Understanding Digital Wallets: What Are E-Wallets? How Do They Work?

digital wallet

What’s up rollers,

E-wallets or digital wallets have changed the payment method game for online casinos. Unlike debit cards, prepaid cards and bank transfers, they bring us a fresh perspective on depositing and withdrawing money. But they do have a few shortcomings, too.

The bottom line is this: Every online casino WILL offer them at some point.

Rest assured, the benefits vastly outweigh the drawbacks. Our credit cards and debit cards are relics of the past, and our money deserves the best transfers possible, right? Enter electronic wallets, Neteller, Skrill, Apple Pay, PayTM, and all other virtual methods of payments.

Let’s dig in and see the details about the future of online payments, deposits, and the rest!

Casino Payment Options: Why Choose E-Wallets?

Old-school bank accounts and wire transfers are for casino Boomers. Period. The best online casinos are aware of that, which may explain why we frequently see an electronic wallet deposit option the moment we open our gambling account.

These wallets are super convenient. That’s why all players and gambling fans should have at least one of them. Not to mention, casino payment options are more and more ‘tuned’ just for electronic wallets.

If you are into casino games but are a newbie when it comes to casino payment methods, this article will probably do you good the moment you open a new casino account.

OK, So What Is An E-Wallet Really?

what is a digital wallet

A digital wallet is an electronic device, online service, or software program that allows making electronic transactions. You’ve seen them listed in casino deposit methods as such: PayPal, Skrill, Neteller, etc.

In essence, digital wallets are your financial accounts that make tracking your payment history a breeze. It’s done quickly and safely via a computer or smartphone.

Such software may be included in your bank’s app, while in some cases – think PayPal – they are platforms on their own. In recent years, e-wallets became even more popular with the crypto gambling boom, being the main interface for buying and selling Bitcoin, Ethereum, or any other cryptocurrency.

Just like any other form of electronic money transfer, online gamblers can use them to send and receive money. As time passes, they have become an increasingly popular payment method for gamblers.

Opening Your Account

Once you find an e-wallet that checks all your boxes, setting up an account is pretty much straightforward. In this case, a gambler needs to provide personal and financial details, which he or she will confirm via email address. Most likely it will be done during withdrawals and deposits.

Your funds still have to have a point of origin and return, so you will have to assign a credit card, a debit card, or some sort of bank account to your e-wallet.

Bitcoin and other cryptos will do, too. Heck, online casinos are slowly but surely starting to like them.

The verification process may take several days, but stay cool – there are no fees at this point. Skrill, Neteller, and the rest are merciful in the beginning, but you will have to pay them fees during transactions or when making a casino payment.

Hot Or Cold?

Your web wallet comes in two varieties: hot and cold. Basically, the first is connected to the internet and the latter isn’t.

While most e-wallets are both cold and hot, it’s what you use them for that’s crucial. For instance, you’ll reach for a hot wallet in order to make quick payments and casino deposits. If you plan to use an e-wallet as your primary payment method at online casinos – you guessed it – it will be a hot wallet.

Cold wallets, on the other hand, are used to hold and store hard cash. Most importantly, it has no connection to the internet whatsoever. Bear in mind, while hot ones are free to use in most cases, cold wallets can set you back for a relatively decent amount of money.

The Advantages Of Using E-Wallets

what is a digital wallet and how does it work

They’re quick and easy to use

Electronic wallets are superior to debit cards, prepaid cards, bank transfers, and other conventional payment methods in terms of speed. They are literally idiot-proof, devoid of tedious and boring administrative procedures.

You select an e-wallet, how much cash you want to move, and VOILA – your provider will take care of the rest. It’s a ‘one-click operation’!

Sooner rather than later, you WILL take a look at some casino payment options, and realize that your e-wallet is a more swift, elegant solution to all of your payment methods in online casinos.
When making payments and withdrawals  (whether it’s fiat money or Bitcoin), you’ll probably be amazed at how quick this thing is. There is no payment method, not even prepaid cards, that can match the speed of electronic wallets, especially in an online casino environment.

No matter if it’s an online casino, or a real, brick and mortar casino, your funds often travel in minutes and not hours, days, or in some cases, weeks.

They don’t have insane transaction fees

Electronic wallets have relatively low fees compared to other payment options, such as transfer directly via bank account or debit cards. As a rule of thumb, fees apply only when people stop gambling for a moment and withdraw their funds from an online casino.
Right now, there are no known fees when people deposit money via an e-wallet, which can sometimes happen if you deposit funds via more traditional casino payment options.

Online casinos like them

Digital wallets are so widely accepted these days, it’s a miracle that we use anything else. Online casinos love them, so be smart when choosing one. That way, you’ll have no troubles at all, since all casinos I’ve played at feel pretty safe about electronic wallets.

Honestly, who gives a crap about your credit card, when you have a solid e-wallet. After all, not everyone uses an American Express credit card.

Fort Knox has nothing on them

As far as I’m concerned, every little online thing is prone to security failure. Nothing is safe these days. Although, to be honest, encryption has come a long way in making us feel secure. I want to feel that sense of security every time I enter my credit card details and bank account numbers online.

With this in mind, I have to say e-wallets rule in this department! They do a bang-up job in making your online casino payment options super quick and protected.

Globetrotter approved

Let’s say you are an American in a foreign country and your conventional withdrawal terms suck. Or perhaps some foreign online casinos do not accept your credit card. No worries here! Electronic wallets are accepted in almost every country in the world, not to mention – casinos.

Guardian angel

If you are a notorious spender as I am, keeping track of your expenses is a must, especially in an online casino. With e-wallets, one can easily check his or her spending sprees, in casinos or otherwise, keeping that nasty habit somewhat controlled.

Believe it or not, some online casinos even offer bonuses and other benefits to top the welcome bonus IF you open your casino account using an e-wallet. A cool incentive for prudent players.

Copy that, TANGO CHARLIE

The vast majority of e-wallets support almost all credit and debit cards. This is what makes them the number one choice in the world of online casinos and gambling in general. In fact, even your service provider will throw a benefit or two in the form of coupons, rewards, or loyalty points just so you would stick around longer.

The point is, e-wallets will always put an extra effort into support and protection so every online casino and its customers can do business in peace.

Simplicity above all else

If you depend on digital wallets, you have to be a truly dense SOB in order to mess things up in a casino. Proven e-wallet providers took care of that. All you have to do is act maturely and chose a payment option of your liking.

Another huge deal is cash or the lack of it, to be precise. Just like with credit cards once upon a time, with a smartphone, or a laptop, you have turned yourself into a walking virtual bank.

You are in full control of your payments, whether it’s cash or cryptocurrency, with no details left out of your sight.

The Disadvantages Of Using E-Wallets In An Online Casino

what is digital wallet

Nothing is free when it comes to gambling, banking service and transfers, and life in general.

E-wallets are no exception. Although more efficient than any other banking method, gambling in online casinos with such a payment method does have some drawbacks, though not as big as the benefits you will receive.

Not everyone is on the hype train

Even today there are casinos that are yet to include it as a legit payment method. This can be a serious setback if you plan to gamble at a certain casino, and a big pain in the butt if that particular establishment has wicked casino bonuses and free spins for us to roll.

But it’s just a matter of time. All players should keep calm and find another suitable online casino that supports e-wallets if that’s what you are gunning for.

OK computer

As the name suggests, digital wallets prompt people to use electronic devices. Then again, the whole online gambling world relies heavily on computers, so this is really a minor drawback.
Online casinos are counting on players to recharge their devices in time, and never leave it behind. But seriously – players don’t need an online casino to tell them something that important.
Internet connectivity is another thing. I know this is taken for granted in my country, but not all of the Earth has continuous internet coverage.

And then there are hardware failures and compatibility issues. Both of them are very real and statistically possible. But with so many options that e-wallets open up, these potential problems don’t come even close to all the good stuff we get.

It’s expensive for casino or business owners

I know that players couldn’t care less about the well-being of online casinos, but these wallets are expensive to make, maintain and support. Casinos and other businesses must invest a great deal of time, money, and resources to get them going in an efficient and safe manner.
Again, online gambling is here to stay, and this service will only get cheaper. Mark my words, bros and broettes, an electronic wallet is both a deposit method and a payment option of the future.

Livin’ la vida local

Once you open your casino account, that same casino would gladly see you spending like crazy and hitting casino games like there’s no tomorrow. It’s scientifically proven that players with ‘virtual money’ tend to spend their funds more recklessly. Whether it’s online gambling or shopping – it makes no difference.

Keep an eye on your credit card, electronic wallet and casino funds at ALL TIME! Those details are what separates successful gamblers from those who are broke.

I think that live dealer casino games are the prime suspect in this painful scenario, so be careful out there when confronted with a croupier. In fact, keep it cool in all categories of gambling.

An outside job

Another banking security issue is your phone or computer itself. Casino players who decide to handle all of their payment methods via smartphone must be aware of theft. Also, simply losing the phone will cause them great stress and potential risk, and there are no payment methods or casino games generous enough to relieve you of such a significant loss.

Hackers are another thing for online gambling players to consider when using an e-wallet. If they get hold of your data while you are sending and receiving information wirelessly, well… let’s just say it doesn’t matter how crooked the casino is or how poor your gambling decisions are. They can scavenge your debit card to the bare bone.

Casino Payment Methods Summary: Are E-Wallets The Payment Option Of The Future?

e wallet casino payment method

In short, yes, it is. We are witnessing the birth of a superior payment method.

Credit cards are becoming obsolete, not just for playing casino games, but when doing business with casinos in general. Personally, if a casino wants to win me over, it has to allow me to deposit and withdraw via electronic wallets.

Whether it’s PayPal, Neteller, Skrill or some other brand, I don’t care. What matters is that I will not open an account, let alone deposit my money, without this method of payment. We would have to be talking about some truly badass casino games for me to enter an online casino that prohibits electronic wallets.

When we take into account all the benefits and all the drawbacks, this is by far the best method for online money transfer. Period. Online casino or not, I will always opt for electronic wallets rather than anything else.

They are safe, discrete, well-protected, and super quick! Every single online casino knows about it. Those that don’t probably lack the resources to integrate them into their payment and deposit methods list.

As with every new invention, electronic wallets also have a flaw or two, but they are insubstantial compared to cool new possibilities and sheer technological superiority. Safer, faster, better protected, easier to deposit and withdraw, this is truly a no-brainer, and my favorite online casino knows it.

As far as drawbacks go, I reckon this is more of a lifestyle problem than something we should bust our heads at. Instead of taking these wallets for granted or attributing every single problem to designers, software, hardware, and/or company owners, I think we should embrace them for what they are. A very neat invention that’s making our lives more bearable in almost every aspect, online casinos included.

Look after your smartphone, don’t lose it, keep it charged, and go for the top providers only. And for God’s sake, gamble responsibly. We got you, Bro!

Author

Lilly Von Brough

Lilly is all wit, sass, and barely enough class. Her sense of entitlement probably stems from the fact that she’s proud and Australian, but her self-deprecating brain balances things out. Even though she has a tendency to ramble on about her own problems in her casino reviews, she leaves no stone unturned. An absolute slot games icon and a much-needed feminine touch to a macho gambling industry.

Contact info: [email protected]

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