Skrill is an eWallet formerly known as Moneybookers. If you’ve ever visited a gambling website or an eSports betting website you’re sure to have noticed Skrill at the top of their list of payment providers. There is a good reason as to why Skrill is so widely accepted around the gambling community, but their most distinctive feature is probably the fact that they also focus on the general transaction dealings outside of this industry.
Betting on eSports with Skrill is always recommended as it offers the largest amount of safety and stability when compared to other less known payment methods. In fact, it can be considered as the best way to transfer your funds on a gaming website.
As already mentioned, Skrill is also useful for the general day-to-day transactions that one may have. Things such as peer to peer transactions, online payments and even bills are what distinguish Skrill from its competitors. Companies such as PayPal or Neteller. Skrill has also invested in their own version of a MasterCard, which allows users to use it as they’d use their credit or debit card.
But we’re here to discuss the advantages as well as disadvantages of using Skrill for eSports bets. Let’s get into the legality, and usefulness of this platform.
eSports betting with Skrill – the customer
For the customer, Skrill is the payment method to go for. The reasoning behind this statement should be obvious. If you’ve ever registered on a betting platform, regardless if it was traditional slots, sports betting or eSports betting, you’ll definitely have noticed that Skrill is always there as an option.
Yes, around 95% of the betting platforms use Skrill as their go-to payment option for the customer, the other 5% are usually crypto exclusive or government-owned platforms that require bank transfers for better tracking methods.
With Skrill, the customer is able to avoid the transaction tracking operations of the bank to some degree, but it is never guaranteed. If Skrill wants to operate in a country, they need to agree with the central bank, that they will provide the transaction history of a customer if requested to do so by the authorities. Therefore, as long as your transaction history falls within the “moderate” levels of your bank, you’re guaranteed to have transaction freedom. If you cross that line though, the bank has full authority to “check up” on you.
Now let’s see why you don’t want your bank tracking your transaction history.
The importance of peer to peer
The importance of peer to peer transactions when making payments for eSports bets on Skrill cannot be ignored. One of the biggest advantages is relative anonymity on your payments. This is due to the small feature that every bank has, the Credit Score system.
You see, the credit score system is there to determine whether or not a customer is eligible for a loan, no matter how small or large it is. People that have their score under the required minimum, will mostly be rejected for a loan unless they can supply collateral the bank deems worthy. Most of the times it is the individual’s house or personal possession of some sorts. Naturally, there are not too many people in the world that own a house or are in the process of paying for it. Therefore, having the house you live in as collateral for a loan is extremely dangerous.
When it comes to credit score, there are a number of factors that may damage it. The usual cases are loan defaults in the past, late payments, unstable income, previous bankruptcy declarations and overall mismanagement of funds. Transactions on eSports betting websites or any gaming website for that matter is deemed as fund mismanagement, therefore you’ll most likely have point deducted from that credit score if you regularly use those websites.
There has been a slew of cases where bettors wanted a mortgage and were denied due to their gambling past. That’s the issue that Skrill and every other third-party payment provider aim to solve. If you bet on eSports with Skrill or pretty much use it as your gambling support, there is very little chance the bank will notice it. As long as you remain within the “acceptable” price ranges for Skrill transactions, there shouldn’t be an issue. Unfortunately, the acceptable range is not universal, every bank in every country has its own. But you can expect around 200-300$ worth or equivalent in your local currency.
Skrill has the lowest fees among most of the third party payment companies. The standard fee you’ll find is 1.9%, while PayPal and other companies have around 2.9% or even more, plus the fees on withdrawals.
However, Skrill also has variety when it comes to filling up the account. For example:
- Visa/MasterCard = 1.9% fee
- Maestro/Bank Transfer = no fee
Although the latter option takes much more time to process, it’s usually the most popular among the two, as people usually aren’t in a rush. The only other option for fast and cheap transactions is Bitcoin, but a very small percentage of players opt for the crypto as they deem it unreliable. And you can’t blame them, nobody wants to pay $100 worth of BTC just to find out that it is worth $1000 the next day.
As already mentioned, Skrill is able to provide relative anonymity for its users when making transactions on gambling platforms. But, since this info is known to a lowly blogger like yours truly, it is definitely known to the largest banks around the world. Some banks have started to deem Skrill as a “shady” transaction, therefore it’s best to see whether or not your bank has this rule.
They’d most likely have the companies listed in some “blacklist” on their website, so it shouldn’t be a problem to spot. But remember, that only a few banks do this. Most banks deem Skrill as a trustworthy P2P transaction platform.
Other uses for Skrill
Skrill is not just a gambling-related payment provider, although around 80% of its transactions are done for that same purpose. We still don’t have the number on how many people use Skrill for eSports bets, but it’s bound to be quite big.
However, we do know that Skrill is also quite useful for other payment needs. There are millions of merchants all over the world that accept Skrill as their payment provider, much like PayPal. Once you open an account you have access to quite a lot of other services and items on various markets, so it could basically translate into a multi-purpose electronic wallet. But PayPal is able to cover much more of the market than Skrill.
The only issue with using Skrill for eSports betting is the location. If you are transferring funds to a Canada or US-based websites you’ll most likely be rejected or won’t find the option at all. This was due to the falling out that the company and those entities had in 2014. Although it’s not a big deal, it could prove to be a nuisance in the long run.
eSports betting with Skrill – the company
For a company, having Skrill payments could be something like a trustworthiness boost. Skrill is quite choosy when it comes to its business customers as they don’t want to be affiliated with scams or any type of fraudulent intentions. Therefore, they always screen the company before handing out the right to register.
In most cases, the company itself offers a full screening in order to get confirmation. They usually don’t offer full disclosure on their website, but if you see that they are offering Skrill, then you can be sure that they’re trustworthy enough to bet with.
Lower fees as well
For the customer, a fee from Skrill or any other provider can seem insignificant. For example, if you’re depositing $100 a small fee of $2.90 should not be a problem. But think about the eSports betting websites using Skrill, how much do you think they need to withdraw on a monthly basis?
Depending on the size the amount could vary between hundreds of thousands of dollars to millions. Now imagine how much a large fee would impact the profitability of the company. By utilizing Skrill, they’re able to reduce those fees as much as possible both for themselves as well as for the customers.
Thanks to the lower fees they can offer free Skrill payments to the players, while other high-fee payment methods are usually partially covered.
Using Skrill for eSports bets – is it worth it?
Overall, both for the customer and the company, Skrill is able to provide value through lowered fees and much more accessibility. The customers themselves are also able to benefit from the relative anonymity on their transactions and avoid bank tracking unless requested, while the companies are able to enjoy a boost to their trustworthiness through simply listing Skrill as an option.
Overall, it’s a win-win situation. We definitely recommend using Skrill for eSports betting transactions. But always make sure that the company is not located in Canada or the US, as they’re exempt from using the platform. Other than that, there should be no problems to speak of.