Why can't you redeem bonuses with e-wallets?

In the terms and conditions of bonuses offered by online casinos, there is often a clause that prohibits the redemption of bonuses using Skrill and Neteller e-wallets. But what is the reason for this?

E-wallets have been among the payment methods offered by online casinos for over 10 years. Their popularity has remained relatively high, but new - in some areas even better - payment methods have chipped away at the volume of transactions made with virtual wallets.

Next, let's take a closer look at e-wallets and the casino bonuses that can be redeemed with them.

E-wallets as a payment method at casinos

The two most popular e-wallets are Skrill and Neteller, which can almost always be found in the payment offerings of all online casinos. In addition to this strong duo, Finnish players can also make transactions through Ecopayz and eZeeWallet wallets.

All e-wallets operate in a relatively similar manner. The player must first open an account with their chosen e-wallet by filling out a registration form and verifying their identity with an ID.

After this, you can transfer money to the e-wallet either via a bank card or online banking payment. Many virtual wallets can also be linked to a Mastercard or Visa debit card, allowing you to use it even in local stores.

Mobile payments are made easier by the fact that all major services (Skrill, Neteller, Ecopayz, and eZeeWallet) have their own mobile apps, which you can download to your phone via the App Store or Google Play. Thus, deposits and withdrawals at online casinos can be easily approved directly from your smart device.

Why try Skrill, Neteller, and EcoPayz wallets?

It is no coincidence that e-wallets have long been among the most popular payment methods at online casinos. Although it is not always possible to redeem bonuses with them and the service provider may take a small percentage of the fees as costs, this payment method has many advantages.

• Ubiquity: if you choose an e-wallet as your payment method, especially Skrill or Neteller, you can be sure that the payment method is available at 90% of online casinos. It is extremely rare to encounter casinos that do not accept these two wallets.
• Speed: E-wallets are significantly faster withdrawal options compared to most payment services. On average, funds arrive in the account in less than 24 hours, but sometimes the transfer can happen in just a couple of hours.
• Security: virtual wallets are not exclusively payment services aimed at casinos but are also used by other businesses. They are therefore monitored very closely, and for this reason, transactions are very secure.
• Control over gambling: when the money used for gambling is separate from normal funds, it is significantly easier to monitor and control one’s own gambling.

E-wallets and bonuses

When you read the rules and conditions related to bonuses at online casinos (as we always recommend), you have surely noticed the often recurring phrase: "The following deposit methods do not qualify for the deposit bonus: Neteller, Skrill.” The wording of the sentence may be slightly different, but the basic idea behind it is the same. You cannot redeem bonuses for deposits made via Skrill and Neteller (and often also Ecopayz).

This is by no means an arbitrary decision but rather a desire to protect players and comply with the laws and regulations set by gaming authorities.

E-wallets have historically been a popular payment method for bonus abuse. Unfortunately, current players are paying the price for the bad behavior of other players. Unless virtual wallets can significantly improve their practices and provide online casinos with more support for customer identification, bonuses for Skrill and Neteller will likely never return to online casinos.

In order for online casinos to prevent money laundering and avoid the opening of multiple accounts, they must be able to conclusively verify the origin of transactions. And because abuse often involves the desire to redeem the same bonus multiple times, it is easier for casinos to completely prohibit bonuses and other offers that can be redeemed with e-wallets.

Pay N Play has overtaken virtual wallets

Previously, one of the biggest selling points of e-wallets was precisely the fast transactions. Both Skrill, Ecopayz, and Neteller guarantee withdrawals in under 24 hours - often in just 1-2 hours. E-wallets were still a couple of years ago the fastest way to deposit and withdraw money. However, this changed with the advent of Pay n Play technology.

Online casinos without registration revolutionized the casino industry in 2019 when the technology began to appear on several gaming sites. At these online casinos, players do not need to open an account separately, as it is verified during the bank transfer. And since the online bank has already verified the customer's identity to the casino, transactions can be automatically approved.

At Pay n Play casinos, withdrawals take an average of 5-10 minutes. No other payment method comes close to this figure, so it’s no wonder that payments made via Zimpler, Trustly, and Brite are so popular.

Fast casinos also do not restrict the receipt of bonuses. Trustly, Brite, and Zimpler transfers entitle players to redeem all deposit bonuses and free spins offered by online casinos.

When you also consider that players do not need separate accounts or apps - just Finnish online banking credentials - it must be admitted that Pay n Play is superior.