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One of the tricky points when starting out in any kind of betting with real money on the internet is to know how to deposit and withdraw money.
You’re almost there; you already know how to bet on eSports games so now read the following paragraphs.

How to deposit and withdraw money on an eSports betting site

Of course you may use your bank card to deposit money and to request a deposit into the current account of your bank by supplying your account details. This process works but there are three major drawbacks associated with the practice:
  1. Almost all eSports betting sites use the dollar ($) as currency. Exchange fees charged by the banks tend to be quite steep and there are sometimes even fixed fees for receiving money. You better believe it!
  2. The process for approving a bank account is long and complicated. You’ll have to repeat it for each site that you use when you want to claim your earnings and sometimes your request may not be accepted due to the nationality of the bank.
  3. The way in which your gambling profits and expenses are managed is not kept separate from your daily budget. This is not a good habit to get into because it could prevent you from being able to control what you spend on gambling.
On top of that your bank doesn’t need to know about your gambling habits (and neither does the tax department).

There are alternative payment methods that are well-known and used by players from all over the world. We’ll show you the two most popular methods which are usually accepted by all bookmakers.

Using Neteller

Neteller is an electronic wallet. It’s not a banking institution. It’s an account that is completely managed online which lets you pay using Mastercard and charges low fees for receiving money from bookmakers.

Since it’s not an actual bank, the institution does not extend credit. You’ll never have to pay for exchanging money nor any other kind of fees. If there is no money in your account then you won’t be able to spend any, even with Mastercard at 10£ a year. There are no account management fees or any other charges when you decide to pay in this way.
The major fees are those charged for withdrawing cash from an ATM (but you don’t have to ^^) and, as opposed to regular banks, all electronic wallets charge fees for receiving money on your Neteller account. However these fees are low and are largely offset:

  • Unlike a bank, there are no monthly fees: none, not even for having a MasterCard which costs 10£ a year.
  • The charges for exchanging currency are very basic. That’s one of the main advantages of using Neteller.
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In order to keep fees at a minimum, we recommend converting the account to the same currency used by whichever eSports betting site you’ll be using. That will lower the exchange fees charged. You won’t have to pay anything at all if everything is done in Euros.

Opening a Neteller account is easy but you’ll have to verify your identity just like with any other financial institution, which is normal. Everything is done online. But don’t be surprised to get a phone call in order to verify your first deposits to the account. The institution is regulated by the Financial Services Authority.
The interface is in English, the phone support as well and of course English citizens are accepted. As for me (your devoted webmaster :D), I use this service and here is a screenshot
I find the service quite convenient. I’ve personally converted everything into pounds sterling. For 300£ received on the account, the fees are 6£, see below.
Sreenshot of my account

Their competitor: Skrill

This institution works exactly the same way as Neteller, with a few special features. And guess what? I have an account with them too. I opened one quite simply because I had a bookmaker that didn’t accept Neteller. That’s very rare.
Like their competitor, Skrill, formerly known as Moneybooker for those in the know, is subject to the same regulations and does not levy any monthly charges.
Since I already have a card with Neteller, I decided against getting another one with Skrill even though it’s free. But I didn’t want to have too many because that would mean having to remember all the passwords…
Currency exchange fees are a bit higher with Skrill but are usually lower than those charged by banks. In order not to give special preference to one payment method or another, I’ve also provided a screenshot.

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Sreenshot of my account

Which one should I choose?

My advice is that it makes little difference. In both cases you’ll save in terms of being able control your bankroll (the money you’ve allotted for betting), in fees and in ease of management. Opening an account is free although it certainly takes some time because of the verification process. However once you’ve opened your account then you’ll have absolutely nothing to manage.
To withdraw money from your account, all you have to do is provide your name and account number. An email will then be sent to you once payment has been received.
When you have future winnings, you may request a MasterCard if you’d like. Then you’ll be able to do things like buy bread, go to a restaurant or purchase online goods and services just like with any other card.

I hope that my personal experience, which has been influenced by reviews from other players, has clarified things for you. For each eSports bookmaker you might consider using, take a look at what the possible payment solutions are and almost invariably you’ll find these two.
You may return to the index for the eSports betting guide.

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