Whereas most online payments schemes were created to process payments for non-wagering merchants, Skrill was expressly set up to cater for people who wanted to make payments to online casinos, poker rooms and bingo sites. Skrill (initially known as Moneybookers) is probably the most widely-accepted online payments scheme used by internet-based gambling sites available today.
Introduction
Like PayPal, Skrill is purely an internet-only online payments system. It began its internet life in 2001 when it was created as ‘Moneybookers‘ in the UK. After finding its niche in providing payment services for online gambling, within six years Moneybookers was valued at €100 million.
In 2011 Moneybookers announced its intention to rebrand itself as ‘Skrill‘. For while Skrill was known as ‘Skrill formerly Moneybookers’ but dropped the Moneybookers motif completely in 2013. By then the company had been purchased by CVC Capital Partners for €600 million.
The company continued to be successful under CVC and in March 2015 it was sold to Optimal Payments – the parent company of Skrill’s main rival Neteller – for €1.1 billion. Optimal Payments is now known as the Paysafe Group, and they own Skrill, Neteller and Paysafecard.
Pros and Cons
Pros
- The most widely-accepted web-based payments scheme used by online casinos
- Fund your Skrill account via your bank account or a debit or credit card
- Safe and secure – no need to give your banking details to the online site
- Fast withdrawals and even faster deposits
Cons
- You’re not likely to get a casino welcome bonus if you use Skrill to make your deposit
- Fees are involved
Security
Skrill acts as a ‘buffer’ between your online casino account, and your bank account or credit/debit account. You can fund your Skrill account, then fund your casino account using the funds in your Skrill account. That way the online casino will never need to know your sensitive financial information, such as account or card numbers. Using Skrill at an online casino gives you an extra layer of security.
Deposit and time
Deposits made via Skrill are typically instantly available in your casino account. Some casinos may charge fees for the use of Skrill, but the vast majority of online casinos that accept Skrill do not. Skrill does though charge fees for transactions to and from your Skrill account.
Withdrawals to Skrill are usually completed within twenty-four to seventy-two hours. Note that most casinos also have a ‘pending period’ for withdrawals of between zero and forty-eight hours, so this will delay your payment further.
It has become the norm for online casinos to withhold deposit bonuses if you use Skrill to make your bonus-related deposit, so be aware.
Usability
Open a Skrill account is extremely easy – you just need a valid email address. Once your account is established you can deposit money into your Skrill account, or link your payments to your bank account. Some casinos allow ‘Skrill 1-tap‘, which means you automatically make payments from your Skrill account without the need to enter your password online.
Conclusion
Skrill is tailor-made for funding your wagering activities online. You can keep your banking details safe, as well as keeping abreast of your gambling spend via the funds available in your Skrill account. There’s no more popular payments scheme accepted at online casinos than Skrill!
