Neteller Review

Neteller has long been one of the biggest names in the business of online payment processing for gambling sites. While other companies have since gained the trust and respect of gamblers, Neteller’s e-wallet solutions were revolutionary when they appeared in 1999, and have long been the gold standard for players looking to manage money at online casinos and poker rooms, particularly if they were playing at multiple sites.

While the company may not be quite as dominant in today’s market, where there are far more options available to users, this still remains one of the easiest and most popular banking methods at Internet casinos. And while it may not have the reach of a PayPal when it comes to general merchants, there are ways to use funds in these accounts to make payments and purchases elsewhere around the world.

What Do They Do?

Neteller’s main service is an e-wallet product that allows players to make payments and withdrawals from a wide variety of Internet gaming sites. When a user signs up for an account with this service, they will then link it to one or more funding methods. Plenty of options exist, but the most common ways of setting up this relationship are by linking the wallet to a bank account or to an existing credit or debit card. Once that is arranged, money can be loaded into the wallet from those sources.

With money in the account, users can then visit online casinos or other gaming sites and use their funds to make deposits. Frequently, players will also have the option to withdraw funds back to their Neteller wallet. This can be convenient for players who can then use that money to make deposits at other sites, or pull cash back to their bank account (withdrawals from wallets can also be received by check or other methods).

For players, there are several advantages to a service such as this. Many individuals enjoy knowing that they do not have to share their private financial data with the sites they play on, since they only need to verify their accounts once to set up the wallet. In a sense, this provides a layer of safety between their private accounts and the casinos they play on. As we’ve already mentioned, there’s also the benefit of convenience for those who want to manage all of their gaming money in one simple account that can be used to move money from site to site.

Neteller also offers other products that are related to their main service. The most notable of these is a prepaid MasterCard, which can be used to make withdrawals (typically by using an ATM) or payments. Other than the fact that it draws on funds in the user’s wallet, this card acts essentially the same as a standard debit card.

Where Do They Operate?

Neteller is a popular option in numerous countries around the world, and in most places, they operate with few restrictions. However, there are some major exceptions to this general state of affairs.

In the United States, individuals are welcome to open and use accounts with this service. However, they will be unable to use those accounts to play at foreign online gambling sites due to regulations on payment processing put in place by the US government. That said, the company has begun to rebound in the American market thanks to their use as a processor in the regulated casinos of New Jersey and the online poker rooms in Nevada.

Canadians face even harsher restrictions. While they can open an account and use it in some limited fashions, they cannot transfer funds to any merchants that accept Neteller as a payment option. Other countries where this is not offered as an online gaming deposit option include Israel, Turkey, Singapore, China, and Pakistan.

Gaming Operations

Saying that Neteller is widely accepted at online gaming sites is, if anything, understating just how popular they are as a banking method in the industry. It is rare to find sites that do not accept it as a payment option, especially when it comes to major names in the business. But even smaller upstart sites typically bring this company on as one of their first processing partners: their popularity with users make it one of the easiest ways to guarantee new clients will be able to make deposits, and sites that do not offer it as a banking option are likely to lose many potential players as a result.

Other Uses

Of the major payment processors, perhaps none are more solely focused on the Internet betting market than Neteller. That’s not to say that 100% of their revenues come from gambling: they are also sometimes offered as an option in other online entertainment products, such as video games that have in-game purchases. However, these are few and far between, and the gaming industry is by far the bulk of their business.

However, it is important to note that a Neteller card can be used to make other types of purchases. As we noted earlier, their prepaid cards work just like a standard MasterCard-branded debit card, meaning that you can use them just about anywhere – something that greatly expands the reach of your account, even if the wallet itself isn’t directly accepted by many merchants.

About the Company

Neteller was founded in 1999 in Canada, and quickly became a leader in the Internet gambling payment processing industry. By 2003, they had moved to the Isle of Man, one of the hubs of virtual gaming licensing.

For many years, the United States was the key market for the company, but that changed following the passage of the Unlawful Internet Gambling Enforcement Act, which restricted transactions between financial institutions in the USA and unlicensed betting sites. The legislation forced the firm from the US market for a time, and as a part of that process, American customers saw their accounts temporarily frozen, though all funds were eventually returned safely.

Since then, the company has worked to diversify its user base, and though the blow of losing all of their American customers for a time hurt, revenues have rebounded in recent years. In 2015, parent company Optimal Payments acquired the Skrill Group, turning what was formerly their biggest competitor into another brand under their banner. The combined corporation is now known as the Paysafe Group.

Today, this service is available in 26 currencies and 15 languages around the world. They have also gained recognition through their sports sponsorships, most notably having their name on the front of the jerseys for English Premier League side Crystal Palace.