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The Lowdown on E-Wallets

For online casino gamblers, e-wallets are just a part of the game, you pick a company, and trust that they will be keeping your funds safe so that you can both gamble form the account, and receive winnings to it if you choose. Unfortunately for the U.S. players, gambling at the online casinos has gotten more and more dangerous since the U.S.’s legislation specifically targets the processing of gambling transactions.

Lately, new companies are popping up offering U.S. players the ability to store U.S. funds and use them to gamble at offshore online casinos. But these e-wallets are dangerous for U.S. players because they are operating illegally, and once the U.S. finds out that the e-wallet is facilitating online casino gambling, players can essentially lose all of the money in their account at that time since there is no longer a way transfer money between the e-wallet and U.S. based banks—the company is essentially blacklisted.

But e-wallets can be used for purposes other than online casino gambling, and often are. PayPal is one of the most successful e-wallets in the United States, and offers clients the ability to engage in e-commerce and other online transactions through a safe and secure third party. E-wallets function similarly to a real wallet in that the money belongs to you, and is stored in an account that only you can access. And though it might seem easier to just use your credit card information for online transactions, for sites like ebay, and other user to user interfaces, it is convenient, efficient, and most importantly more secure to go through e-wallets since identity theft is a real concern in the U.S.

Other e-wallet concerns, some e-wallets are primarily used for illegal activities: among these activities are pornographic Web sites, online pharmacies, and of course the now illegal online casinos. Beware that credit card companies and the Automated Clearing House (ACH) will not deposit money into these e-wallets.