All You Need To Know About Neteller Casinos
Neteller is an electronic money transfer and payment system which enables transactions to be made online. It has been around for a couple of decades already, with the service first being introduced in Canada in 1999. The service is currently owned and operated by Paysafe Group, the owners of the self-named online pre-payment service Paysafecard.
The intervening years have seen the Neteller service endure a turbulent and momentous history: It has seen off several competitors, merged with others and undergone several changes of ownership.
Neteller Casinos & The Company – A Look Back at its History
Neteller began life in the early days of online gaming as a way of making payments online in North America. It became very popular, and in the early days of the 21st Century, the vast majority of the company’s income came from facilitating online payments to casinos. Indeed, almost nine out of ten online gaming sites accepted Neteller payments, and well over 90% of the company’s revenues were obtained from this type of transaction.
This dependence on the gaming industry was to become a big problem though. The United States has always been particularly sensitive to gambling since the early years of the previous century, when mafia involvement in gambling caused big problems for the law enforcement agencies of the time.
So it was that the US Government decided to crack down on the online gaming industry, and indeed, gambling in general. Payments used to fund gambling in any form were banned, and many Americans woke to find their gaming accounts had been frozen. As Neteller was so dependent on the gaming industry for its income, it was facing a bit of a crisis to say the least. Revenues fell from nearly $240 million to barely $60 million over the subsequent period.
As a result, the company decided to relocate to the UK protected territory of the Isle of Man, where the regulatory climate was more welcoming. It also attempted to diversify, broadening its offering to become more of a money transfer service. This has been partially successful, although to this day the company receives a large proportion of its revenues from online payments to the gaming industry.
Neteller finally left the US market completely in 2019, but so much more has changed than just its geographical location during this time. In 2015, the company merged with rival electronic payment service Skrill. Skrill had already taken over and closed rival payment operators Moneybookers and Ukash, so there had already been a major consolidation of different payment methods before this deal.
This process took a further step just a matter of months later, when Neteller itself was taken over by Optimal Payments PLC. The total cost of the acquisition was over $1 billion. Optimal Payments has subsequently been re-branded. It is now named after the Group’s flagship service, Paysafecard.
Neteller continues to operate as an independent electronic payment service within the Paysafe Group umbrella to this day. It remains a very convenient and popular way for online casino players to pay for their play. It is therefore always available as a payment option on Nektan casino sites, so look out for the logo on your chosen casino’s banking page.
How Do Neteller Casino Sites Work?
Neteller is a really quick, convenient and secure way to make your online payments. It’s free to set up and really simple too. All you need is an e-mail address. You can then use your account to make payments or transfer money almost anywhere in the world. If the person you wish to send money to does not have an account, all they have to do is open their own free account too. After registering your e-mail address and choosing a secure password, you will also need to link your new Neteller account to a bank or credit account in order to load your account with funds.
Payments made using your Neteller account are usually free from charges. Instead, the vendor you are buying from is charged a small commission to pay for the transaction. The only major exception to this rule is if a currency conversion is involved. In these cases, account holders will face an additional fee. At the time of writing, this was set at around 4%. There are also fees for uploading funds to your Neteller account. These can vary according to the mechanism you choose, but are typically around 2.5% at the time of writing.
As paying for goods and services is free of charges, this is by far the best way of using any funds in your account. If you do wish to withdraw your balance as cash, there will also be an additional fee for this. Again, this will vary according to the account you wish to transfer your money too. You could be charged a flat fee, or a commission of somewhere between 1% and 2%.
Neteller is a very secure way of making online payments. All transactions are fully encrypted, and your personal financial details are never disclosed to the vendor. The service currently operates in most countries across the world, and you can open an account in any of over twenty different currencies.