You must first register and verify a Neteller account, and then load funds from a bank account. Once cleared, the balance of the Neteller wallet can be instantly deposited at pretty much any betting site by using your unique Neteller ID and PIN.
Withdrawals back to your Neteller account are very quick, and primarily depend on how long it takes the bookie to approve the withdrawal. Some of the better bookmakers can have the money back to your Neteller account within a couple of hours.
Just like other eWallets, using Neteller to deposit and withdraw at a betting site is free as the fees are paid by the bookie. Neteller also offer a loyalty scheme where you can earn reward points for using your Neteller account. These points can be swapped for gift cards, gadgets or cash. There is even a VIP program for those who shift a lot of cash around (or have a lot of transactions) which gives you cashback on your activity.
What is Neteller?
Neteller is an e-wallet that allows you to electronically send money to and from your bookmaker accounts. Its popularity has grown in the last few years, with many countries putting restrictions on what payment methods can and can’t be used.
Like most e-wallets, with Neteller you have two options: you can simply load up your Neteller account with funds and distribute money accordingly; or you can link your Neteller account to your bank account and any money that needs to be sent will go directly from your bank, into your Neteller account, and then on to whoever you are trying to pay.
Why use Neteller?
There are a number of reasons why people use Neteller, but the most popular reason is that it can offer you complete anonymity when banking. In this day and age, people are probably more sceptical than ever when adding payment methods to bookmakers – or any e-commerce site for that matter. The risk of being hacked or of someone getting hold of your information is still quite high, even with the best security measures in place.
Neteller ensures that you don’t need to add any banking details to your accounts, which basically means that the bookies don’t need to know where your money is coming from.
Neteller also allows you to keep track of all your payment methods in one place, and many professional bettors use a single Neteller account to keep track of all transactions. This makes it so much easier when tracking things such as your bankroll, and is an important part of a sound bankroll management strategy.
Is Neteller Secure?
Security is one of the highest priorities for a company such as Neteller, they pretty much live and die by their reputation here. They need to make sure that users are safe, and more importantly, their users funds are safe. Neteller have invested millions of pounds to assure a safe environment for their users, and have managed to establish themselves as one of the best in the business as a result.
But, like all forms of online banking, there are risks involved and nothing is ever 100% secure. What we will say is that using a company such as Neteller is going to be a much safer way to bank with online bookmakers than using your credit card.
First off, if your betting account was hacked there would be no evidence of your payment method on account. They wouldn’t be able to deposit or withdraw any funds as they wouldn’t know your Neteller account details.
Second, if your Neteller account was to be hacked, then all they would be able to access is a withdrawal and deposit link to and from your bank. Neteller also cover any funds that have been fraudulently moved, so if funds were to go missing you would be reimbursed.
Any Cool Features?
The best feature of Neteller is that of the pre-paid card (Net+ Card) that links to your account. It’s not something that is all that common, but the MasterCard means that you are not only able withdraw funds from an ATM, but also spend funds in stores.
It’s also worth noting that payments back to Neteller from bookmakers usually take just a couple of hours to process if not less; it’s way faster than if you were to use a debit or credit card. So, you could potentially get your hands on your winnings within the hour, which is almost unheard of for most banking processes over the years.
- Set up in 1999 out of Canada.
- Moved to Isle of man in 2004.
- First gambling payment was processed in 2000, and at one point 80% of all gambling merchants accepted it as a payment method.
- Fallout of the US market hit Neteller hard, with early reports stating at one point that 95% of the revenue came from US gamblers.
- Exited the US market in 2007, revenues fell as a result from $239million in 2006 to just $61million in 2010
- In 2015 Optimal Payments PLC (now Paysafe Group PLC) purchased Neteller.
- Recent numbers up to 2014 show growth once again, with revenue sitting at £89.6million.