Neteller

Many bookmakers used to only accept bank transfers or debit/credit card payments. Then came virtual e-wallets. Neteller are one of the original e-wallet providers and are an established name worldwide. Their portal allows customers to upload funds to their Neteller account, which can then be dispersed to betting accounts with speed and security.

Neteller was founded in 1999 in Canada and spent 5 years being based in the country before relocating to the Isle of Man in the United Kingdom. The company is publicly owned by British company Optimal Payments PLC, and has been a pioneer when it comes to linking e-wallets to online bookmakers. It initially began processing payments to online bookmakers back in the year 2000, and for years the overwhelming majority of the company’s revenue was generated through betting companies. A large percentage of the turnover was derived from the US market and when the laws changed to make online gambling illegal in the US in the mid 2000’s, this impacted upon Neteller’s profit and forced the company to diversify their operations. While Neteller is not available in a handful of countries due to legal restrictions, bettors from most regions of the globe can enjoy the company’s services.

In this article we’ll tell you about how Neteller works, what the advantages and disadvantages are and give our general thoughts, and in the table below we list the best Neteller sites in your country for betting online.

How Does Neteller Work?

It is quick and free to create a Neteller account. Customers can upload funds into their Neteller account through a number of different methods. Debit/credit cards, pre-paid cards, bank transfers and other e-wallet services such as Ukash are all options. The time it takes for the funds to show depends on the method used to upload.

The vast majority of bookmakers are linked up to Neteller. When they choose Neteller as an option, the bettor will be redirected to input their Neteller log in information and then the desired deposit amount will be added to the betting balance. Alternatively, if the customers does not have any funds in their Neteller account, they are given the option to upload funds.

There are a number of advantages and a few disadvantages to using Neteller:

Advantages

Security – Using an e-wallet such as Neteller provides an extra level of security and can provide peace of mind for bettors. Neteller are an established and reputable company with a high level of encryption that protects customers against fraud. This can be reassuring when customers are perhaps using new bookmakers they are not familiar with and are reluctant to enter their bank account number or card details.

Anonymity/Privacy – There are a number of reasons that bettors want to keep their online transactions private. In some countries betting is illegal, or can be taxed heavily and by using Neteller, customers can bet safe in the knowledge that receipts from their deposits into betting sites will not show up on their bank statements. Furthermore, some countries have blocked payments to online bookmakers, and e-wallets such as Neteller help to circumvent this issue.

Flow Of Funds – Neteller allows funds to be moved around betting accounts quickly, without them ever needing to be returned to a customer’s bank account. For the shrewd bettor who likes to use a number of different accounts in order to obtain the best odds, an e-wallet such as Neteller makes things much easier. The withdrawal times for money being moved from betting accounts to Neteller typically ranges from 1-24 hours, which is much faster than other deposit methods.

Disadvantages

Fees – Every company has to make their money from somewhere, and Neteller do charge fees to customers for uploading funds (certain methods such as bank transfers are free however). These vary depending on the payment method used, but most bookmakers nowadays do not charge when depositing directly with a credit/debit card instead of an e-wallet and therefore bettors need to take that into consideration. There are also fees when withdrawing funds out of Neteller back to a customers’ bank account.

Conclusion

Neteller is a great choice for bettors when deciding upon how to fund their betting accounts. In the early years, the overwhelming majority of Neteller’s business was derived from betting sites, and unlike some other e-wallets, the company fully support online bookmakers. With high level encryption and extensive experience in the industry, customers can feel safe in the knowledge that their funds are safe and that Neteller will only partner up with reputable and legitimate firms.