One of the most important aspects of account management for online casinos is putting together the right mix of payment methods for your needs. You want to be 100% certain that you have a range of convenient and straightforward methods of getting money in and out of your account at all times. Here at Metap, we’ve put together a series of articles guiding you through the main casino account funding methods and this time around we’re looking at Skrill in depth.
Previously known as Moneybookers, Skrill is an increasingly popular payment solution that lets you transfer money worldwide without having to expose your credentials or credit card details anywhere along the line. Due to its convenience and ease of use, Skrill is becoming an increasingly popular funding method at online casinos worldwide.
Let’s kick things off with some background on the company.
Skrill started life as a service called Moneybookers all the way back in 2001. It quickly made a name for itself as one of the leading early online payment providers and quickly acquired nearly two million users in its first two years.
By 2008, Moneybookers had expanded its range of operation to over 200 countries worldwide and the next phase of its expansion saw online giants such as Facebook, eBay and Skype starting to integrate its payment gateway. Moneybookers was officially rebranded as Skrill in 2011, by which time the customer base had soared to 25 million worldwide.
As part of a wave of consolidation in the online payments space, 2015 saw Skrill being acquired by Optimal Payments (the parent company of Neteller) with the Skrill Group itself also taking over UK competitor Ukash in the same year. Skrill has also been making inroads into the occasionally legally complicated US market. In 2014, it became the only officially approved digital wallet for use in online gambling New Jersey, and the United States is on Skrill’s list of supported countries since 2015.
Using Skrill as a funding method brings a number of advantages with it. The first is simply the solid track record and size of the company itself. Skrill has been in operation for over a decade and boasts over 30 million users worldwide. By using Skrill as your digital wallet, you can be certain you’re dealing with a reputable service that has been successfully used by millions of happy customers over the years across 200 countries and roughly 40 currencies.
Skrill is also an extremely betting-friendly payment method. You’ll see Skrill prominently displayed as a payment option at leading online bookmakers and casinos such as Ladbrokes, Bet365, and William Hill – many of these providers also offer very attractive bonuses that are specifically linked to setting up Skrill as a deposit option. Skrill is also a standard payment option on most gaming and Forex sites.
A final set of advantages Skrill offers can be grouped under the heading of convenience. All your payment details are gathered together in one place, you can fund your Skrill account with any combination of credit cards or bank accounts that you wish, and fund transfers are pretty much instantaneous. You can even use pre-paid Skrill cash cards to withdraw from offline ATMs. And, for the high-rollers out there, Skrill offers an attractive VIP programme with its own unique rewards and benefits. As one of the world’s leading payment providers, Skrill has to hold itself to the highest standards of security and keep abreast of the latest technology. By using Skrill, you avoid having to share any sensitive financial details with any online casinos where you have an account. Any information that is transmitted using the highest standards of encryption and Skrill has also been vetted and authorised by the Financial Conduct Authority in the UK – to put it simply, your money is safe with Skrill.
It’s hard to pick out any major flaws with adding Skrill to your range of payment solutions, but there are some caveats you should be aware of. Here’s a quick breakdown of the main ones:
- Fees: Skrill actually stacks up incredibly well compared to other payment providers when it comes to fees, but there are charges associated with a range of account functionality including currency conversion, funds withdrawal, and some forms of deposit.
- Flexibility: While it won’t be an issue for most gamblers, you’re limited to one primary currency per account that cannot be changed after you’ve set it up.
- Hands-off approach: In contrast to credit card providers such as Amex or Visa, Skrill will not generally intervene in payment disputes.
Setting up a Skrill account is pleasantly straightforward. Simply head on over to the main Skrill site and look for the Sign Up button. You’ll need to select your country of residence and language and choose between having a business account or a personal account. You’ll also obviously need to register an email address and password to be associated with your account.
Steps to watch out for here include the fact that you have to choose a primary currency that cannot later be changed. You’ll also have to verify your account prior to registering. Depending on what type of account you’re opening, this could be as simple as clicking on a link in a verification confirmation email, or you may be required to upload information such as personal ID and a Certificate of Incorporation for business accounts. You’ll also have to verify an initial transaction when adding payment methods to your account.
Skrill is a great option to have available when you’re funding your online casino account but it’s far from the only possibility available to you. As part of a balanced approach to managing your money, we recommend using at least two primary payment methods. Here’s a quick rundown of some of the other options at your disposal:
- Electronic wire transfer: Wire transfer is the grand old man of online funds transfer methods, but it’s as effective and straightforward today as it’s ever been. This is a particularly useful method to use when you’re transferring large amounts of money either in or out of your casino account. You’ll want to be particularly certain that you’re dealing with a reputable casino when using this method.
- PayPal: Skrill’s most direct competitor is almost certainly the online giant PayPal and there’s no reason you shouldn’t run both options concurrently. PayPal enjoys an excellent reputation for security, speed and convenience and is accepted at an enormous range of online merchants worldwide in addition to being a staple of online casinos.
- Credit cards: In addition to direct transfer and e-wallets, there is also a lot to be said for including traditional credit cards such as Visa, Mastercard or Amex in the mix. In addition to the security and flexibility they offer, you also stand to benefit from the attractive rewards programs that most credit card providers typically offer.
Skrill is a great solution for funding your online casino account but it’s also an incredibly handy payment method across a range of other related online services. Here’s a quick list of the more obvious ones:
- Sportsbook betting: Due to its popularity with gamblers and the company’s strong track record within the gaming industry, you’ll find Skrill accepted at the vast majority of online sportsbook outfits.
- Forex trading: If you’re tempted to explore the complexities of currency arbitrage, you’ll find that Skrill is widely accepted at most Forex trading sites.
- Online bingo: Along with options such as Ukash (where applicable) and Neteller, Skrill is a popular funding method at most of the larger online bingo operations.
As the world becomes ever more digital, maintaining a small but carefully selected list of online e-wallets is an increasingly sensible idea when it comes to both funding your online casino accounts and generally navigating the world of e-commerce.
We hope the information above has convinced you to investigate Skrill further and have no hesitation in recommending it as a convenient and low-fee casino account funding option. Be sure to check out our lists of reputable casinos that accept Skrill to help you choose the right place to responsibly enjoy your gambling.
|Author: Tim Bolding
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Selecting the best banking option is crucial for your online casino journey, we invite you to check our exhaustive section of Payment Methods so you can compare different providers and select the one that works the best for you.