This article discusses using Skrill for matched betting. A payment system to move money fast between betting accounts.
Let’s imagine you’re a matched bettor with a small bankroll. You win a back bet at the bookmaker, then a big chunk of your float moves to the exchange. You might wait a few days for a bank withdrawal – while missing out on lucrative reload offers.
Skrill can offer a solution to this issue. Skrill is like a virtual wallet provider such as PayPal.
The below screenshot shows the Betfair page to deposit via Skrill. This is a quick and easy process.
Advantages of using Skrill
Debit card withdrawals from a bookmaker or exchange usually take 3 to 5 days to reach your bank account.
Skrill offers several advantages such as:
- Move money in and out of your bank account on the same day.
- Like a digital wallet. Deposit from your bank account to Skrill. Then, then use Skrill to deposit and withdraw your cash to where you choose.
- Speed of moving money.
- Not using a bank account to deposit and withdraw from betting companies.
Disadvantages of using Skrill
Skrill does have some drawbacks. Skrill deposits may not qualify for the welcome bonus at certain bookmakers. Check for terms such as “customers depositing with Moneybookers (Skrill) are not eligible”.
The majority of matched bettors use a debit card for a first deposit to a bookmaker.
Skrill is useful for reload offers, particularly at Betfair, Smarkets and more bookies.
There is a 1.45% fee (plus 50 pence) to withdraw from Skrill to your bank account.
However, you shouldn’t need to withdraw from Skrill to your bank account very often. Instead, use your Skrill wallet to move funds between bookies.
Skrill Silver VIP status in one way to avoid fees for moving funds from Skrill to your bank account.
The requirements for Skrill Silver VIP status are £15,000 of transactions per quarter. This is £5000 per month. Qualify by moving money from exchange accounts into Skrill, then back to a bookmaker.
Skrill is a great tool for matched betting. The facility to move money around quickly is invaluable.