skrill: a giant of the gambling industry

the history of skrill

Getting your winnings from your Skrill e-wallet to your regular bank account was the next big challenge that the company had to overcome. They already had deals in place that would allow them to make transfers to peoples regular bank accounts, but these transfers often took several days depending on the receiving bank, and were costly for gamblers. Skrill’s master stroke was to offer their own debit card, directly linked to the balance of your Skrill e-wallet. Now, you could spend your winnings within minutes of hitting a jackpot whilst playing an online slot machine.

As a British company, Skrill benefitted from the United Kingdom’s somewhat lax attitude towards online gambling in general. Over in the States, PayPal had decided to stop offering their services to most online companies when they were acquired by eBay. Likewise, the American company Neteller, who had been Skrill’s primary competitor for many years, found themselves in a tight spot when the Unlawful Internet Gambling Enforcement Act began to be enforced more strictly in 2011.

When most of the online gambling industry moved out of the United States, Neteller lost their largest market, and were forced to relocate much of their business to Europe. It was this move which would eventually see Neteller be swallowed up and become part of Skrill, although the two brands continue to trade as separate entities as of today.

In February 2013, Skrill purchased the Austrian prepaid card company paysafecard. This turned out to be a bargain for Skrill, who went on to also purchase the UKash prepaid voucher business in 2015. UKash was an interesting idea, as it allowed people to purchase paper vouchers from grocery stores, petrol stations, or supermarkets, and then deposit the money into an online gambling site in a similar way to which you would top up a mobile phone at the time.

UKash would prove a more troublesome acquisition for Skrill, and accusations of widespread money laundering would force the Paysafe group, as they were now known, to merge UKash with paysafecard to create a more secure and less fraud-prone alternative to the paper voucher system. It didn’t matter, however – Skrill was continuing to expand almost unstoppably, and was eventually bought for $1.1 billion in 2015.

With the exception of PayPal, all of Europe’s primary e-wallets were now owned by the same company. PaySafe knew that if they wanted to continue to expand, they would need to look again at moving into other markets outside of the online gambling industry. Skrill is still only supported by a small number of online merchants, although this number is slowly increasing. The company has had greater success in the areas of Forex Trading and Cryptocurrency, two markets where the company is showing impressive year-on-year growth as of 2022.

All this success has not gone unnoticed, of course – in 2019, the company won an award from Juniper Research for offering the “Best Digital Wallet”. Another accolade from the Future Digital Awards the same year rose the profile of the business significantly, leading to further awards from the American Gambling Awards and the Consumer Payment Awards.

It seems as if the only way is up for Skrill and the PaySafe Group at this time, but PayPal has returned to the online gambling market in a major way in the last few years. PayPal is one of the few companies with both the profile and the subscriber base to potentially counter Skrill’s dominance of the online gambling payments industry.

One of the most attractive features of MoneyBookers/Skrill in its early years was the simplicity of setting up and operating an account. No “Know Your Customer” (KYC) checks were performed on new customers back then, something which would allow them to grow their customer base extremely quickly. Unfortunately, this decision would later come back to bite them when many online gambling sites realized that Skrill was allowing widespread “multi-accounting”, so banned new signups from using the service to claim new player bonuses and promotions.

Today, things have changed dramatically – financial regulators in many countries forced Skrill to begin performing Know Your Customer checks on new signups several years ago, although many casinos still have rules prohibiting new players from claiming a first deposit bonus when depositing via Skrill or Neteller. If you wish to begin using Skrill today, you will need to go through the same steps required at most online casinos – a government-issued ID such as a passport, driving license, or national identity card is required, and you must have it in your hands – a photograph is not sufficient. For this reason, the signup procedure is most easily completed using a smartphone, tablet, or laptop equipped with a webcam.

It used to take a couple of days for new customers to be verified manually by Skrill, but artificial intelligence-based image processing is now used to analyse the pictures submitted by new customers, allowing the vast majority of new signups to be verified instantly.

Once you have opened your account, you have two options for depositing at an online gambling site; firstly, you can deposit an amount directly into your Skrill wallet. Some players like to do things this way to prevent their regular bank from knowing how much and often they are depositing at online gambling websites. You can add a large bankroll to your Skrill e-wallet in a single transaction, then proceed to deposit and withdraw at any site you please, whilst spending your winnings using your Skrill debit card.

Alternatively, you can simply choose the “Skrill” option when depositing at an online gambling site and, if your e-wallet does not contain enough funds to fulfil the deposit, you will be asked to add additional funds from a debit card, credit card, or bank account. These options are all instant and are usually free of charge at the customers point of use – any fees incurred by these transactions are covered by the online casino or other gambling site.

Deposits made using Skrill will appear in your online casino, sportsbook, or poker room account instantly. If it is your first deposit at that particular site, be sure to make sure that depositing via Skrill will not exclude you from any promotional offers you may wish to participate in before completing the deposit. There is usually no way to access these promotions if you have already completed a deposit using Skrill.

withdrawing using skrill

These rules have eroded the value of e-wallets in some people’s eyes, but they do still have numerous advantages for gamblers of all persuasions. For example, Skrill withdrawals are usually extremely fast – many online gambling sites will process e-wallet withdrawals below a certain amount automatically as soon as you request one. Larger withdrawals do sometimes require checking manually by a member of staff at the casino, but even in these cases, the withdrawal will almost always be much faster than a debit card or bank withdrawal.

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