What is Skrill?
As we already said, Skrill is an international payment method. It’s packed with features and benefits for users from all walks of life. However, our focus will be on its use in the iGaming industry for this post.
Before going deeper into the Skrill betting paradigm, let’s sum up what this payment method is and what you can expect from it.
- Skrill came out as Moneybookers way back in 2001 in the UK.
- It’s currently owned by the Paysafe Group which also owns Neteller and Paysafecard.
- Skrill is an e-wallet that you can use for online payments, sending money, and receiving money.
- Skrill is available in India and INR is a supported currency for the method.
- There are more than 40 million active Skrill users all over the world.
How Does Skrill Work?
As an e-wallet, Skrill offers a wide variety of features to users. One of the most important features is, of course, Skrill sports betting. To know why this is such an amazing payment method at betting sites that accept Skrill, you must know how Skrill works first.
Just like any other e-wallet, users are required to open an account first. Then, the account must be funded with some other payment method to make it operational. It’s true whether you’re trying to pay Skrill betting sites or any other merchants. Similarly, you’ll need the account funded before you can send money to anyone.
The only case where you don’t need funds beforehand is when you’re on the receiving end.
As an international business, Skrill offers lots of deposit methods. All major banking and online payment methods you know of in India are available for funding your Skrill account.
One of the greatest features of Skrill is that you can send money directly to bank accounts, mobile wallets, or even using an email address only!
So, when you try to pay betting sites that accept Skrill, you can use any of these channels depending on what the betting site is offering. In most cases, you’ll use the online payment portal.
History of Skrill
Originally known as Moneybookers, Skrill is a British digital wallet provider. It was founded back in 2001 when the e-wallets industry was just picking up momentum. That was also the time when e-wallets were entering the iGaming payments paradigm.
From 2001 to 2007, Moneybookers proved its worth in the European e-payment industry and became one of the best in its class. In 2007, Investcorp bought Moneybookers. If you didn’t know, Investcorp is an investment firm for corporate, real estate, hedge funds, and credit management businesses.
Skrill was known as Moneybookers until 2011 when the company finally decided to rebrand itself. Many countries in the EU still know and call this method as Moneybookers.
By 2015, Skrill was under the Paysafe umbrella, previously known as Optimal Payments. Since 2015, Skrill has been operating as a subsidiary of Paysafe Group.
Currently, the top 3 payment processors in the iGaming industry are Skrill, Neteller, and Paysafecard. And all 3 are owned by Paysafe Group!
Skrill Payments in India
Indian punters are quite lucky because most of the sportsbooks are offshore and they all accept Skrill as a payment method. It’s understandable because Skrill is widely accepted in the EU and most offshore operators are based in the EU.
Apart from the Skrill betting sites, Indians are free to use Skrill to send money anywhere in the world, receive money from anywhere in the world, and/or pay anyone in the world.
Advantages of Using Skrill
As a premium e-wallet, Skrill comes with an array of benefits for the users. Some of them might look cliché but every benefit counts for the iGaming industry. Let’s take a look at what benefits you can expect from this one.
Unlike bank accounts, you don’t need to set foot outside your home to open your Skrill account. It’s completely an online process. You go to Skrill’s website, enter the information required, and start using the Skrill betting sites immediately.
Altogether, the process may take between 5-10 minutes including the registration and the verification.
As you know, you need to top up your Skrill account before you can use it for betting sites. To streamline the process, Skrill has partnered up with local payment methods. You can use your regular bank cards, bank transfers, or other e-wallets to top up the account.
You can send money to anyone, anywhere in the world. Of course, the country you’re trying to send money to must have Skrill. You can find the complete list of operational countries in the Skrill interface when you try to send the funds.
You can even select the currency you want to send the money in. Although you need to pay for the conversion charges, it’s a feature very few online payment methods can offer.
Being a British payment method, Skrill has turned out to be one of the safest payment methods of our time. It’s regulated by the Financial Conduct Authority (FCA) in the UK. All payment portals are protected with industry-standard SSL encryption.
As of 2019, the new European Service Directive or PSD2 has been enforced. It adds to the already amazing security portfolio. To comply with the new regulation, Skrill has also improved the authorization flow of the payments.
Skrill in Betting
Since its beginning in 2001, Skrill has been diverting its resources to gambling payments. As of now, the majority of its transactions happen in the iGaming industry too.
The same is true for the Indian market. Skrill is a great method for you if you’ve been looking for a reliable online payment method for betting. You can both deposit to and withdraw from your betting site account with the same Skrill account.
How to Deposit and Withdraw Using Skrill?
Being able to take care of both sides of the coin is one of the primary selling points for Skrill betting sites. Let’s go over the processes step-by-step.
How to Deposit in Skrill betting sites India
Deposit is an instant process at betting sites that accept Skrill. It’s true for India as well as the rest of the world. Here’s what the process will look like when you finally decide to do it.
- Log into your Skrill sportsbook account. Navigate to the deposit page. There might be a button on your account interface or a dedicated payment page.
- Select Skrill from the list of available deposit methods.
- Enter the deposit amount. Make sure it’s compliant with the betting site’s minimum deposit requirement.
- On Skrill’s deposit portal, make sure you check the “Yes” box and specify that it’s a payment for gambling sites.
- Upon pressing “Next” or “Pay”, you’ll come across the verification page where you either use your phone number or the email+PIN combo to authenticate the deposit.
How to Withdraw Using Skrill
The withdrawal process from Skrill betting sites is pretty much the opposite of the deposit. Let’s see how you can do it.
- Log into your betting account again and navigate to the withdrawal page.
- Select Skrill from the list and enter the amount.
- You need to verify your gambling account first to become eligible for a withdrawal. If everything is right, the withdrawal request should be submitted successfully.
- Now, you have to wait for the sportsbook to process your payment. Once it’s done, you’ll get the money in your Skrill account immediately.
How Secure is it to Use Skrill in Betting?
Skrill is an extremely secure payment method in general. The security features are the same for regular money transfers and online payments. In fact, the gambling payments are marked differently to ensure that you don’t get intercepted.
How to Open a Skrill Account?
The first step for your adventures at Skrill betting sites is opening a Skrill account. The good thing about the sign up process is that you can do it entirely from home. No need to visit any banks or agents whatsoever!
Visit the Skrill website and locate the “Register” button. It should be on the top right corner of the website in Skrill’s signature magenta color scheme. Click on the button.
Enter the necessary information on the registration form. Make sure you’re providing valid information because the account is subject to verification. You get to enter your first name, last name, country, currency, email address, and password.
Your account is already up and running and it should look like the image below.
However, your account is on the Skriller level. To unlock the full potential of your accounts like increased limits and enhanced security, you must verify it. Skrill does it via 3rd party services.
You’ll need to submit your government-issued ID, prove your identity visually (via webcam or mobile camera), and a copy of the utility bill to prove residency.
In the end, you’ll become a True Skriller.
For Skrill betting sites, there are no fees at all. However, your Skrill account deposits and withdrawals are subject to fees.
Withdrawal is possible via Mastercard, SWIFT bank transfer, and Neteller. Neteller imposes a 3.49% fee on withdrawals while Mastercard imposes a whopping 7.5%! SWIFT transfers, on the other hand, have a fixed ₹459.15 fee.
In retrospect, the fees are higher for Skrill compared to most other online payment methods in India. Especially for withdrawals, the 7.5% fee is too much in our opinion. But the massive popularity of the method indicates that the punters may not enjoy the fees but they trust the method.
Alternatives to Paysafecard
Due to the high fees, you may not want to use Skrill for gambling payments. Moreover, there are some operators who exclude Skrill deposits from promotions. We don’t condone the exclusion at all but it’s true.
So, you might be having second thoughts about using Skrill betting sites. Don’t worry because we’ve assembled a fantastic list of alternatives to Skrill in India.
Essentially, all of these methods are bank transfers. So, you’ll first need a bank account to use any of these Skrill alternatives. These methods exist because your local banks cannot partner up with international gambling operators due to regulatory restrictions.
Visa, Mastercard, Diners Club International, UPI, or any other bank transfers methods that you can think of, can partner up with operators. So, they can be the best alternate to Skrill if you have a bank account.
Prepaid methods are considered the best way to deposit into online sportsbooks or casinos. It’s primarily because you get extreme anonymity when depositing. You don’t need to expose any sensitive information such as your bank account numbers, credit card numbers, phone numbers, or anything to the betting sites.
The drawback, however, is that you cannot withdraw with prepaid payment methods.
If you’re already sold for Skrill, there’s no reason for you not to like Neteller. They’re sister concerns from the Paysafe Group. In fact, Neteller might serve you better in Indian Skrill betting sites because the fees are lower. You can do both deposits and withdrawals with this method. This is like the perfect alternative to Skrill.
Frequently Asked Questions
Absolutely. Skrill is highly regulated and compliant with all major financial laws around the world. The same goes for India. So, if you come across Skrill betting sites, you shouldn’t shy away from using them.
In India, you can fund your account with Visa, Mastercard, Diners Club International, JCB, UPI, and direct bank transfers. Both credit and debit cards are eligible for deposits.
You can use the Skrill account without verifying it, as a Skriller. It should take care of your basic needs at betting sites that accept Skrill. But if you want to increase your payment limits, reduce fees, and be a part of the loyalty program, you must verify the account.
No, Skrill betting sites don’t have any fees. However, Skrill does. You must pay a 2.5% fee every time you deposit. And for withdrawals, the fees can go up to 7.5% for Mastercard!
Check the balance of your Skrill account first. If you have the funds, contact the sportsbook’s customer support. If they can’t help you either, refer to Skrill’s customer support.
Skrill is an e-wallet and all e-wallet deposits are instant. The same is true for Skrill at Indian betting sites.
First, you must wait for the operator to process your payment. Once it’s processed, you should receive the money in your Skrill account immediately.
Tips on Skrill Sports Betting India
Before we part ways, we’d like to share a few tips for Skrill betting sites with you. These tips should help you in your upcoming adventure as well as in years of transactions online. We’ve derived these tips based on the challenges punters face in India.
Slow & Steady Wins the Race
When your deposit to and withdraw from betting sites that accept Skrill, you must be the tortoise from Aesop’s fable. Rushing through things increases the possibility of slipping up. So, take your time and validate the information you’re providing.
Also, take your time selecting the right Skrill betting site in the first place. Go through the list we’ve offered and evaluate the features to see if they’re right for you.
Memorize the Fees
If it was some other method, you may have to do a lot of research to find the fees for deposits and withdrawals. Thanks to Skrill, you can find the complete fee structure on the website. You can even select your country (India) and currency (INR) to know exactly what methods you can use and how much you have to pay in fees.
Thankfully, most Skrill betting sites don’t impose any additional fees. But you should always go through the Terms and Conditions before you start using them.
Ensure Skrill is There
Some operators create a global website that contains all the information punters may need. That’s a good practice but many of them forget to optimize the site for local users. For starters, you may not find the correct list of payment methods in India.
When that happens, it becomes hard to determine whether the operator offers Skrill or not. As long as you stick to our list of methods, you have nothing to worry about. But if you’re going independent, be sure to ask customer support whether the sportsbook offers Skrill or not.
Like all payment methods around the world, Skrill has its limits. And the limits vary based on your account level as well as VIP level. So, log into your account and go to the FAQ section to know all about Skrill’s limits.
Moreover, the betting sites have their own limit in place too. You can find the information on the Terms and Conditions page.
Summary: Skrill betting
Skrill sports betting sites are pretty much everywhere in India. All international operators who now accept Indian players offer this e-wallet for deposits and withdrawals. As Skill has widespread operations in India, you’ll have no problem signing up to a betting site.
You also know how to sign up at Skrill. All there is left for you to do is open an account and start getting!