PayPal may have been the first extremely popular online payment system, but when PayPal began exiting the online betting space for fear of U.S. banking regulations, Neteller stepped into the void and is today the biggest “e-wallet” player in the online gambling payment processing world.
Neteller is a third party payment processor that is firmly committed to allowing online gamblers to transfer money easily, securely, and relatively inexpensively.
Nearly every online casino accepts Neteller at this point in time, increasing the convenience factor exponentially.
Neteller Is a Bank Account
Just like with PayPal, users of this service link a bank account or credit card to a Neteller account and once money is deposited, the Neteller account itself is a bank account that can send and receive funds with a great amount of speed.
You would think that banks themselves would have made more progress creating online payment systems like Neteller, but in reality the industry has been slow to adopt the “e-money” concept.
Especially in the online gambling world and even more especially for banks serving U.S.-based customers, thousands of pages of banking regulation have made major banks hesitant to fully engage in the e-banking revolution. Thus the need for and success of Neteller.
You could say then that Neteller is kind of a rebel in the banking industry, choosing to embrace online betting at the same time that other banks and payment processors were moving away from the industry.
Neteller Is Easy to Operate
Probably the best aspect of Neteller is that it’s very easy to operate. You can start an account in about five minutes by entering your email and personal details.
You will then need to “link” a bank account or credit card account to your Neteller account, verify that account, and then you are ready to send and receive money with Neteller. Transfer fees when your account is linked to a credit card are more expensive, usually 3 percentish.
Neteller has also recently begun offering a stored value / prepaid card that can be used like a debit card.
Once you have your “source” account linked, you will find that transferring money with Neteller to an online sportsbook is incredibly easy in most instances, and quite instantaneous.
Withdrawing money can be a bit more of a process, depending on the online casino that is disbursing the funds and their policies. Neteller withdrawals average 1-3 days according to our research.
Another thing to watch out for, when you’re signing up for Neteller, is to correctly designate the location of your bank account or credit card account, as Neteller has different sign up processes for different geographical locations.
Overall, Neteller is very easy to use.
Neteller Is Committed to the Online Gambling Industry
The other big note about Neteller, if you’re thinking about using this service to process payments into and out of your online sportsbook or casino account, is that this is a company that has made an enormous commitment to the online gambling industry.
Although Neteller has been attempting to expand into more traditional financial services role, the main reason why Neteller exists is to process online betting payments.
You can rest assured, then, that Neteller is not going to pull a PayPal and get out of this industry anytime soon. This industry is their bread and butter and they are sticking with it for sure.
Instead, we expect that Neteller will continue to expand its payment processing services to more and more gambling websites and to more and more online bettors. For example, by expanding into other regions of the world where Neteller does not yet accept customers.
All in all, we would say that Neteller is a solid option for anyone looking to move money into and out of an online casino with the least hassle possible.
Neteller fees are also quite reasonable relative to the competition, at 1.9 percent of the sent amount, charged to the sender of the money.