A net wallet or a digital wallet is a website where you can store all your funds online, basicly it works in the same way as a normal bank account with the exception that you gain no intereset. Using a net wallet has several advantages when making purchases online as it allows you to gather all your online transactions in one place, in online gambling this is a perfect alternative to using bank transfers or credit cards as it allows for better bankroll management.
The Idea behind using Net Wallets in online gambling instead of traditional transfer methods such as credit cards or Bank transfers is the fact that many online gambling companies charge a deposit fee when using those traditional methods and the standard fee can be around 2,5% per deposit, in the long run it will be a big amount of money for a professional player. Almost all bookmakers charges no fee when depositing through a net wallet as it doesnt require as much work on the bookmakers side. The only fee that you face when using a netwallet is the intial deposit fee and a set withdrawal fee on the net wallet in question.
Also a factor that makes many player avoid signing with a big amount of bookmakers is the fact that they want to have the freedom to access their funds at any time. Players can simply deposit and withdraw their funds in a matter of seconds to their net wallet without any fees instead of requesting a withdrawal from their bookmaker to another alternative which will take additional time and which usually comes with hidden fees.
We have mentioned time and time again that a net wallet is a great tool in bankroll management, but how exactly do you utilize it?
A net wallet allows you to easily keep track of out and incoming transactions from your bank account as all transactions will have the same recipient, this means that if you have a budget of lets say 200€ then you can easily see when you have reached that limit.
The best way of incorporating this in you bankroll management strategy is by depositing your full budget at the start of each month and after that you can divide your deposit freely among different bookmakers and casinos. Your budget bankroll is also the maximum amount that you should keep in your net wallet so withdraw any amount which exceeds your budget amount (or deposit it at another bookmaker). If you follow this easy method of bankroll management then it is really easy to keep track of your gambling so that it never goes out of hands and it will also allow you to keep easy records of the profit that you make.
This strategy is best used with some sort of spreadsheet either for your deposits/withdrawals from the net wallet or from the bookmaker/casino, a sportsbetting gambler should also keep a separate spreadsheet for every bet that he makes. For more information about the advantages of bankroll management click here.
When you´re bonustrading or surebetting then you´re looking for the small margins where you can profit from the bookmakers odds/bonuses this means that you will deposit and play at many different bookmakers which means that any hidden fees that comes with depositing/withdrawing might not only limit your profits but it could also even them out completely. This is extra noticable when practicing these two systems as you will handle large amounts of funds for each bet, which means that a mere 2.5% could be very large in terms of actual fees.
The normal advantages of using a net wallet also applies here as bankroll management is a key factor when surebetting or bonustrading.
One could even say that using a net wallet is a big component in any succesfull gamblers journey.
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