Neteller is the largest processor of online gambling payments online and largest electronic wallet. Neteller can be used to transfer funds to and from merchants and members for a variety of services in addition to internet gambling.
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Neteller was created in 1999 by a Canadian named Colin Francis Bush in 1999. The company moved to the Isle of Man in the midst of the online gambling boom in 2004.
Their parent companies, Optimal Payments PLC was founded in 1996 and was previously known as Neovia Financial PLC. Unlike main competitor Skrill, which is privately owned, Optimal Payments is a publicly traded company on London Stock Exchange as OPAY.
History in the US Market
Neteller’s rather substantial online gambling market share at the turn of the century up was mostly due to fees processed by US residents. Nearly all of their revenue was made from online gambling sites back then and the years of 2003 to 2006 was an online gambling “boom” in the United States.
After the UIGEA was passed in 2006, Neteller’s stay in the industry was short-lived. Though the regulations for the law wouldn’t be written for another several years, the US Department of Justice went after Neteller that next year.
In July, 2007, the company was charged several crimes, including racketeering and their owners were indicted. They worked out a plea deal from outside the United States and agreed to forfeit over $130 million in profits.
The DoJ had frozen that money and play balances totaling about $94 million. Neteller agreed to return these balances to US players (which they did in about eight months) and stay out of the US market.
The company did leave but was reintroduced to the online poker and casino markets after the state of New Jersey legalized online gambling in Novemeber, 2013. Neteller joined the market in March, 2014 after gaining approval from New Jersey’s DGE.
In Today’s Market
Neteller is used in over 200 countries and supports over a dozen currencies, including the Great Britain Pound, United States Dollar and Euro. They are one of the most trusted e-wallets and payment processors in the world.
The company is still the king of gambling payment processors. Though, their market share has certainly come down since the heyday of online gambling in 2003-2006.
Users can fund their accounts with bank accounts and can withdraw using N+ cards and directly into their bank accounts.
Aside from New Jersey, Neteller doesn’t accept US-based residents.