Managing Betting Funds

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Managing Betting Funds

Although online gaming has seen an explosion in recent years, there are still various complicated and often frustrating deposit and withdrawal methods featured by online bookmakers.

This is where Moneybookers/Skrill comes into the picture.

Moneybookers aka Skrill

Skrill (formerly known as Moneybookers) provides you with a FREE eWallet, which you can use to upload and withdraw funds to your gaming account instantly. You only have to wait a few seconds for the money to land in your real money account. Withdrawals happen in a similarly smooth and instant manner. So basically you always have direct access to your funds.

What Does This Mean For You?

You can instantly withdraw funds from any online bookmaker and deposit into another one, without any charge from Skrill. Betting online then becomes much more convenient, safer & faster, and hitting the best odds all the time comes with ease.

Uploading money into your Skrill account won't cost you a thing if you use a bank transfer for it. The most it will cost you is a flat fee per withdrawal . This is a small fee to get additional benefits that a Skrill account provides:

  • Instant deposits and withdrawals; pay & play.
  • Accepted by virtually all online gaming operators.
  • Exclusive bonuses for Skrill customers.
  • Instant access to funds with the Skrill Prepaid MasterCard.
  • Benefit from customer support in 12 languages and 24/7.

Another advantage of Skrill over depositing with a debit card is that no gambling transactions will appear on your bank statement, all gambling transactions would only be made through your Skrill account. Some might just not want their partner seeing their gambling history but more seriously a bank statement littered with gambling transactions can raise eyebrows when it comes to renewing or applying for a mortgage. Gambling is frowned upon in some circles and Skrill can help hide gambling transactions.

Even more benefits are available to you when you become a Skrill VIP. If you transfer more than €5,000 per month to websites and you want to move money in multiple currencies without limitations and save money on your transaction cost, then you qualify as a Skrill VIP. Other benefits include a personal account manager that speaks your language, invitations to special events and promotions such as tournaments, cashback campaigns, bonuses and more.

With direct processing and instant payment notifications, excellent customer support and along with zero setup fees or monthly minimums, this service is second to none. Finally, with Skrill you can also top up your Skype, pay on eBay and use it in more than 70,000 online shops!

Skrill VIP

The Skrill VIP programme is tailored for the gaming connoisseur who values speed, service, security, and flexibility.


  • Transfer more than €5,000 per month to different websites
  • Benefits:

  • No Limits - move as much money as you want.
  • Free deposits & withdrawals - no charges for sending and receiving money to and from your account.
  • Multi currency accounts - keep & move money in up to 3 different currencies.
  • Lower exchange rates - benefit from special rates with your VIP status.
  • The Skrill MasterCard prepaid card - access your funds for free as a VIP.
  • Personal VIP account manager - enjoy a tailored VIP service to help you with anything you need.
  • Free security token - increase your account security at no extra cost.
  • Special events & promotions -tournaments, cashback campaigns, bonuses and much more throughout the year.
  • Huge gaming network - send money to sportsbooks, poker sites & online casinos around the world.
  • Earn rewards for your loyalty in the Skrill VIP Store.

If you meet the requirements for qualifying as a Skrill VIP - simply send an email to The Skrill VIP team will get in touch with you and activate your VIP account.

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Comments from the Forum

  • monkeytennis

    How do you fund your betting accounts and why? If you don’t use e-wallets what is putting you off?

    Managing Betting Funds

    Think this Betting School lesson needs anything else added to it? Disagree with anything written above? Let us know your thoughts and your insight could be included in the OLBG Betting School!
  • Emooly

    Personally I do not use Skrill as not only do I enjoy \"risk-free matched betting\" but I am also self employed. As such I need to be able to prove my income & expenditure for all my current accounts each tax year... So despite the extra work this entails I instead create a betting portfolio to track where my money is going and my anticipated Vs. actual profit. The portfolio also takes into account the 2-5 days where my funds will be tied up in heading back to my bank\'s building society, which I do not find a problem due to it being part of the plan.

    Like I say, though this takes extra time as I have to keep documented my bets and cash flow I don\'t have to disclose a further current account (Skrill) to pass my tax for the year, so in a way it also keeps things simpler. Besides, who can argue with having clearly laid out books as a record for the future being beneficial? I would do this even if I did use Skrill! :) So I believe there is no need to rush to the creation of a Skrill account, particularly if you are still only placing \"free bets\" for sig-up rewards.

    Don\'t get me wrong though sometimes I do wish I had Skrill... Lets say I was betting on horse races for example in various markets throughout the course of a day I would probably need it - thankfully I just stick to a few matches a week for now so it is perfectly fine without.

    Hope this is useful to some one, Emily ~
  • TheHawkz

    Hi emily, Why do you have to prove your betting transactions? Betting income is tax free and is not required on tax returns.

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