What is e-wallet?
Definition and example from our casino glossary.
Definition
An e-wallet is an online payment account that holds money and transfers it between your bank and merchants such as casinos.
E-wallets such as PayPal, Skrill or Neteller act as an intermediary between your bank account or card and the casino. Their advantages are speed and privacy: withdrawals to e-wallets are often processed faster than bank transfers, and the casino does not receive your card details. There are disadvantages as well. Some casinos exclude certain e-wallets from bonus eligibility, the wallet provider may charge fees for currency conversion or transfers, and some providers serve gambling merchants only in specific countries. Under closed-loop rules, if you deposit with an e-wallet you will usually be paid out to the same wallet. Money held in a wallet can also make further deposits feel less tangible, so many players find it useful to set limits both at the casino and, where the option exists, in the wallet itself.