Not a great start of the year for those who hold an account with Skrill, one of the most popular payment methods available for transactions with online casinos. With only a few days in the new year, players that use Skrill for their deposits and withdrawals on online gaming companies have been informed about a couple of important updates in the wallet’s T&Cs.
Before we analyse in detail what is actually changing, we shall remind that Skrill (and its sister company Neteller), both part of the Austrian payment giant Paysafe Group, are among the most popular payment methods in the online gaming world. There are quire a few reasons why players prefer Skrill for their online transactions:
- Its very simple interface
- Its very fast transactions
- Its low transaction fees
- The wallet works with most online casinos and betting companies around the world.
Skrill has been a synonym of the growth in the online gaming world, since it grew together with the gaming industry. A decisive reason for this was of course the fact that its owners also founded and ran a betting company, Gamebookers, before they sold it in 2005 and focused on their online wallet, which was called Moneybookers back then.
What changes with Skrill accounts in 2019?
With an email that was communicated to the entire database on Jan 5th 2019, Skrill announced that starting March 13th 2019, two very important changes will take place and will affect all Skrill accounts globally:
- Inactive accounts will be charged an annual Inactivity Fee of 5 Euros in case there are no transactions in it. The amount will be deducted either monthly (in installments) or annually in case there are no transactions in the account during the last 12 months. This comes as no surprise since an increasing number of companies inserted such paragraphs in their T&Cs in an effort to incentivise account holders to become active and also to clear their databases from dormant registrations.
- Skrill can now suspend or even delete an account if there is evidence (or simply suspicion) of unwanted behavior on behalf of the account holder. Unwanted behavior can be any activity associated with player fraud, casino and betting bonus abuse or arbitrage and smart betting (via the opening of multiple accounts by the same person or a syndicate). Such Account Suspension policies are also imposed because the European Union and the global financial institutions become increasingly concerned over the digital wallets anti-money laundering measures. Such wallets and other online payment providers have all been hit by a storm of new measures which will ensure that money laundering is not facilitated in transactions that are made via them.
Skrill is however one of the most wide-spread and popular payment methods for those that are gambling online. Therefore the wallet needs to be particularly careful when amending the T&Cs that affect such players given that these days players can choose from a variety payment methods with more loose Terms and Conditions.
What can players do ahead of those changes and new charges on their accounts?
Skrill users have been invited to object to these changes by replying to the email they have received. If there is no response and players keep using the wallet after the date that the new T&Cs come into effect, then this means that the updated terms have been accepted automatically. No one really knows how will skrill users react to those changes (5 Eur deduction is among the highest inactivity charges in the digital world) but we need to bear in mind that Skrill has always been one of the most reputable and reliable payment methods in the digital world. We anticipate some drop in the number of active accounts as a result of the changes and some massive withdrawals requests before that date. But before moving their money elsewhere, users need to remember that skrill operates probably the largest network of merchants in the world (second only to paypal) and that for online casino purposes by far the largest.