Bonuses are one of the best parts of online gaming. The vast majority of internet casinos offer these rewards, ranging from free spins to deposit bonuses.
These deals are great from the perspective that they give you an opportunity to earn free money. However, you must meet terms and conditions before you’re able to reap the benefits.
One common term you may see is that Neteller and Skrill deposits don’t qualify for bonuses. Why are these e-wallets exempt from bonus offers?
Keep reading as I cover more on Skrill and Neteller, along with why they normally don’t allow you to obtain bonuses.
What Are Neteller and Skrill?
Simply put, Neteller and Skrill are e-wallets that let you send and receive money. Both require a linked bank account, which you can use to either provide funds for the e-wallet or send money to.
Neteller and Skrill are commonly accepted at online casinos, along with many other types of businesses. However, each e-wallet has slight nuances from the other in terms of history, particularly regarding online gambling.
Neteller is run by Paysafe Group and operates out of London. This brand is particularly well known in internet gambling circles. It moved into this space in July 2000 and was processing 85% of the gaming world’s deposits at one point.
Neteller moved out of the US in 2007, shortly after the Unlawful Internet Gambling Enforcement Act (UIGEA) was signed into effect.
As a result, they saw their revenue drop from $239 million in 2006 to $61 million in 2010.
Nevertheless, Neteller has remained a force in the payment processing game. They’re still largely found at many gambling sites across the globe.
This company launched in July 2001 as Moneybookers. The UK-based company was purchased by Investcorp in 2007 for €105 million.
By 2010, Moneybookers became known as one of the world’s fastest-growing financial intermediaries. It featured 25 million customers and 120,000 merchant accounts at the time.
The company rebranded to Skrill in September 2013.
Just two years later, they purchased Paysafecard, an Austrian-based prepaid card service.
In August 2013, CVC Capital Partners bought Skrill for €600 million. The business was sold again to Paysafe Group (Neteller) in March 2015 for €1.1 billion. Paysafe now owns two of the largest e-wallets in the gaming business.
What Kind of Bonuses Do You Miss With These E-Wallets?
If you’re hunting for online casino bonuses, then Neteller and Skrill aren’t the best options to use. Below, you can see the various rewards that you’ll miss out when using them as deposit methods.
The average internet casino offers many different deposit bonuses. These deals can cover new players (discussed next), existing players (a.k.a. reload bonuses), or VIPs.
In any case, deposit bonuses are based on a match percentage of your deposit. Here’s an example of how it works:
- A casino is offering a 100% match bonus worth up to $200.
- You deposit $75.
- You’re now eligible to earn a bonus worth up to $75.
You’ll of course need to meet terms and conditions before the money is yours. But these can be very lucrative deals if you play a lot of online casino games.
You’re typically eligible for a welcome bonus after making your first deposit(s) at an internet casino. These bonuses can either be valid for one deposit or a series of deposits.
Here’s an example of the latter:
- Welcome bonus package worth up to $1,000
- First deposit is eligible for a 100% match bonus up to $500
- Second deposit is eligible for a 100% match bonus up to $300
- Third deposit is eligible for a 100% match bonus up to $200
You don’t have to make three deposits to qualify. But some casinos try to include more bonuses to encourage additional deposits.
Free spins can either be given out as part of a deposit bonus (e.g. 100% match bonus + 25 free spins) or as a separate offer. You use these spins to generate winnings that can later be cashed out.
Here’s an example:
- You’re awarded 25 free spins
- You earn $10 with the spins
- You can cash out the $10 upon meeting terms and conditions
Winnings from free spins are often capped. You can usually earn at least $100 or more before hitting this cap, depending upon the casino.
Why Are Neteller and Skrill Excluded?
Skrill and Neteller are excluded from bonus deals for multiple reasons. You can see more on each of these reasons below.
Fraud and Money Laundering Prevention
Some licensing authorities put heavy emphasis on making sure that their operators aren’t used as fraud and money laundering targets. Casinos in these licensing jurisdictions are expected to obtain valid identification from users to prevent these problems from happening.
Others will take Skrill and Neteller deposits. However, they make both options less appealing by excluding them from bonus deals.
E-wallets in general have some of the highest fees among gaming deposit methods. Neteller and Skrill are no different in this regard.
Fees on deposits and withdrawals can range from 2% to 3% of the total transaction. Gaming sites that help cover these fees are less likely to allow e-wallet deposits/cashouts.
Popular for Bonus Abuse
Neteller and Skrill are often connected to bonus abuse. The latter refers to when players continually exploit loopholes in bonus terms and conditions to boost their chances of earning a profit.
These e-wallets allow players to make quick withdrawals. Therefore, they can abuse a bonus policy and cash out before casinos realize what hit them.
Unpopular With UKGC
The UK Gambling Commission oversees all internet casinos that operate in the UK. They’ve noted their displeasure with any payment method that increases the chances of fraud or money laundering.
Here’s what Sarah Harrison, Gambling Commission Chief Executive, noted in a 2018 letter to UKGC licensees:
“It is vital that the gambling industry takes its duty to protect consumers and keep crime out of gambling seriously. The Gambling Commission’s new strategy sets out our vision for a fairer and safer gambling market.”
Again, Neteller and Skrill make it harder for operators to identify suspected criminals. That said, more and more UK online casinos could drop these companies as payment options.
What Should You Deposit With to Get Bonuses?
You may find that a number of your favorite gaming sites don’t allow Neteller and Skrill to count for bonuses.
But what can you use in their places? Here are some of the most common deposit methods that qualify for bonus opportunities.
Automated Clearing House (ACH) lets you send money directly from your bank to an online casino. You can also withdraw money back to your bank account as well.
The drawback is that a fair number of casinos, especially those facing US residents, don’t accept eChecks.
Visa and Mastercard
These credit cards handle over 80% of all credit card transactions in the world. Not surprisingly, they’re you can use credit cards at online casinos.
Visa and Mastercard are fast and reliable ways to fund an online gaming account. However, the downside is that they tend to reject gambling-related deposits at a higher rater than any other payment option.
Bitcoin is a peer-to-peer payment method that lets you send this cryptocurrency directly to an online casino. It’s also decentralized, meaning your deposits can’t be blocked by a government or bank. Some gamblers seem to really enjoy playing on Bitcoin online casinos.
The problem with Bitcoin, though, is that it’s volatile and can be worth 10% or less the following day. You may prefer traditional currencies (e.g. USD) if you can’t stand this uncertainty.
Western Union and MoneyGram are online casino wire transfers that can be used to fund a casino account. You give an agent your money, and they’ll supply you with the info to send the wire.
The nice thing about this option is that the agent can quickly guide you through the process. But the fees are usually around $35, which is pretty expensive for a deposit.
As highlighted before, the biggest problem with Skrill and Neteller is that they’re often excluded from bonus offers. But you don’t have to automatically dismiss them as a casino banking option.
Another plus is that Neteller and Skrill can be used for deposits and withdrawals. Contrast this to credit cards and debit cards, which are usually only available for deposit.
Assuming you’re not worried about online casino bonuses, then Neteller and Skrill may be the perfect options.
However, you definitely want to steer clear from them if you do love deposit bonuses and free spins. Depositing with either e-wallet may exclude you from bonus deals.
The key is to look at bonus terms and conditions beforehand to figure out the situation. A casino will clearly note if Neteller and Skrill deposits aren’t eligible for bonuses.