Sports betting in India is a highly controversial subject, as it is tough to make a payment to a sportsbook through the regular channels. Of course, it may be possible to use conventional funding methods to a certain extent, but the legality of sports gambling in India may put your capital at risk. Therefore, you need a good alternative for depositing/withdrawing funds at your favourite bookmaker, and we feel that Skrill is one of the best options available in the market at present.
Skrill is a popular e-wallet that is proven to be a reliable funding method for online bookmaker accounts. Almost all legitimate sports betting websites accept Skrill payment in one form or the other, and it is no secret that the payment processor has the largest market share among all the other e-wallets in the gambling industry combined. Read our detailed Skrill sports review learn about your payment options, and check whether you are eligible for a bonus on your sportsbook deposits.
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Is a Skrill Account Secure?
Skrill has been in business since 2001 and is one of the most regulated and secure e-wallets in the market. Formerly known as Moneybookers, the company has its licensed office in the UK and is registered as a money service business under the Financial Conduct Authority (FCA). The brand is currently owned by Paysafe Group, which is a large financial conglomerate that is responsible for managing other popular e-wallets, including Neteller.
The company’s payment interface utilises the most advanced encryption protocols to facilitate online transactions. Users are protected by several EU and UK guidelines that pertain to the safety of customers’ money. As per the EU’s MiFID derivatives, all funds held in a Skrill account are moved to segregated accounts, where neither the company nor its representatives, have any rights to use the said funds without the users' consent. Therefore, all the funds that are held in a Skrill wallet are as secure as depositing money at a bank account, with the bonus advantage of being able to make an instant transfer to anywhere in the world at short notice.
On a personal note, we have been using the Moneybookers e-wallet successfully for more than a decade, and we have found no significant reasons to complain about the service. It gets the job done, especially when we want to make large and cost-effective transfers, which is all that we expect from an established e-wallet.
Is Skrill Legal in India?
Using Skrill is legal in India, as it is quite similar to all the other mainstream e-wallets that are offered for Indian users. However, there are some constraints when it comes to Forex transactions, as the Indian authorities are quite strict when it comes to Anti-Money Laundering Laws and transfer of funds from India to overseas accounts. Of course, indulging in illegal activities such as online gambling and sports betting can also attract penalties and lawsuits, including prison time, but wagering on sports through online platforms lies in a grey area. In most cases, authorities turn a blind eye towards Indian punters when they gamble online unless bettors take part in any severely unlawful activities such as match-fixing, money laundering, or other similar deeds.
We have covered the different banking options that are available for online sports betting in India through a separate guide, where we have recommended e-wallet transfer as the most preferred payment mode for web-based sports betting. There are several reasons that back our theory, but the most important factor is that an e-wallet provides the convenience and security of making a payment through an anonymous channel. Therefore, it is difficult for a Government or any other agencies to track your transactions directly to any gambling-related website unless they have sufficient evidence to suggest that you have broken several laws in the process.
Top Reasons Why You Should Use Skrill for Sports Betting Online
Skrill is as good an e-wallet as they come, which is why the company enjoys an unbelievable amount of popularity among global users. Here are some reasons why you must consider the e-wallet over the other payment options:
- Available for 24/7 transactions, where payments to merchants are completed within seconds.
- Accepted by a majority of online sportsbooks and other merchants such as finance websites and e-commerce sites.
- Secure, regulated, and licensed by the best agencies in the EU.
- Guarantees the security of your online payments.
- Segregation of funds means that you are in total control of your money.
- Withdrawals are processed within seconds.
- You can use INR (the Indian Rupee) as your preferred account currency or choose from 40 different currency options to transfer money to over 200 different countries.
- Excellent bonus options.
The Skrill Sign Up Process for New Users
Skrill offers a free account for all Indian users, and you can sign up for an account within a few minutes. You must first register at the official website or through the app by providing your email address, choosing a username, and entering a password. You should also enter your personal information, including your country, a phone number, and your preferred currency. You do have the option of choosing the INR as your account currency, but you must make sure that the sportsbook of your choice accepts transactions in INR. Otherwise, the payment processor will charge a Forex transaction fee to convert INR into USD or any other currency, and it can create a considerable dent on your betting capital. Once you choose your account currency, you can NOT change it at a later stage.
After entering all the relevant information, you will be asked to verify your email, your identity, and your address. Until recently, the company had not mandated the verification procedure, as all free users had access to a restricted version of the e-wallet. However, the company has gone through several changes in its structure and management quite recently, and it does appear that verification is a mandatory procedure for all users. You can verify your identity and address by submitting your national identifying document and a proof of address such as a bank statement or a utility bill. The company will send you an email once your account is verified.
Skrill App for Payments on Desktop & Mobile
The Skrill sign in can be performed through the web browser or through the mobile app that is offered for both Android and iOS users. The mobile app is available through the official Google Play Store and the Apple App Store, while desktop users have to access their accounts through the web browser. Although the individual apps allow you to have master control over your account functionalities, you will be required to sign in each time to make a payment, unless you opt for the Skrill 1 Tap option for recurring payments.
All deposits and payments are processed through the Skrill payments processor, where you are required to log in to your account to validate the payment. The Skrill payment interface is a highly secure platform, which reduces the risk of any external influence or third-party phishing. However, while making a payment, always ensure that you verify the authenticity of the payment channel by confirming the Skrill logo, the HTTPS encryption seal, and the URL of the payments page.
Do Punters Need the Skrill 1 Tap Feature?
The Skrill 1 Tap feature is designed as a part of a subscription payment model, where users make recurring payments to their service providers. 1 Tap allows account holders to set a periodic payment schedule, without having to sign in individually for all the different payments. Since sports betting does not involve any periodic deposits to your bookmaker, the 1 Tap feature may not be suitable for a sportsbook account. However, you can use it for other services if you so desire.
Sports Betting Bonus with Skrill
Skrill is the largest e-wallet that has the maximum reach among online bookies. Therefore, punters can take advantage of various offers and bonuses that are offered exclusively for Skrill account holders. New sportsbooks also have exclusive partnerships with Skrill and other e-wallets, where bonuses are paid on first or all recurring deposits. Read our online sportsbook reviews for more information on bonuses and other specific offers that are available for each operator.
Are Skrill Fees Competitive?
Moneybookers has the most attractive fees for both internal and external transfers. The company only charges a maximum of 1.9% for outward transactions, while incoming payments are free of cost. Most bookmakers also waiver the transfer fees that are charged for deposits, which makes it even more beneficial for punters. On the wire transfer front, the company does have a small convenience fee and a currency exchange cost, but the cost is highly competitive when we compare it to other payment processors.
Our Verdict on Using Skrill for Online Sports Gambling
Skrill has been a frontrunner in the gambling industry for quite a while, which is evident from its partnership with leading bookies and casino operators. From an Indian bettor’s perspective, no other e-wallet is as desirable as Skrill, as it is both safe and accepted for transactions from India. Read our online bookmaker reviews to find a sportsbook that accepts Skrill as an accepted payment method.