The online betting market is growing at an exponential rate. Part of the reason for its continued success is the ease with which customers are now able to fund their account. Most bookmakers started out by just offering debit/credit cards and bank transfers as methods for customers to add to their betting balance, but the deposit options are now in double figures with some of the more established firms. An increasingly popular way to deposit is using Paysafecard and Ukash vouchers.
Paysafecard and Ukash vouchers let customers fund their accounts online as if they were paying in cash. There is no need for any personal financial information to be input into any website – individuals simply need to buy a voucher at any one of over 500,000 outlets around the world, and then type in the 16 digit code into the payment window of the online bookmaker.
Paysafecard were originally owned by Wertkarten AG, an Austrian firm, but were purchased by Skrill (Moneybookers), one of the biggest online payment providers, in 2012. In late 2014, Skrill also acquired Ukash, making them a powerful player in the prepaid voucher market. Ukash vouchers have still been valid so far in 2015, but from the 31st August 2015, they will no longer be available for sale. Customers who have Ukash vouchers will need to use them before the 31st October 2015, before they become invalid. However, those holding Ukash vouchers can request a refund for up to 7 years after the codes have been issued (they may be subject to fees). Unfortunately, Ukash vouchers issued in South Africa or Brazil cannot be refunded due to banking regulations in the respective countries.
While depositing with a pre-paid voucher is an easy process, unfortunately there is no way to withdraw funds back to a Paysafecard as it is solely used for funding betting accounts. Customers who want to withdraw their winnings that were obtained after using Paysafecards for deposits are usually offered the option of a bank transfer or a cheque by bookmakers.
There are obvious advantages to using a pre-paid cash voucher, including:
Naturally, there are a few drawbacks of using Paysafecards:
Paysafecard really is an attractive way for bettors to safely fund their betting accounts. With the recent merger and with an established force such as Skrill behind the operation, the strength of the Paysafecard brand should only continue to grow.
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