Neteller Betting Sites
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. Admittedly the majority of people use Neteller for online gambling. In our experience, we know that the biggest sportsbooks accept Neteller as a transfering method on their site. That’s why our Neteller’s review is focused towards its availability, reliability, and safety.
Top Neteller Betting Sites 2018
Company History – The Betting Sites Payment System
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.
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 other several years, the US Department of Justice went after Neteller that next year.
History in the US Market – Sportsbetting Legal Problems Begin
In July 2007, the company was charged several crimes, including racketeering. 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 November 2013. Neteller joined the market in March 2014 after gaining approval from New Jersey’s DGE.
In Today’s Market – Neteller Availability
Neteller is used in over 200 countries and supports over a dozen currencies, including the Great Britain Pound, United States Dollar and Euro (there are about 60 non-serviced countries). 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. The grand majority of our sportsbooks offer Neteller transfers, but if you are still looking for different deposit and withdrawal methods, we recommend checking the top sportsbooks reviews by going to our safest sportsbooks review hub