Lessons

Beginners Arbitrage Lessons

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ARB209: Setting up an eWallet

Please note that Sports Arbitrage Australia strongly recommends setting up, and transacting with bookmakers though, an eWallet account. It is possible to proceed without one, however complications can arise in the future if depositing/withdrawing directly from your bank account.

Sports Arbitrage Australia’s preferred eWallet is Skrill Moneybookers. If you setup a Skrill Moneybookers eWallet account from any link on our website then you will be automatically upgraded to a VIP account (refer below for the benefits of this) after transacting more than $3,000 in total from your eWallet to your bookmaker accounts in any one month.

An eWallet merchant is an intermediary funding service that allows you to deposit money into your own personal eWallet account and then transact online using the funds in your account. eWallets allow you to send or receive money.

There are numerous benefits to transacting with bookmakers via an eWallet, instead of directly from your bank account. The main advantage is expediency – withdrawals into eWallets are immediate; withdrawals into bank accounts can take up to 3 business days.

A common eWallet is PayPal, primarily used for online auction payments, and many Australians already have a PayPal account. Unfortunately, most sports bookmakers do not accept PayPal as a method of deposit.

The steps below describe the process for setting up an eWallet account and then upgrading it to VIP status:

Step 1: create an account with a reputable eWallet merchant in your name

Skrill Moneybookers is the preferred eWallet for Sports Arbitrage Australia members for many reasons, including:

  • higher transaction limits
  • lower fees
  • faster transfers of funds
  • extra VIP benefits
  • more currencies accepted

Neteller and other lesser-known eWallets may be acceptable if you already have one open. Please refer to each bookmaker’s deposit page to see which eWallets they accept.

IMPORTANT! You will need to setup your eWallet with the same email address that you will be using to setup your bookmaker accounts with. While it is not absolutely necessary to do so, Sports Arbitrage Australia recommend setting up a new email address (Gmail or otherwise is fine) specifically for your arbing.

Step 2: deposit your bankroll into your eWallet account

Deposit your available bankroll into your eWallet – the funds will take up to 3 business days to be available in your eWallet account. During this time you can complete some the eWallet verification procedures, start researching/evaluating alert services, and begin paper-trading to gain valuable experience.

Step 3: verify details in your eWallet account to increase your transaction limits

When you first start an eWallet account you will have restrictive limits on the amount of funds you can transfer. However, through the eWallet website you will be able to verify you address and bank account in order to increase these transaction limits to more appropriate levels. Please note that it is possible to verify a credit card to further increase your transaction limits, however Sports Arbitrage Australia does not recommend using credit cards to fund any gambling – as it can be dangerous territory.

eWallet merchants have very strict anti-money laundering policies in place to protect their users from fraud. If they have any doubt as to your identity or previous verification then they are entitled to ask you for additional verification information. You should provide information as appropriate to become 100% verified and avoid issues in the future.

Step 4: request VIP status on your eWallet account

If you transact more than $3,000 in total between your eWallet and your bookmaker accounts in any one month, then it is worthwhile requesting your eWallet account be upgraded to ‘VIP status’.

Alternatively, if you setup a Skrill Moneybookers eWallet account from any link on our website then you will be automatically upgraded to a VIP account after exceeding the acceptance threshold.

VIP status entitles you to the following benefits over regular users:

  • unlimited transactions
  • free withdrawals
  • 100% guarantee for your funds
  • free security token
  • a loyalty rewards program (similar to credit card reward programs)
  • exclusive promotions and offers
  • multi-currency accounts
  • lower FX conversion fees
  • dedicated account manager