eWallet Deposits

5 Reasons to Use Deposit eWallets in Sports Betting

As the world moves toward a cashless society, the rise in popularity of Deposit eWallet has increased significantly. More than ever before, using fully digital payments has taken over virtually every facet of the business world. 

According to estimates, digital transactions will hit nearly $15 trillion by 2027. In addition, the eCommerce industry is expected to surpass the $8 trillion mark by 2025, with digital wallets representing more than 52% of payments.

Thus, a fair question would be how this trend could impact the sports betting industry. Considering that the sports betting industry is expected to hit about $130 billion by 2028, it’s safe to assume digital payments will have an impact.

As digital wallets or eWallets become more predominant, it is worth exploring five reasons bettors should use deposit eWallet as part of their betting strategies.

Understanding eWallets

Those who think eWallets are a thing of the future might be surprised to find eWallets are already here. In the eCommerce world, eWallets are commonplace. Nevertheless, eWallets are everywhere. Anyone who uses a phone or a smartwatch to pay for a cup of coffee, a meal at a restaurant, or to buy groceries is using an eWallet.

An eWallet is a payment system directly linked to a mobile device. eWallets function very similarly to credit or debit cards. The difference lies in the payment method itself. 

Credit and debit cards use a piece of plastic with a magnetic strip. While cards have been around for decades, they have had their share of issues. Mainly, security problems have been the most significant concern surrounding cards.

In contrast, eWallets do not depend on a credit or debit card. While eWallets are currently based on using a mobile device, research is moving toward using biotechnology to eliminate the need for mobile devices. Using fingerprints, retinas, or voice activation are examples of how biotechnology can be used in conjunction with eWallets.

Since eWallets are everywhere, it is no surprise that sports betting has increasingly turned toward using them. In addition, sportsbooks have increasingly used digital payment means to offer bettors a more comprehensive array of options. As a result, sportsbooks use eWallet deposits and withdrawals along with credit cards and cash transactions at retail locations.

Since the sports betting industry is keen on embracing eWallets, it is worth looking at the five key reasons bettors should use eWallets instead of other payment methods.

Increased Security

The biggest reason for eWallet deposits is security. This remains the top consideration for both online and in-person payments. eWallets have built-in security devices that make theft, hacking or cloning virtually impossible.

Take credit cards, for instance. When a credit card is stolen, thieves have a window to use the card between the time they steal it and the time the card is blocked. In some unfortunate circumstances, credit card operators will not reverse fraudulent charges.

Similarly, identity theft is a significant security concern for online users, as cybercriminals can steal personal information leading to fraudulent activity.

eWallets solve the vast majority of security concerns. While eWallets are not entirely foolproof, they significantly reduce safety considerations.

Multi-factor Authentication

The use of biometrics makes using eWallets exclusive to the registered user. As a result, stealing a phone is useless since biometric data such as fingerprints are needed to activate payments. Similarly, hacking an eWallet is essentially meaningless, thanks to multi-factor authentication.

Considering this, the sports betting industry, like eCommerce, is the natural venue for eWallet deposits and withdrawals. In addition, increased security features give bettors the peace of mind of knowing their funds are safe from unscrupulous cybercriminals.

Faster Transaction Times

Transaction times are a big deal in the sports betting industry. Most sportsbooks offer instant deposits for traditional payment methods such as credit and debit cards. However, transaction times slow down substantially when making withdrawals.

The main reason for sluggish transaction times lies with third-party payment processors. For example, withdrawing funds to a bank account can take up to five banking days. In some instances, such as receiving payouts by check, withdrawals can take up to 10 days. 

eWallet deposits and withdrawals can radically reduce transaction times. In particular. eWallets significantly reduce withdrawal times to as little as one business day. That is a huge difference compared to traditional payment methods. Therefore, for users keen on fast transaction times, using eWallets makes sense. 

Reduced Commissions and Fees

Traditional payment methods charge varying rates for commissions and fees. These charges aren’t made by the sportsbook but by the third-party payment processor. For example, credit card companies generally charge higher fees than eWallets. 

Bear in mind that sportsbooks do not generally charge any fees or commissions. They make their money mainly on the bets players make. For instance, sportsbooks do not charge fees for deposits or withdrawals, while bettors must pay fees to payment processors.

However, eWallets have changed that. It’s easier to deposit eWallet funds and make withdrawals with reduced fees compared to other payment methods. This difference is due to the technology used to process payments. 

Pay Fewer Fees

Traditional payment methods use outdated and, at times, obsolete technology. In addition, older technology causes delays in payment processing, which further increases rates.

On the flip side, eWallets use cutting-edge technology. New technology reduces processing times significantly, causing payment processors to save time and effort. Consequently, eWallet processors can also cut down on overhead and operating costs.

Using eWallets means bettors pay fewer fees, allowing sportsbooks to improve the overall user experience.

Online Privacy

Privacy is an enormous concern for most people. Sharing personal information, such as credit card numbers, can make players nervous. That is why most people think twice before using their credit cards on unfamiliar websites. 

When users look for betting information, data security ranks high among other details like odds and lines. That is why sportsbooks have worked hard to ensure online safety.

eWallets solve much of the data privacy problem while acting as a buffer between sportsbooks and users. For instance, bettors do not share any information with the sportsbook to deposit eWallet funds. Instead, the sportsbook receives the payment directly from the processor’s platform.

Of course, users must share their personal information with the eWallet processor. But sharing personal data with one company is preferable to sharing information with dozens of companies and platforms. As a result, using eWallets is a much safer alternative for those seeking online privacy.

Convenience

People want convenience and are always looking to save time and effort. That convenience is essential in eWallets’ popularity, making life easier for people. For example, using cash is inconvenient for most players. However, digital payment platforms have changed that situation. But eWallets take convenience one step further. 

With credit and debit cards, users need to worry about the card itself. When the card expires, getting a new one can become complicated. Moreover, credit and debit cards are linked with financial institutions. Therefore, players must also be concerned with each institution’s rules and regulations.

eWallets dispense with much of the bureaucracy that comes with traditional payment methods. Plus, eWallets work everywhere. So folks can use their eWallets to shop (in-person and online), pay bills, and transfer funds to friends and family.

Indeed, eWallets make life much more convenient. As biotechnology develops, the need for mobile devices will eventually disappear. This situation will add another layer of security to deposit eWallet funds and make withdrawals, especially in the sports betting industry.

The Final Word

The reality is that eWallets are here to stay. While their configuration may change with time, their overall function won’t. Therefore, it makes sense for sportsbooks to include eWallets and other critical betting information.

The convenience and security of eWallets are difficult for traditional payment processors to match. As a result, these payment processors, such as credit card companies, will have no choice but to keep up with changing technology. 

The future looks bright for the eWallet-sportsbook partnership as more bookmakers are getting on board the eWallet train. As digital payment platforms eventually overtake other payment methods, the sports betting industry figures to play a significant role throughout this transition.

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