eWallets with Matched Betting

eWallets and Matched Betting

Should you use an eWallet with Matched Betting?

An eWallet (also known as a digital wallet) is a software-based system that securely stores users’ payment information and passwords.

Here we will look at whether using eWallets and matched betting is viable, sensible or beneficial or otherwise, and touch upon if a matched betting bank account is a good idea.

The e-wallet can be used across multiple websites and is a fast way to pay and access services. It allows you to store, send and receive money, and you can add money to your digital wallet and use that to pay for products and services, leaving your bank account alone.

The most common and well-known eWallet is, of course, PayPal. Many people use it and primarily if they have ever used eBay.

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Benefits of an Ewallet with Matched Betting

The eWallet also has added benefits in terms of online security and is beneficial to many as the transaction history will not show up on your bank statement. They can also be really useful for mobile payment and sorting passwords, loyalty cards, and information/coupons.

When it comes to matched betting, often asked is whether there are any issues in using a normal bank account and common concerns around credit score and mortgage applications.

Although there is little evidence that matched betting will affect your credit score or your suitability for a mortgage, there is understandable worry about multiple transactions on your bank statements for matched betting, that at first glance really could suggest you have a gambling problem (even though matched betting is not gambling, your bank statement is blind to this)!

It’s possible that upon applying for a financial product such as a mortgage or loan, a bank or lender could look upon you unfavourably when they see your recent account activity and in theory, they could refuse to give you the credit you need, this is why using a different form of payment can be appealing especially once you are beyond the frantic matched betting sign up offers activity.

Lets look at therefore it might be good to consider a matched betting bank account, to use solely for your activities.

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A Separate Matched Betting Bank Account Instead of an Ewallet?

matched betting bank account

Another option is to have a specific matched betting bank account, this keeps all your transactions in one place and helps you budget and track your finances.

It doesn’t though stop the time it takes to add your details with bookmakers that can be annoying, and there remains the potential complication for many starting out in that it can be difficult to track your activity within your usual banking transactions (consider using a spreadsheet), and traditional banking can be slow which isn’t the perfect fit to efficient matched betting which is about rattling through promotions quickly (time is money!).

Despite the benefits we have been through of not using your bank account for matched betting, there is no absolute requirement to use a separate matched betting bank account. Your usual banking will work fine to deposit and withdrawal and it may feel like a large endeavour to take the step of setting up an entirely new account or you may feel the advantages outweighs this.

The other option instead of a matched betting bank account is to use a different type of bank altogether such as a digital bank like Monzo which is quick and easy to set up and is fast once you get going, and it’s fully regulated and used by many matched bettors as is PayPal. Do check if fees are charged which would make it less favourable – more on that below.

Final thoughts - Should you use an eWallet when Matched Betting

Adding to the ease, speed and potential aid to the financial health of not using your bank account for matched betting, an eWallet gives you the safety of segmenting off your separate money for matched betting, which in turn keeps your primary banking/bank details safe and less susceptible to cyber-crime.

With multiple different bookmakers recording your financial details there is in theory more chance that your information is hacked and so an eWallet can give you greater peace of mind, perhaps more than a matched betting bank account or your own normal banking account.

There is though, one major drawback that does reduce the likelihood that using an eWallet for matched betting is the most viable and sensible option…

By far and away the most frantic and intense time for banking and sign up form filling online for the matched bettor is when starting out with welcome sign up offers when you first interact and register your details with multiple bookmakers. But, the vast majority of bookmakers do not accept an eWallet for claiming the initial promotions (your qualifying deposit) that are so sought after (the exception in some cases being PayPal)! So for example. you cannot use Skrill for your welcome offer deposits!

Therefore many of the advantages we have identified can not be utilised when you are first depositing your money so if you do intend to use an eWallet (the most popular eWallets include Paypal, Skrill, Neteller, and Paysafe) you may not be able to do so for a large part of your interaction with a bookie and you may still need to type out your bank details each and every time you wish to deposit to a new bookmaker and probably also for betting exchanges which may have a problem with the eWallet.

There is also the issue of extra fees when not using a bank account, as some eWallets (such as Skrill) charge to deposit and withdraw to your bank account.

It could be that for the welcome offers or reloads your bookmaker accepts the use of your Wallet, but always be careful and always read the terms and conditions when depositing for free bets and promotions as otherwise, you may not get any profit or even lose money and time unnecessarily.

Using an eWallet for matched betting or setting up a separate matched betting bank account may just be more trouble than it is worth, but it’s hoped that this information can help you make the right decision for you.

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