Skrill have quickly become one of the go-to options for people looking to bank with online gambling companies. The company is based out of the UK and it’s also here where the company are most popular. That being said, they are used throughout a number of countries across Europe, making them a truly international brand.
The company actually used to be called MoneyBookers but in 2013 a rebranding had seem them change to Skrill. The company are still based out of the UK and are regulated by the Financial Conduct Authority.
Betting Websites That Accept Skrill
The e-wallet itself is actually free to use and the depositing of funds can be done almost instantly. All that is required is for you to link up your bank account to your Skrill account and payments can be processed as if you were buying a product from a site. Skrill also provide prompt withdrawals from their site, but they will require you to pay a fee on this in the region of 1.8 Euro for bank withdrawals. Other methods such as cheques will incur a larger fee.
One of the standout features of Skrill is the ability to qualify to become a loyalty member. This works in 4 levels that include bronze, silver, gold and diamond. To start with you need to transact over 6,000 Euro between different merchants and as you increase this amount you will be upgraded accordingly. Generally each level will give you a 3 month period in which to hit certain numbers, so you do get a bit of time.
The main advantages come in the fact that as you progress through the loyalty sections you will become entitled to reduced fees throughout the Skrill network. This includes lower card upload fees, lower bank withdrawal fees, capped percentages on sending money and lower FX fees. Whilst in the cold light of day the percentage increases or decreases may only be very minor, if you put it into context – especially for larger users – if could accumulate into a massive saving.
One the things that really caught our eye was the inclusion of Skrill’s prepaid MasterCard, available to all users. This essentially allows you to use your card anywhere around the world that accepts MasterCard’s.
The money will be taken directly from your Skrill account meaning you don’t need to transfer back to your bank. On top of this you can also withdraw cash from ATM’s so you can essentially have the cash you have won from your online gaming site in your hand within a matter of just a few hours or even less.
Downsides to Skrill come in the form of their fees. They are a tad on the high side and you will find that their prompt service comes at a price. For example it wil cost you 1% (£7.89 max) to send money to someone, £1.42 to withdraw cash (before any local ATM charges), and annual card fee of £7.89 and a £2.33 for each withdrawal.
Granted, these fees become much manageable as and when you move up through the loyalty levels, but hitting their €6,000 quarterly limit will be tough for most.
How to Deposit Using Skrill
Depositing with Skrill is as easy as using any online e-wallet. The first thing you need to do is make sure you have a funded Skrill account. When you go to register for your Skrill account you will be able to deposit funds from your bank into your Skrill account and you are then good to go.
The next step is opening up the payment option from your gambling site and choosing the Skrill payment option. You’ll be asked to enter your email address that’s registered with Skrill and deposit amount.
Next you will be taken to the Skrill site where you enter your email and password (for Skrill). Once logged in, simply confirm the payment amount and then you will be taken back to the bookmaker where your funds will be processed.
What Countries Can Use Skrill for Online Gaming?
Skrill are pretty much down the line when it comes to online gambling and they suggest in their terms of service that their service cannot be used for any gambling site that resides in a country where online gambling is illegal. They go on to list countries such as USA, Turkey, China, Malaysia and Israel, before concluding with the point that the countries listed are not exhaustive.
If you aware that online gambling is legal in your country of residence then you should be able to use Skrill for this pretty freely, providing that the online gambling site provide this payment option. If you are still unsure then it’s highly likely that both Skrill and the online gambling site will block your application at some point, should any issues arise in terms of breach of gambling laws. If you are still unsure, then contact both Skrill and the gambling outlet before registering.
Skrill has been one of the biggest electronic payment resources since they first opened their doors in 2001. The company were formerly known as MoneyBookers and are based out of London, England. The system is set up to allow users to electronically transfer money between different services.
The company were another that took a chance on the online gambling market in 2001 and with great success. MoneyBookers, as they were known as at the time, were able to provide an alternative to the e-wallet solutions within the industry.
Over the next decade the company continued to grow at a solid rate and as they were only European facing, they didn’t have a huge backlash from the US fallout in 2005. By 2007, the company’s success was widely seen and they were eventually bought out by Investcorp for £105 million and then again in 2009 for a reported £365 million.
As the company continued their success, they were highlighted by the Sunday Times as the fastest growing private equity firm in the UK based on revenue, which is some feat given how many firms there are in the UK.
2011 was a monumental year for the company and by this point they had over 25 million accounts and were able to get into huge platforms as a payment processor for the likes of Facebook, eBay and Skype. 2011 was also the year where the company changed from MoneyBookers to Skrill, as it’s known today.
The company’s growth was highlighted once again when they were sold to CVC Capital Partners for £600 million in 2013. This had seen an increase of value of almost £500 million just 6 years between buyouts.
The latest acquisition came about in 2015 when Optimal Payments had an offer of £1.1 billion accepted to buy of the brand. It’s also worth noting that the same company is a parent company of Skrill’s closest rival, Neteller. In the same year they had also announced that Skrill has bought out one of their UK competitors in the form of UKash.