Sports Betting with Skrill
Skrill is one of the most frequently used e-wallets for sports betting. It was founded in the United Kingdom back in 2001 and was formerly known as Moneybookers.
You can use Skrill to top up your bookmaker accounts, while you can use the Skrill MasterCard to withdraw your winnings. You are able to use this MasterCard on pretty much any ATM in the world. As well as this, you can also use this card for other transactions.
As of 2008 the company was already serving a global clientele with customers coming from more than 200 countries. Back in 2011 they already had 6 million registered customers. In that same year it was reported that they were one of the most popular payment facilitators for many global brands which included eBay, Skype, and Facebook.
The owners rebranded the company in the year 2013 as Skrill. In 2015, Paysafe Group plc – the same parent company of Neteller, acquired the company.
Skrill has won a lot of awards and recognitions. They have been awarded the EGP B2B Award and they are also a recipient of the Deloitte Technology Fast 50 Award. These are some of the reasons why Skrill is one of the most trusted payment processors in the sports betting industry.
Pros and Cons
Here are the benefits and downsides of using Skrill when making your transactions with bookies. Let us begin with the pros.
- Instant withdrawals – try withdrawing funds over the weekend and you can get frustrated with other online payment providers and e-wallets. Skrill offers instant withdrawals, which allows you to move from one offer to the next without hassles.
- Other than instant withdrawals, Skrill account holders also enjoy low withdrawal fees.
- Skrill provides its users with exclusive offers. These specialized offers are arranged with bookmakers.
- They also furnish you with a bank card which you can use as travel money and top up/withdraw your funds. You can also use this card to pay selected retailers and product partners.
- Skrill has dedicated customer service and support. They have varying support tiers which include an FAQ section on their site, email support, and voice support (i.e. via the telephone).
- You won’t get locked out of your account for no reason at all, unlike some e-wallets in the industry. Of course, if you are in violation of their rules you will get a warning and then you may get locked out of your account.
- They have a lower currency transaction charge – usually only at 1%. This is a great option in case you want to bet on international sports.
- The company also furnishes its customers with a monthly statement, which is great for those who want to keep track of their expenses.
And now for the cons
- One of the biggest downsides of Skrill is that it isn’t as widely accepted as some e-wallets are – like PayPal for instance. That basically limits the betting venues that you can use. Always check with bookie if they allow Skrill accounts as payment methods.
- You will also encounter sign up restrictions when you use Skrill as your payment processor. Furthermore, you may find bookmakers who will not allow you to sign up for an account.
- You can only use Skrill if you are a resident of the EU.
We know that sometimes using a password and your email as security features may not always be the most secure method of logging into your account. This is why Skrill adds further protection to safeguard your funds. The service utilises Two Factor Authentication or 2FA for short.
To complete the 2FA verification method, you will need to use your iPhone or another mobile device. You will use your phone to download the Google Authenticator app.
Note that you will need to enter your Skrill account credentials on the app and then select “Turn ON 2-Factor authentication.” You will then have to scan the QR code on the setup screen. If you’re not comfortable with using a QR code, then you can opt to enter the key manually by selecting the “Manual Key Entry” option.
You will then receive 2FA Recovery Codes that you can use in case you get locked out of your account. Note that these recovery codes can only be used once. You will have to generate new codes after using them via the app.
How to Use Skrill to Top-up Accounts and Withdraw Funds
Before you can use Skrill for your bookie transactions, you first need to create an account. Go to the company’s website to register an account. Note that signing up for an account is absolutely free.
You need to use an active email address which will serve as your account’s user name. You will also have to enter other personal information as you fill out the registration forms.
TIP: it would be a good idea to have a backup email address. It provides you with an added security and it will be a big help in case you get locked out of your account – some people just keep on forgetting their passwords.
You will also receive an offer to get a Skrill prepaid card. Note that this card will cost you 10 euros (ouch! A bit pricey eh?), but it will be worth it. You can use this card to keep your main banking details secure. On top of that, using this card helps you keep a separate account for your gambling money. Remember, it is never a good idea to use your personal savings for sports betting.
Identity Verification Option
The identity verification process is optional but we highly suggest that you opt for it especially if you intend to make higher value payments or if you expect to receive larger sums of winnings like 2,500 euros and higher. You can use an ID, your home address (a scan of your gas or power bill will do), your bank account, and debit or credit card for identity verification.
How to Make Withdrawals and Deposits
There are several deposit and withdrawal options that you can use with Skrill. The fastest and by far the easiest way to receive and send funds are by transferring them from one Skrill account to the other.
Note that since Skrill and Neteller are owned by the same mother company, you can actually transfer funds in between accounts from these payment facilitators. However, do take note that there is a 3% transaction fee if you do so.
The cheapest deposit method they offer is via bank transfer, which is free of charge. Other deposit methods include the following:
- Paysafe – deposits made via Paysafe carries a 7% transaction fee.
- Neteller – comes with a 3% transaction fee.
- Credit card or debit card – you will need to pay a 1.9% transaction fee.
The most affordable withdrawal method for Skrill users is via a Visa card. To use this option, you will have to pay 3.95 euros. If you don’t want to use your Visa then your next best bet is to use international bank transfers which carry a 5.5 Euro funds transfer fee.
Note that the actual fees that you will have to pay may vary per country. If you’re betting on sports events in another country, then the bookmaker or Skrill may not disclose some additional fees.
Skrill Service Summary
- Made available in 7 major European languages.
- It is available in 40 different currencies worldwide.
- You can only use multiple currencies if you hold a VIP account.
- 1 day registration and account verification process.
- Supports only 1 user per account.
- Charges usually apply when you send out funds.
- The deposit fee ranges from 0% to 7% of the total amount being sent.
- Merchant transaction fees are computed as 2.99% of the original merchant service fee.
- Currency conversion fee ranges from 2.99% to 3.99%.
- There is no cross border transaction fee compared to other e-wallets.
- Dormant account fee is 1 euro per month after a year of inactivity.
- They do not require any advance approval for sports gambling and other gambling activities.
- Skrill offers sign up bonuses and other promotions.
- You can also use your Skrill account to purchase or even sell adult services.
- You may experience a bit of a problem when it comes to merchant acceptance. There are bookies who do not accept Skrill as a payment processor.
- Skrill offers a MasterCard debit card to all clients.
Bookmakers that Use Skrill
The following are some of the bookies who use this e-wallet for payments and withdrawals.
- 888sport – deposits are free of charge with a minimum deposit amount of £10. There is no limit to the max deposit amount. Minimum withdrawal amount is 10 euros. They do not apply any charges for withdrawals.
- Guts– deposits are free of charge with a minimum deposit amount of £5. The maximum deposit amount is £35,000.
- Ladbrokes– depositing funds with Ladbrokes is free with a minimum deposit amount requirement of £10.