Using e-wallets at online casinos – pros and cons

If you are looking into playing slots or games at an online casino, then you need to think about how you will fund your casino account. In the past, the main two ways were via credit/debit cards or bank transfer. However, in recent years e-wallets have become more popular with players.

What is an e-wallet?

Before we look at the pros and cons of using an e-wallet compared to a bank transfer or credit card, it is useful to clarify what e-wallets are. An e-wallet is a secure online digital wallet that links to your bank account and allows you to put money into your casino account. Any winnings you make will go into the e-wallet and permit you to put the money back into your bank account.

Naturally, their very nature makes them entirely different to having your bank or card details stored on a casino site’s database. There are many different e-wallet solutions you can choose from now. Many players are opting to go down this route when it comes to funding their gaming on online casino sites.

The pros of using an e-wallet

If you are wondering whether to use an e-wallet compared to your credit card, then here are a few ways in which it is the preferred method:

  • Speed

One of the big advantages that e-wallets have over more traditional methods is their ease of use and instantaneity. E-wallets are much quicker for immediately transferring money into your casino account. What’s even better is that this is true for any withdrawals too! Bank transfers can take up to five working days to process which is very slow compared to the lightning-fast capacity of an e-wallet.

  • Security

Another reason many players are using e-wallets is the increased security they entail. All major e-wallets are tightly regulated and have protection in place for you as a user against any potential problems. In addition, it is not necessary for you to save your bank or card details on the casino site itself where it may be vulnerable to cyber criminals.

  • Protection of your personal information

When you use an e-wallet to fund your casino account, the casino never sees any of your personal information, which could be damaging if lost or stolen. This makes it ideal if you are unsure or uneasy about casino sites storing this kind of data but you still want to play.

  • Easy to set up and use

All the major e-wallets are also much easier to install and implement compared to credit or debit cards. It can all be done online without having to leave your sofa in most cases! When you come to use the e-wallet, there are no long card numbers, account numbers or security codes to remember as there is with bank cards or bank transfers.

  • Convenience

One great thing about an e-wallet is that you can link it to all your casino accounts. This means that you can say goodbye to funding each one separately, which is time-consuming and annoying!

The cons of using an e-wallet

While there are many fine reasons to use an e-wallet, it should not be overlooked that they come with certain drawbacks too. Here are the main ones to think about when considering setting one up:

  • Not universally accepted

Although the major e-wallets are becoming increasingly popular, there are still some casino sites that don’t accept them. Obviously, this is a negative point when compared to bank transfers or credit cards, which all casino sites will accept. It is worth double-checking with the casino site you are playing on before opening up an account to use with an e-wallet.

  • Limited bonuses

Casino site bonuses from certain operators are not open to e-wallet users. This can also be true of some promotions that your casino site operator may run. Once more, it is worth looking into this before deciding whether to use an e-wallet.

  • Transaction fees

For some e-wallet services, you may be charged a transaction or payment fee when you use them to deposit or withdraw. This is a disadvantage compared to credit or debit card transactions which will not usually charge you additional fees.

What are the main e-wallets on offer?

If you have weighed up the overall picture when it comes to e-wallets and want to jump in, it is worth knowing the big names in the industry. Currently, this would be PayPal, Skrill and Neteller.

PayPal has been running the longest of all and has an excellent reputation for quick service and security. Skrill is fast becoming the e-wallet of choice with players as it is accepted at lots of online casinos and is very easy to use. Neteller is also a very popular choice due to the speed and security its e-wallet solutions bring.

E-wallets – a personal choice

As with everything in life, deciding on whether to use an e-wallet when gambling online is a personal choice. Many love them for the speed, security and simplicity they offer while others prefer to stick to more traditional methods. Hopefully, this article has provided you with a balanced overview of e-wallets with which you can make your decision.

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Nigel Frith