Best eWallets for Matched Betting 2020
If you’ve just got started with matched betting, you’ll probably be using your debit card for depositing with various bookmakers and exchanges.
You may have experienced a few inconveniences with this already; slow transfers, blocked transactions and a lack of activity tracking to name a few.
For this in-depth guide we will go through details of the best eWallets and whether you need one for matched betting.
|eWallet||Our Rating||Sign-Up Link|
|Neteller||4.5 Stars||Automatic Bronze Pro VIP upgrade|
|Skrill||4.3 Stars||Sign up to Skrill|
|ecoPayz||4.2 Stars||Sign up to ecoPayz|
Table of Contents
What are eWallets?
An eWallet fills the same role as your bank. It is a place for you to store, send, and receive money. However, withdrawal times with eWallets are typically much quicker than traditional bank cards, with funds often received the same day as you request them.
There are dozens of different eWallets available, and each of them differs slightly.
Some of these eWallets are better suited to matched betting than others.
To set up an eWallet, all you need is a few personal details. Many people already have an account with Paypal, for instance, through using eBay.
Once you have your account activated, you can deposit funds from your bank account.
It can take some amount of time before your eWallet is fully up-and-running.
For example, Paypal have a 30 day window you must wait out before you can withdraw funds paid to you by another user if you are a new account holder.
Some of the most popular eWallets include Paypal, Skrill, Neteller, and Paysafe.
One of the main advantages that all these eWallets offer is that you don’t need to laboriously type out your bank details every time you wish to deposit to a new bookmaker.
However, there are some drawbacks that you need to be aware of before depositing funds using your eWallet. Some offers that we will take advantage of when matched betting exclude deposits made using eWallets.
Almost all bookmakers accept deposits from eWallets, and the benefits definitely outweigh the drawbacks.
You just need to be careful and always read the terms and conditions when making use of free bets and promotions.
Do I Need An eWallet For Matched Betting?
The most common method for general punters to deposit funds into their account is through either a debit or credit card. This is the simplest method that most customers go for because they are used to it.
There are a few problems with this method for matched betting.
With matched betting, you will be placing a lot of bets, much more than an occasional gambler. This can present a few issues.
When taking out a loan or a mortgage, banks and money lenders will check your current bank accounts for activity. If they see lots of transactions going to bookmakers and betting companies, they may refuse to give you credit.
Any type of gambling is looked down on by banks and financial institutions. Even though when done properly, matched betting isn’t really gambling.
Some people will simply open a separate bank account to use for matched betting. There are some benefits to this, and it helps to have details of all your transactions in one place.
However, having to input your bank details every time you sign up with a new bookmaker gets extremely tedious after a while. Waiting around for long withdrawal times can also get frustrating.
Every second you can save getting through promotions and offers makes you more profitable in the long run.
Another issue with opening a bank account just for betting is that you may find that your transactions will get blocked from time to time.
This can be frustrating! It may prevent you from taking advantage of certain offers if it takes too long to sort out the problem.
Using an eWallet also means that you can keep the balance fairly light, and just have what you need in there.
This means if your details are compromised, you only stand to lose a small amount. If your bank details are compromised, you could potentially lose everything.
Respectable bookmakers spend a lot of money on cyber-security.
If many different companies have your details, the potential for these details getting hacked is a lot higher.
Using an eWallet can therefore give you greater peace of mind.
Paypal is the original online money transfer web service, created by Elon Musk and co. back in 1998.
They have invested a lot of money in cyber security, and this has made the company very well respected over time.
This means that Paypal is accepted by the majority of betting companies.
Almost all bookmakers will still allow you to make use of their sign up offers using Paypal, but there has been a few recently that have stopped allowing this.
Always check the terms and conditions when signing up to a new bookmaker to make sure you are still eligible for any welcome offers through Paypal.
Using Paypal for most bookmakers should be fine, but one more thing to check for is a deposit charge.
Some bookmakers have started charging you for depositing through Paypal. This shouldn’t normally be an issue, but it pays to check the terms and conditions.
Currently, Betfair Exchange are charging a 2% fee for deposits via Paypal. This is reason enough to avoid using Paypal with Betfair.
Other problems you can encounter using Paypal with Betfair include being unable to transfer any funds over to Betfair.
If your Paypal account has been used to accept funds from sales made on through eBay, you will not able to transfer money over to Betfair due to this being classed as ‘third-party payments’.
Also, if you are currently using, or have ever used an American Express card with your Paypal account, you will not be able to deposit funds into your Betfair account.
All of these reasons are plenty enough to persuade you not to use Paypal with Betfair.
Smarkets Exchange do not currently accept Paypal as a form of depositing funds.
Apparently there are plans to change this in the future, but at the time of writing, Smarkets only accept deposits via bank, credit/debit card, Neteller, Skrill and Trustly.
We recommend Paypal for use with bookmakers, but not exchanges.
Once you have gotten through the initial verification, Paypal is a quick, easy and safe way to sign up with bookmakers. Usually you can still take advantage of sign-up offers.
Neteller is an e-money transfer service and eWallet that has been around for about 20 years. They are available in over 200 countries, and you can hold an account in 22 different currencies.
Neteller offer many different ways to deposit funds.
They use a ‘VIP’ program designed to reward users for moving more and more money through the service.
This VIP program is what makes Neteller our favoured eWallet and you can get a free Bronze Pro VIP Upgrade if you sign up via this link.
The lowest tier of this program is ‘Bronze’; awarded for transferring $10,000 USD a year through Neteller. The highest tier is ‘Diamond’, awarded for transferring $2,000,000 a year through the service.
Neteller is regarded as a secure service. It is authorised by the UK Financial Conduct Authority (FCA). This means it must hold the entire balance of every user in individual trust accounts.
This is extra security, and means if everyone using Neteller decided to withdraw their money at once, they can.
Neteller also offer their own physical Mastercard, so you can use your Neteller account for real-world purchases and transactions.
Most bookmakers accept Neteller deposits, including Betvictor, Coral, William Hill and Paddy Power to name a few.
Deposits are instant, and withdrawals range from just a couple of hours to a maximum of 5 days for some bookmakers.
Both Smarkets and Betfair Exchange accept deposits from Neteller.
Opening an account with Neteller requires just a few personal details before you can get started.
Then simply link up your bank account or debit card to make a deposit into your new account. Once you have funds in your account, all you need is your secure ID and password to deposit money with bookmakers and exchanges.
Most bookmakers do not offer a welcome bonus when you make your opening deposit using Neteller or any other eWallet. This includes exchanges like Smarkets.
Part of this problem with accessing promotional bonuses using eWallets is to do with the reputation they have.
Punters started using eWallets as a way to keep all their transactions in one place, and prevent banks from seeing their ‘excessive gambling’.
Bookmakers realise that most of the people who sign up with them through an eWallet are generally just there to take advantage of a sign-up promotion.
This is what has lead to the current situation where anyone who makes their first deposit using an eWallet is unable to access these promotions.
There are a couple of bookmakers out there who will still allow access to certain promotions. They are getting few and far between.
The majority only give these offers to users who make their first deposit using a bank transfer or debit card (and sometimes Paypal).
The only way to deal with this issue is to read the terms and conditions for each bookmaker you sign up with.
However, Neteller is an extremely useful option for those looking to do arbitrage betting or use other promotions that don’t require free bets (e.g. extra places).
Aside from this, the Neteller site itself is well-designed and generally easy to use. They also have a comprehensive FAQ section with in-depth answers to almost any question you could think of.
There are a few bad reviews of Neteller floating around various sites on the internet. This is true for most financial institutions (if you don’t believe us, look up the PayPal reviews on TrustPilot). These are mostly from people who have failed to read and abide by the terms and conditions.
The service is generally well-trusted and is used by customers all over the world.
Skrill is owned by the same parent company as Neteller as of 2015. The service was founded in 2001 as Moneybookers before changing their name in 2011.
Skrill offer a fast withdrawal service compared to using a debit card or bank when taking money out of your bookmakers account.
Withdrawing to a debit card might take 5 working days. With Skrill it is usually in your account within 24 hours.
Skrill also offer a prepaid physical Mastercard like Neteller. You can use this card anywhere that Mastercard, including ATMs and most shops and businesses all over the world.
This means you don’t have to wait to withdraw funds from Skrill to your bank account if you need to buy something without waiting.
Signing up is similar to Neteller, just requiring a few personal details before you can get started depositing money into your new account. You can sign up to Skrill here.
There is usually a minimum deposit limit for most bookmakers. This amount varies but should be around £10.
Skrill charge a 1% fee for deposits into your account.
This is the same amount if you use a bank transfer, a debit card, and any other accepted deposit method.
To withdraw funds from your Skrill account, the fee is currently £4.76 for bank withdrawals and through Swift. To withdraw to a credit card, the fee is 7.50%.
Most bookmakers and exchanges accept Skrill as a method of depositing funds. Almost all bookmakers allow instant deposits and fairly quick withdrawals.
Both Betfair and Smarkets accept Skrill deposits.
As with Neteller, the main disadvantage of using Skrill for your matched betting is that you will usually not be able to access sign-up promotions and bonuses.
That’s if you make your initial deposit with the bookmaker by using your Skrill eWallet.
As always, make sure you read the terms and conditions when signing up with a new bookmaker.
If they do not give sign-up bonuses to customers using Skrill, there will be a clause saying something like ‘customers depositing funds using Skrill are not eligible for this promotion’.
Another thing to look out for is when it comes to account verification.
Most bookmakers will not allow withdrawals until your account is verified. Usually this is done automatically using your debit card or bank details.
However, if you deposit using an eWallet, the bookmaker may ask for further verification in the form of a utility bill or identity document.
Skrill offer several different services you may be able to take advantage of aside from using their service to deposit funds for matched betting.
One of these services is the ability to buy and sell cryptocurrencies such as Bitcoin through Skrill.
ecoPayz is an eWallet that has been developing more and more since its beginning in 2000. Having previously been known as ‘Ecocard’ it represents a company that is on an upward path.
While not quite as big as Neteller and Skrill it’s certainly closing the gap.
The sign up process is free and only takes a few minutes. If you head over to their website you’ll be greeted by an easy to use homepage.
Once you’ve input your information you’ll probably want to start depositing money. ecoPayz accept a wide range of methods for depositing, the most popular one being a bank transfer.
ecoPayz is a very trustworthy organisation, they have consistently sought accreditation from industry leaders. Their parent company PSI-Pay Ltd are authorised and controlled by the Financial Conduct Authority.
If you do have any problems while setting up or using your eWallet they offer 24/7 support.
When setting up your account you will notice they offer different levels. They are all free to sign up to but have different restrictions in place.
The options are Classic, Silver, Gold, Platinum and VIP.
You get given the classic account upon completing sign up but then as you are verified you will progress to the silver level. This is usually with one day of initial sign up.
The silver level is the minimum needed before getting started with betting.
You can reach the gold level after ID and address verification. The next two levels are based on duration of membership and a high amount of money transferred. Don’t worry about this for now, ecoPayz will notify you if this ever becomes necessary.
The main limitation of each account is the daily transfer limit and the maximum account balance.
For silver this is 15,000 euros for both, which should be more than enough for the average matched bettor.
With an account up and running the big question with eWallets is fees.
ecoPayz is one of the better options with fees lower than many other eWallets.
Deposits will be charged at between 0 and 7 percent of the amount you decide to deposit. This is based on a deposit from you bank account. Different bank companies and location of user is what causes the range of percentage.
The good news is that transfers are free as long as the company accepts ecoPayz.
If you want to withdraw money from your eWallet to your bank account charges will range from 5.23-8.86 GBP.
All in all the fees are pretty reasonable.
Like Skrill and Neteller, ecoPayz also offer a free physical card that you can use in shops and ATM’s. It’s important to note there is a 2% charge for cash withdrawals from this.
You may not have heard of ecoPayz when it comes to betting. Where as Skrill became the big eWallets for betting, ecoPayz concentrated on a more general market.
This means although a fair few betting companies work with ecoPayz there are still a number of large companies that don’t. I’m sure they are working on this but at the time of writing you’ll have to find other options.
As betting companies don’t see ecoPayz in the same way as Skrill and Neteller it means that if the bookmakers accepts ecoPayz you are usually allowed to complete the sign-up offers.
However it is important to check the terms and conditions of each individual bookmaker.
Another issue with ecoPayz is that it is not currently accepted by Betfair Exchange and Smarkets.
As with the other digital wallets you will get a fast transaction time, usually within a day. A real advantage when making a high frequency of bets.
Another positive is the ability to view your in-comings and outgoings solely for the purpose of betting.
ecoPayz is really great at this, it’s user interface is clear, concise and easy to navigate.
They were also the first eWallet to offer a mobile app so you can view your account on the go.
There is no one eWallet that is the best for everyone, but our preferred choice is Neteller due to their loyalty scheme. You can get a free Bronze Pro VIP upgrade by joining via this link.
Now you have seen a few of the best options when it comes to matched betting, it is up to you to make a choice that reflects your own priorities.
Matched betting by its nature involves a lot of signing up to new websites and this means your personal details will be out there with many different companies.
If just one of these companies has a data breach, you will need to act fast to cancel your cards and freeze your accounts.
Skrill and Neteller offer a broadly similar service for our range of usage. Neteller is the better option, in our opinion, if you are making very large transactions and moving a lot of money through your eWallet.
ecoPayz is tempting to use because of the low costs but the partnerships with bookmakers just isn’t there yet
We recommend to start off using a debit card to get the welcome offers. Then move on to the eWallet of your choice afterwards for reload offers.
This will help you keep track of your spending, and allow speedy transfers between bookmakers.
About the Author
This post was written by Andy Beggs. Andy is a keen sports fan and has been writing for Beating Betting from his home in Australia since August 2019.