Processing billions of dollars in transactions per year, in over 200 countries, and in 26 different currencies, Neteller is one of the world’s biggest e-wallet service provider, and a specialist in gambling
Where can you use Neteller
Created in Canada in 1999, Neteller moved to Isle of Man in the United Kingdom in 2004, and is now a British e-money and e-wallet global payment service. In 2015, Neteller’s parent company, Paysafe Group, acquired Skrill, one of the world’s largest online payment systems.
Soon after launching, Neteller went into the world of online gambling and were very quickly processing 80% of the world’s gambling merchants which at the time made up 95% of the company’s revenue. The majority of Neteller’s income was coming from the United States so when the US put severe restrictions on online gambling in 2006, Neteller’s revenue fell by over 200% in just four years.
The acquisition of Skrill in 2014 helped to re-establish themselves as the de facto number one trusted company in terms of online gambling, but it’s worth noting that there are processing fees with all the major credit and debit card companies of around 2% for when you want to deposit your funds.
There is usually a minimum deposit limit of $10 and $25, and withdrawal are usually immediate though it can take up to three working days for the transaction to go through. Some casinos also offer an exclusive bonus when depositing with Neteller, and their deposit system is a one click service.
Paysafe Financial Services Limited, a wholly-owned subsidiary of Paysafe Group Plc (Company no.109535C) is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (900015) for the issuing of electronic money. In regard to gambling, there is very little written on the subject in their literature, here is their only sentence:
“Gambling-related transactions are permitted only with NETELLER participating merchants.”
Neteller can’t be used in the majority of the United States, Albania, Cambodia, Hong Kong, Israel, Laos, Lebanon, Macau, Singapore, Turkey, and surprisingly, Canada.