Skrill, an e-wallet service, has become a favored method of transaction for online casino enthusiasts globally. Its reputation for security and flexibility make it a go-to choice for players seeking a seamless and protected experience. However, with the plethora of online casinos available, identifying reputable options that accept Skrill can prove to be a daunting task. That's where Bigwinboard comes in, with our team of experts meticulously reviewing hundreds of online casinos to curate a list of the elite few that meet our stringent criteria.
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Skrill: A popular payment provider in the gambling industry
If you were born during or after the 90s, it's possible that you don't remember the days when the banking system was not as efficient as it is now. While the specific circumstances varied from country to country, it was often very difficult to quickly send money to someone in an emergency. If you were lucky enough to have an account with the same bank as the recipient, you might have been able to make an instant transfer. Otherwise, you would have had to physically go to a branch of the recipient's bank or use a costly service like MoneyGram or Western Union.
Nowadays, it is common for people to enter their debit card information online to make purchases without issue. However, this was not the case before the year 2000. At that time, the internet was still relatively new to many people, and the 40-bit encryption used to secure online payments was not sufficient. Online casinos, sportsbooks, and poker rooms first appeared around 1996, but it was difficult to transfer money to and from these sites due to the outdated banking infrastructure and the lack of trust and security in online payments.
Skrill (previously known as MoneyBookers) was not the first company to address the issues with online payments. The concept of an online "digital wallet" had already been around for a while, and in the US, two companies called Confinity (later renamed PayPal) and Neteller were close to releasing functional products. However, despite being a small British startup, Skrill was able to compete with these companies. If you're interested in learning more about Skrill's history and how it was able to catch up with its rivals, keep reading.
Skrill: the history of the company
Currently, Skrill is a part of PaySafe, a larger payments company that also owns and operates Neteller and Paysafecard. The story of how the company known as Moneybookers, which was launched in 2001, became Skrill today is a remarkable tale of success and could potentially be used as a business case study in the future.
Founded in London by Daniel Klein and Benjamin Kullmann, Moneybookers was the first company to legally obtain a license to operate an electronic money business during the early years of digitalization. The founders quickly identified issues with online gambling companies processing payments and decided to focus on this market as they worked to establish their customer base.
Moneybookers quickly formed partnerships with online casinos, poker rooms, and sportsbooks, offering higher bonuses for depositing and withdrawing with their service rather than using traditional banking. Gamblers appreciated being able to withdraw to their Moneybookers account quickly in many cases, leading to rapid growth for the company. In 2007, Investcorp acquired Moneybookers, which had become one of the largest e-wallet services in Europe at that time.
The next challenge for Skrill was to make it easy for users to transfer money from their e-wallet to their regular bank account. While the company already had arrangements in place for such transfers, they could take several days depending on the recipient bank and were costly for gamblers. Skrill's solution was to offer a debit card linked directly to the balance of their e-wallet. This allowed users to access and spend their winnings within minutes of hitting a jackpot on an online slot machine.
When the majority of the online gambling industry left the US, Neteller lost its biggest market and had to shift much of its business to Europe. This eventually led to Neteller being acquired by Skrill, although the two brands still operate independently at present.
In February 2013, Skrill acquired the Austrian prepaid card company Paysafecard. This acquisition proved to be a good deal for Skrill, which also purchased the prepaid voucher business in 2015. The previous company was a unique concept, allowing users to buy paper vouchers at grocery stores, petrol stations, or supermarkets and use them to deposit money into an online gambling site, similar to how one would add credit to a mobile phone at the time.
The predecessor proved to be a more challenging acquisition for Skrill, as accusations of widespread money laundering led Paysafe (the company's new name) to merge its predecessor with paysafecard to create a more secure and less susceptible to fraud alternative to the paper voucher system. Nevertheless, Skrill's expansion continued almost unabated and the company was eventually sold for $1.1 billion in 2015.
With the exception of PayPal, all of Europe's major e-wallets were now owned by the same company. To continue expanding, PaySafe knew it needed to explore markets beyond online gambling. While Skrill is still only supported by a limited number of online merchants, this number is slowly increasing. The company has experienced more success in the areas of forex trading and cryptocurrency, where it has seen impressive year-on-year growth as of 2022.
Unsurprisingly, Skrill's success has not gone unrecognized. In 2019, the company received the "Best Digital Wallet" award from Juniper Research. Additional accolades from the Future Digital Awards and the American Gambling Awards and Consumer Payment Awards that same year helped raise the company's profile even further.
Currently, it appears that the future is bright for Skrill and the PaySafe Group. However, PayPal has reentered the online gambling market in a significant way in recent years and has the profile and subscriber base to potentially challenge Skrill's dominance in the industry.
Skrill deposits
In its early years, one of the most appealing aspects of MoneyBookers/Skrill was the ease of setting up and using an account. No "Know Your Customer" (KYC) checks were conducted on new customers at that time, which allowed the company to grow its customer base rapidly. However, this decision later led to issues when many online gambling sites discovered that Skrill was permitting widespread "multi-accounting" and banned new signups from using the service to claim bonuses and promotions for new players.
Nowadays, the situation has changed significantly – financial regulators in numerous countries have required Skrill to perform KYC checks on new signups for several years. However, many casinos still have rules prohibiting new players from claiming a first deposit bonus when depositing via Skrill or Neteller. If you want to use Skrill now, you'll need to follow the same steps as at most online casinos – you'll need to provide a government-issued ID such as a passport, driver's license, or national identity card (a photograph is not sufficient) and have it on hand. For this reason, it's easiest to complete the signup process using a smartphone, tablet, or laptop with a webcam.
In the past, it took a few days for new customers to be manually verified by Skrill, but now artificial intelligence-based image processing is used to analyze the photos submitted by new customers, allowing most new signups to be verified instantly.
Once you have opened your account, you have two options for depositing at an online gambling site: you can deposit an amount directly into your Skrill wallet or you can deposit directly from your bank account. Some players prefer to deposit directly into their Skrill wallet to keep their regular bank unaware of their online gambling activity. You can add a large bankroll to your Skrill e-wallet in a single transaction, then use it to deposit and withdraw at any site you choose and spend your winnings using your Skrill debit card.
Alternatively, you can simply select the "Skrill" option when depositing at an online gambling site. If your e-wallet doesn't have enough funds to complete the deposit, you'll be prompted to add additional funds from a debit card, credit card, or bank account. These options are all instant and typically free for the customer to use – any fees associated with these transactions are typically covered by the online casino or other gambling site.
Skrill deposits will show up in your online casino, sportsbook, or poker room account instantly. If this is your first deposit at a particular site, be sure to confirm that using Skrill won't disqualify you from any promotions you want to participate in before completing the deposit. It's usually not possible to access these promotions if you've already made a deposit using Skrill.
Skrill withdrawals
In the past, Skrill offered several benefits to those who wanted to withdraw funds from an online gambling site. For example, it was once possible to make a deposit using one payment method and withdraw to a completely different one – a useful service, given that there was no other way to transfer funds directly from one e-wallet to another. However, this feature became a loophole that was eventually exploited by cybercriminals for fraud and money laundering.
If you want to withdraw money from an online gambling site, you will need to use Skrill if it was your last deposit method. Many online casinos also have a rule that requires you to withdraw the same amount to your last payment method before you can use a different method. For example, if you made a deposit of €100 using Skrill, you will have to withdraw €100 back to Skrill before you can choose a different payment method. Additionally, you may not be allowed to withdraw any additional funds to another e-wallet service - they must be transferred to a regular bank account.
E-wallets like Skrill still offer numerous benefits for gamblers, despite certain rules that have reduced their value for some people. One advantage is the speed of Skrill withdrawals, which are often processed automatically for small amounts as soon as a request is made and can be faster than debit card or bank withdrawals, even for larger amounts that require manual review by a casino employee.
About E-wallets
Digital wallets, such as Apple Pay and Google Pay, have become popular in recent years. These types of digital wallets allow you to use your existing debit and credit cards on your mobile phone. However, unlike other e-wallet services, these digital wallets still require a bank account with a traditional financial institution to function.
Cryptocurrency wallets, such as those for Bitcoin and Ethereum, are used for storing digital assets and enabling private, secure transactions between individuals or businesses without the need for third-party verification from a bank or other financial institution. These types of wallets are distinct from those used for Skrill and other online payment platforms, although some online casinos have been built using cryptocurrency technology.
Skrill and Neteller are online payment platforms that were initially designed to facilitate online gambling transactions. While both companies have considered expanding into other areas of online commerce, they have ultimately remained focused on the online gambling industry.
An e-wallet is a secure website or application that allows users to connect their bank accounts and debit cards, enabling them to transfer money in and out of these accounts. E-wallets typically charge fees for their services, and when they are used to interact with traditional banking systems, transactions can be slow and costly. However, when used specifically for online gambling, e-wallet transactions are often instant and may not incur any fees.