Using Skrill for Matched Betting
April 2, 2019
The majority of people use a debit card for deposits and withdrawals to and from their bookmaker accounts when matched betting. However, the use of Ewallets such as Skrill do have their advantages which is what we will look at in this article.
Skrill is an Ewallet similar to PayPal and Neteller and has become a popular choice for matched bettors with many online bookmakers and online casinos accepting the wallet as a payment method. Skrill was formerly known as Moneybookers up until it’s rebranding in 2010.
Advantages of using Skrill for matched betting
The withdrawal time when using Skrill is significantly shorter than when using a debit card. Let’s say that you have £500 in your William Hill account and want to make a deposit into your Bet365 account but are short on funds in your bank account. If you withdrew to a debit card, it may take up to 5 days for the funds to become available. However, if you used Skrill, they are usually in your account within 24 hours. Sometimes quicker. You can then use your funds in Skrill to deposit into your Bet365 account.
Keeping your matched betting activity separate
If you do matched betting on a regular basis using a debit card, it’s likely that you’ll have multiple transactions going in and out of your account on a weekly or even daily basis. This can sometimes get in the way of keeping track of your available funds intended for other purposes such as bills, food and general spending. By using a Skrill account, you’re able to solely use it for matched betting, allowing you to keep track of your funds and profits easier.
This can also be an advantage if you don’t wish to have gambling-related transactions on your bank statements which many people are concerned about when applying for mortgages.
Instant access to your funds
Skrill also offer customers a pre-paid Mastercard®. This is a physical card that you can use anywhere that accepts Mastercard®. This means that you don’t have to wait for Skrill to transfer your funds to your bank account and you can spend your funds on shopping, abroad or withdraw cash directly from ATM’s.
Your card details are safe
If you solely use Skrill for your transactions then you won’t need to hand over your bank or card details to a bookmaker. Although the majority of online bookmakers are safe, this is a concern for some matched bettors considering the number of bookmakers and casinos they enter their card details at.
Your Skrill account is pre-funded and so you will never be able to spend more than the available balance. Ewallets can be compromised just like bank accounts but if someone was able to access your Skrill account, they wouldn’t be able to touch your money intended for bills etc and wouldn’t have access to your overdraft or credit.
Disadvantages of using Skrill for matched betting
Not eligible for all offers
An important point to note is that if you use Skrill to open bookmaker accounts, you may not qualify for their new customer offers. You may be eligible for reload offers but if you wish to claim the free bets and bonuses when joining initially, it may be a good idea to use a valid debit card and then move on to Skrill.
Some transactions made through Skrill incur charges. These may include funding and withdrawing from your Skrill account. Although these charges may be relatively small, they can add up if you are making regular transactions which can eat into your overall matched betting profits.
Verifying your accounts
Bookmakers are often able to verify your identity just from your debit card. However, if you use Skrill to open your account, bookmakers may need additional documentation such as photo ID and/or utility bills.
Alternatives to Skrill
There are a few other Ewallet alternatives to Skrill which work in a similar way. Neteller is a popular choice, although, transaction fees are slightly higher than compared to Skrills. They offer a pre-paid Mastercard like Skrill so you can have access to your funds at any time and are accepted by most major online bookmakers.
PayPal is another option for your bookmaker transactions. One advantage of using PayPal over Skrill is that you’re more likely to qualify for new customer offers. Always check the terms prior to signing up as not all bookmakers consider PayPal as an eligible payment method to qualify for offers.