The majority of matched bettors use their debit card linked to their bank account for their matched betting transactions. Most choose this option not because it is the most efficient but because it is what they started with when getting into matched betting. However, there are advantages of using deposit & withdrawal methods other than debit cards with one example, which we will be looking at in the article, being e-wallets.
What are e-wallets?
E-wallets are digital wallets that can be used to store, send and receive money. They can be used to pay for goods online, send money to friends and family and also to deposit and withdraw from betting accounts.
Some of the more popular and widely used e-wallets are PayPal, Skrill, Neteller and ecoPayz which you may have heard of.
You can deposit and withdraw to and from your e-wallet using your bank account with the main advantage being that e-wallet transactions are processed a lot quicker than when using your bank.
Using e-wallets for matched betting
If you do matched betting on a regular basis, you’ll be aware of the level of funds you are moving between bookmakers, casinos or exchanges and your bank account. Deposits are usually instant via the majority of methods but cash flow between your bank and betting sites can sometimes be an issue due to the time it takes for funds to reach your bank account.
For example, if you placed a large bet which won on the exchange, your bookmaker account may be low on funds. If you wish to place another bet with the bookmaker, you may have to wait for your withdrawal from your exchange account to reach your bank before making another deposit. Withdrawals can sometimes take up to 5 days to reach your bank account which emphasises the issue.
One solution to this problem is to use e-wallets. The benefit of e-wallets, when matched betting, is that withdrawals are processed a lot faster and usually reach your wallet within 24 hours. This significantly reduces the time it takes moving money between betting accounts such as from the exchange to a bookmaker. This allows us, as matched bettors, to be more efficient with our funds, participate in more profitable offers and boost our earnings.
Making money from e-wallets
As well as improving cash flow, e-wallets also have another benefit – You can make money from them. This is only possible when you’re able to obtain certain deals which may not be available directly through the e-wallets website. With these deals, you’re able to get:
- Cashback on transactions
- Faster VIP upgrades
- Personal support via Skype
Thankfully, we have been able to secure a number of deals with e-wallet providers of which you can take advantage of.
That’s right. You can earn cashback simply for using your e-wallet!
Depending on the volume of your transactions, you could be earning significant amounts with the additional benefits above. Remember, these offers aren’t available direct and you must click through from a link on this page to receive them.
|E-Wallet||Normal User||Benefits through our links|
*Pokerstars is excluded & Betfair with 0.2%
The sports strategy for making money by using e-wallets is simple.
- Make a deposit into your betting accounts
- Place a bet with it and lay your bet
- Withdraw your funds
As matched bettors, we’re used to this process but instead of receiving a free bet for placing our bets, we receive cashback!
On top of the cashback, we’re still able to qualify for some promotions. For example, if you were depositing into your Paddy Power or Bet365 account, you could place your bets on eligible football matches to qualify for 2 UP.
How much money can you make?
The level of profits you can make from this strategy depends on how much you can deposit via your e-wallet and the level your account is currently on (silver, diamond, platinum etc).
Here are a few guide figures for Neteller cashback based on our enhanced deals:
- Deposit £1,000 per day: Around £130 cashback per month (Gold Status)
- Deposit £2,000 per day: Around £445 cashback per month (Platinum Status)
- Deposit £5,000 per day: Around £1,550 cashback per month (Diamond Status)
It’s also possible to make a profit by using a simple but effective casino strategy.
Please be aware, this method is HIGH RISK and you should only proceed if you are experienced in high-risk casino offers and understand expected value and variance at a high level.
If you are experienced in high-risk casino offers then you’ll be aware of the level of deposits needed to claim many casino bonuses. Some casinos will not accept e-wallets as deposit methods when claiming new customer bonuses but there are plenty of reload bonuses for which you can deposit using e-wallets to claim. However, unless you’re spending all day on these offers, it’s unlikely that you’ll be depositing enough to extract maximum value out of this method. However, there is another way you can use the casino strategy to its full potential.
All you need to do is make a deposit into your casino account using your e-wallet and wager it once on blackjack using perfect blackjack strategy. You can then withdraw your funds and repeat the process.
So, how will this make you money?
Blackjack has a house edge of around 0.5% which means we would need to make more than this amount from other channels in order for the method to have a +EV.
Let’s say that you deposit £20k into your casino account and wagered it once. As the house edge is 0.5%, you could expect to be down £100.
If you were a Diamond VIP at Neteller, you would earn £100 cashback on your transaction which means at this point you would technically break even.
However, the majority of online casinos offer a loyalty points scheme and it is from this that you are able to make this method profitable.
Let’s say that the casino awarded you 1 loyalty point for every £5 wagered and that every 100 points could be converted into £1 cash.
By wagering £20,000, you would receive 4000 loyalty points which would be worth £40 in cash rewards.
Therefore, when taking loyalty points into consideration, this method using this example has an EV of £40.
You could repeat this method daily which would give you an estimated profit of £14,600 per year.
As you will be wagering large amounts at casinos, they’re likely to offer you additional VIP rewards such as enhanced bonuses, a better loyalty points scheme, cashback etc which will all add to the EV.
Note: This method is based on your e-wallet level being VIP Diamond which isn’t awarded initially. It’s likely that you will be fast-tracked when making these level of transactions but it is important to work out the EV based on your current level. It may be that this method has a -EV whilst on a lower level and it is up to you to decide whether or not to ride out this time in order to make the method profitable in the long-term.
How to get started
Simply use one of the links below to sign up to the desired e-wallet. By using these links, you’ll have the additional benefits as displayed in the table above. You will not get these benefits by signing up directly through the site.