Although the most common method of depositing at an online casino is to pay via a credit or debit card, e-Wallets are perhaps the fastest growing segment for processing financial transactions at an online betting site.
For those of you who are unaware, an e-Wallet is an electronic wallet of sorts. It lets users store money in a digital form, allowing you to purchase goods and services from a series of websites. The most popular of these e-Wallets is PayPal, a spinoff of the popular auction site eBay that has grown into a multi-billion dollar business, but there are many other reliable and growing wallet options that online casinos do use.
A player who wants to use an e-Wallet first signs up for an account through a provider (PayPal, Neteller, Skrill, etc) and end up linking a bank account or credit card by which they can add money. Players then end up visiting the online casino they want to deposit at, and if the casino accepts the particular e-Wallet the customer has, they can deposit funds.
There are some excellent benefits to using e-Wallets, including the fact that they can be used to instantaneously transfer funds from the casino. Additionally, e-Wallets are becoming popular as a method to withdraw funds from the casino as transfers can be completed very quickly. Many top-notch casinos have been known to transfer funds to e-Wallets in just a few minutes, while most seem to be able to move funds in a matter of hours, easily beating out the timeframes for mailing a check, issuing a bank wire, or even crediting bank cards.
If there is a downside to e-Wallets, it is the fact that some areas restrict access to e-Wallets for casino games. Of particular note are casinos servicing America, as there are very few e-Wallets you can use to deposit. In regulated areas this is less of a problem though, and players can even deposit and withdraw funds using PayPal.
Using an e-Wallet is an excellent way to move money into and out of an online casino, allowing users the chance to instantly deposit and quickly withdraw funds. If you are in a region that allows for the use of e-Wallets, we definitely recommend you use that method to do your transactions.
