Skrill is a popular e-wallet that is being used extensively by online gamblers and cricket bettors, as it is one of the very few online payment processors in the industry that does not impose any restrictions on the nature of payments and fund transfers. In stark contrast, other popular e-wallets put several sanctions on accounts that transact with sports betting sites and casinos, thereby preventing players from accessing their accounts for future transactions. Therefore, it is no surprise that online cricket bookmakers have adopted this e-wallet as one of their primary payment methods, enabling punters to deposit and withdraw funds using a Skrill account.
Skrill is a leading online payment processor in the market that earned its popularity for having highly competitive fees for international transactions. The lower fee structure and the ease of use have helped the company to quickly capture a dedicated user base that utilizes the platform for both domestic and overseas fund transfers. Skrill’s popularity in recent years has also prompted numerous controversies, which is an expected by-product of a company that aims to cater to a large customer base from over 200 countries across the world.
The popular payment method continues to be a primary choice for cricket betting sites in India, where players are free to utilize its services without any Government intervention. In this guide, we provide you with information on how to use this e-wallet as your primary banking option at your favorite cricket betting site and whether bookmakers offer any advantages for using it as your preferred funding option.
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History and Reputation of Skrill in Gambling and Online Sports Betting
Initially known as Moneybookers, the company started its operations in the United Kingdom back in 2001 as a Money Service Business. Moneybookers Limited became an instant hit with online users, with several financial companies, gambling operators, bookmakers, and e-commerce websites adopting the Moneybookers payment processor for their online platforms. Moneybookers also gained popularity among non-profit websites and campaigns that sought donations from online users, where its partnership with several high-profile websites such as WikiLeaks led to a number of controversies that ultimately resulted in the company blocking such accounts.
In its earlier guise, Skrill was more popular among gaming agencies, which led to the platform becoming the only sanctioned digital wallet for New Jersey internet gambling by the New Jersey Division of Gaming Enforcement. Some sources also specifically pointed to the fact that Moneybookers was initially launched to satisfy the needs of punters and online gamers, but the highly secure aspect of Moneybookers transactions enabled the e-wallet to be widely adopted by other industries as well.
Moneybookers was rebranded to Skrill following a revamp in its services and overall brand image over a three year period from 2011 to 2013. Since its rebranding, the company has been working on improving its popularity in the highly competitive payments market, which has resulted in acquiring more than 30 million users and around 150,000 merchant accounts. Regardless of the change in the overall structure of the company, it still continues to operate as a payment option for cricket betting sites and other gaming operators.
Skrill has seen a constant change of ownership, with its current owner, the Paysafe Group, reportedly paying in excess of €1 billion for acquiring the company in its current form. Skrill’s revenue alone is approximated to surpass $500 million on an annual basis, which makes it a highly stable and reliable online payment platform. The Paysafe Group is also responsible for other e-wallets in the market, for example, NETELLER, but Skrill operates as an independent company that has its own operational policies and user guidelines.
Is This Payment Method Regulated and Secure?
Skrill is registered with Her Majesty’s Revenue and Customs, and its operations are regulated by the Financial Conduct Authority (FCA) of the UK. The United Kingdom has very strict laws when it comes to regulating and licensing payment processors, particularly those that deal with international transactions. Therefore, Skrill is expected to adhere to several anti-money laundering laws, fair transaction policies, and security of its customers’ funds. This payment method also comes under the purview of the European Union’s Markets in Financial Instruments Derivatives, even if the UK secedes from the EU.
As far as the financial stability of the company is concerned, users don’t have to worry about the constant change in ownership of the company, as Skrill is reported to have billions of dollars in assets. As per the FCA, the company should keep its clients’ funds in segregated accounts, away from its own operating capital. All FCA regulated members are banned from using their clients’ money to meet any of its debt obligations, which further guarantees the safety of your e-wallet balance.
The Paysafe Group, which owns Skrill, was a member of the London Stock Exchange and a constituent of the FTSE 250 Index. In 2017, the Paysafe Group was reported to have been acquired by two large financial organizations, a consortium between CVC Capital Partners and the Blackstone Group. The merger and acquisition have helped in rendering more transparency into Paysafe Group’s operations, which has helped the company’s subsidiaries, such as Skrill, to enjoy even better financial stability.
Can Indian Players Open a Skrill Account?
Skrill is an online payment processor and does not have any direct ties with any known gambling or betting agency. Therefore, as an e-wallet, every Indian player is allowed to open and maintain an account at Skrill. Unlike e-wallets such as PayPal, this payment method does not readily share its users’ information with the Indian Government, which makes a Skrill account more secure and private. Also, any transactions that occur through the payment platform are hidden from the public eye, which further adds to the anonymity of using the platform for betting-related payments.
It is a known fact that cricket betting is only legal in some states of India, while online bookmakers take advantage of the relatively low regulatory guidelines imposed on online betting agencies to cater to the Indian market. By using Skrill as a payment option, punters can be assured in the knowledge that their payments will stay anonymous throughout their betting career unless players indulge in any illegal activities that may instigate an investigation from the authorities. Skrill India operations are also tweaked slightly to accommodate several rules of the nation, which further satisfies the legal requirements of the e-wallet in the country.
Advantages of Skrill over Other Funding Options
Skrill is inherently the best cricket betting funding option in the market for a number of reasons. Here are some of the important pros of choosing this platform over other payment methods:
- It’s accessible on a global platform, where Indian players can open an account without any restrictions.
- It enables fast transactions, where all funds are transmitted between accounts within seconds.
- Funds are transferred through secure protocols so that there is minimal chance for any external influences or data/money theft.
- The transactions fees are highly competitive.
- Users can add their credit/debit card and bank information, which can then be used to pay for products or services through the Skrill payment interface.
- Users don’t need to have a Skrill balance or credit for any outward payments, as long as the account has a credit/debit card added to its system.
- It is highly anonymous, secure, and regulated, which makes it perfect for holding funds in the e-wallet for online payments.
- It provides an option to withdraw funds in the wallet directly to a bank account.
- It is accepted by most cricket betting operators and sportsbooks in India.
- It can also be used to make payments to other e-commerce and financial websites.
Opening a Skrill Account for Cricket Betting in India
Players must first find a cricket betting operator that accepts Indian players and offers Skrill as a valid payment option. Players can open a betting account and a Skrill account simultaneously or choose to verify and fund their account before choosing a bookmaker.
The sign up process is the same for all global users, where players are required to provide some very basic information on the company’s official website or through the official mobile app. For initial transactions, users are only required to verify their email address, but to unlock all the features of the account, users must verify their account by sending in an identifying document and bank/card information.
Indian players are given the option to choose their preferred account currency at the time of joining, which can either be specified in the USD, the GBP, the EUR, or any other currency offered by the e-wallet. Users can also open an account using INR as the primary account currency; however, once the user performs the first transaction in a single currency in their account, it is difficult to change the currency at a later date, unless they opt for a VIP account.
What Is Skrill 1-Tap?
The Skrill 1-Tap is a special subscription payment feature, which allows a merchant to automatically debit a specific amount from a user’s account, without requiring their approval for each transaction. It is suitable for subscription-based services that only require an initial confirmation from the user and may not be appropriate in the context of cricket betting.
Some cricket betting operators do support Skrill 1-Tap that automatically replenishes a betting account at certain intervals, but as we already mentioned, it may not be suitable for players due to the concerns surrounding gambling addiction and other problems.
Funding and Withdrawing Money from a Skrill Account
If you have just signed up for an account, you can use multiple options to fund it. You can visit the company’s help section after a sign in to learn more about their deposit and withdrawal options. The most basic form of account funding is to receive payment from other Skrill users, which is instantaneous and only costs the sender around 1.45% of the transaction amount.
All inward transfers to a Skrill account are free. If you don’t have an existing Skrill user to send money to your account, you can always fund your account through local and international payments, which is also free of cost. You can fund your account by adding a credit/debit card to your account and transferring funds directly from your card. Additionally, you can also wire your money to your e-wallet through a bank account, which can cost you the wire transfer fees, but Skrill won’t charge you anything.
Skrill users also have the option to transfer funds from other major e-wallets such as NETELLER and Trustly. Withdrawing funds from a Skrill account is slightly expensive and a bit slow, as there is a minimum withdrawal fee of GBP 4.76 or EUR 5.50. Regardless, you can add multiple bank accounts to your Skrill account and withdraw to any account of your choice, provided you pay the minimum fee for each withdrawal.
Skrill also offers a prepaid card for its users to make a withdrawal through an ATM or make a payment through a POS/online payment processor, but the withdrawal to a card is quite expensive. Skrill will charge around 7.5% for such card transactions, and we recommend players to stick to the bank wire transfer for initiating a cost-effective withdrawal.
Can Skrill Be Used for Other Online Transactions?
The platform can be used at any merchant and online website that accepts it as a payment option. Online cricket bookmakers, Casinos, Forex brokers, Binary options companies, and e-commerce websites that accept Skrill will prominently display the logo on their website, along with offering the choice in their list of payment methods. The payment method can also be used to send money internationally, where users can take advantage of the extremely competitive fee structure. By facilitating one of the easiest online platforms for funds transfer, Skrill has become one of the most established e-wallets in recent times.
Skrill Mobile App
Users can download the Skrill app for iOS, Android, and Windows devices by downloading the mobile platform through their respective app stores. The app adopts leading security protocols and safety mechanisms to prevent fraud and identity theft, which ensures that the e-wallet stays secure against any interference. While it is the responsibility of the user to protect their account information, it is close to impossible for any third party to hack these mobile applications. The mobile app can be used to deposit/withdraw funds and can also be used to transfer funds or pay for services through the mobile interface.
Using the Skrill Payment Method for Cricket Betting in India
Skrill has partnered up with some leading cricket betting operators in the market, which offers attractive bonuses, free betting credits, VIP account options, and other seasonal promotions. It also helps that Skrill has the greatest number of merchant accounts in the cricket betting industry, which ensures that players can find a highly suitable and reliable bookmaker that satisfies their preferences. We can also provide some cricket bookie recommendations that accept Skrill, or you can alternatively read through our sports bookmaker reviews to find an excellent operator in the market.