependable online payment method, and players worldwide use it to make fast and secure payments online. While everything has its ups and downs, the pros of using Skrill as an online banking option have heavily outnumbered the cons.

The e-wallet is available worldwide, with just a few exceptions, such as China. In addition, it is supported by hundreds of online sports betting sites. Although users incur charges when topping up or withdrawing from their wallets, the option is considerably less expensive. The service also supports an array of currencies to help cut the extra costs of currency conversion.

Essentially, Skrill's services work to the advantage of punters. Their transaction limits are even more admirable as betting sites with this banking option have higher withdrawal limits than other sportsbooks.