Even when the internet was in its infancy, online casino players knew the importance of transferring their funds quickly and securely using third party payment providers. That trend has remained much due to the enactment of online gambling laws like the UIGEA which has pushed many legitimate payment providers out of the market due to regulations and licensing and taxes.
These laws, which are usually enacted to prevent criminal activities, create a gap in the market, providing criminal entities a foot-hold that can cost both online players and casinos.
Today’s online players need to understand the importance of using legal and secure payment providers, how gambling e wallets can benefit them, as well as who can be trusted with their hard earned winnings.
What are gambling e wallets?
An eWallet, also known as a third party processor, is essentially a virtual account to keep you money in as opposed to an actual bank account. eWallets have become more popular with those who enjoy secure online gaming because they allow players to keep their money in an online account that is transferable to any casino that accepts it.
In the beginning of online gambling, many casinos didn’t accept international credit cards or bank cards, and with the enactment of online gambling laws, some banks will not transfer money to online casinos. Private eWallets make loading a casino account easier and safer for players to transfer money without using their bank account or personal information. Most eWallet providers make money by taking a portion of the transaction, anywhere from a flat fee of $1 to a percentage such as 5%.
Although the largest and most popular payment processor Paypal doesn’t accept online gambling transactions from residents of the United States, gambling e wallets became scrutinized after October 13, 2006 when the US signed off on the Unlawful Internet Gambling Enforcement Act (UIGEA). The UIGEA was tacked onto the end of a securities bill that effected the However, there are two other options still available for players that are safe, secure, and well known.
Best E-Wallets to Use
Neteller is an online third party payment processor based in the UK. Since 1999, providing players around the world with access to their funds in a safe and secure manner. They also provide a MasterCard credit and ATM card to access funds offline, as well as online account access to view transactions.
Neteller is licensed and registered with the UK Financial Services Authority (FSA # 229737), According to their website, the parent company NEOVIA Financial holds over 100% of on-deposit funds to protect and ensure that your money is there when you need it.
They offer two account options for players, both of which are free. For players looking to get their money into the game fast, they offer an express account. For those players who can wait a little longer, or who wish to deposit over 2150 Euros, they offer the extended account along with prepaid MasterCard options for easier withdrawals. It costs nothing to deposit money into your account by bank transfer or bank deposit; however there is a 1.75% charge to load up by credit card or debit.
Moneybookers Now Skrill
Founded in 2001, Moneybookers is another online third party payment processor that provides payment capabilities for casino players around the world.
Also based in the UK and is regulated by the Financial Services Authority (FSA #214225) with over nine million account holders and was the first licensed emoney provider in the UK. According to their website: “In February 2010, The Sunday times Deloitte Buyout Track 100 league table ranked Moneybookers as the Number 1 fastest growing, private-equity- backed company in the UK based on profits.”
They offer players access to their money through online accounts as well as debit and credit cards. Due to the rise in fly-by-night money processing providers that have come up since the enactment of the UIGEA, they also offer account holders a clear money laundering policy to help keep merchants and customers on the right side of the law. Accounts are also free to sign up and Moneybookers offers MasterCard credit cards for easy access of funds, or bank transfer withdrawal fees for $1 or 1% which ever is less.
With the enactment of the UIGEA and the increase of unscrupulous eWallets on the rise, players need to watch out for their own interests and know who they can trust. Using a safe and secure gambling eWallet will help protect your financial and personal information from growing internet threats such as identity theft and fraud. Time tested providers that offer worldwide services and are regulated by government authorities provide the best layer of security. Players will sleep soundly knowing that their money is in good hands.