When Paypal suddenly stopped taking online gaming transactions in the early 2000s, it left a huge hole in the industry. Online casinos were scrambling to find alternate methods, and very quickly there were many companies arriving on the scene to pick up the pieces. One of these companies was a Canadian company by the name of Neteller. Now, it has had its fair share of controversy along the way, but it remains a solid option for online casino players in jurisdictions it is available.
How does Neteller work?
Neteller is an e-cash provider; they allow you to buy generic e-cash from them that you can use at many online retailers, primarily at online casino sites. Once you register a Neteller account, you are given a 16 digit account number similar to a standard credit card number. From there, you fund your Neteller account from your bank account or credit card, then you use your Neteller number for the transaction you want to make with a vendor.
Is Neteller safe to use at an online casino?
Yes, it is very safe to use. In fact, it is Neteller that holds your banking information on their side. When you select Neteller as a payment method at your favorite online casino, you are redirected to the Neteller site to confirm your identity. An encrypted transaction is sent to the casino with the amount you want to deposit, and the casino never sees your account number.
Didn’t I hear that Neteller was shut down?
Well, that isn’t exactly what happened. What did transpire is that the co-founders of the company were arrested and charged with money laundering, which they pled guilty to and spent some time in jail along with paying a significant fine. It was at that point that Neteller was no longer a payment option in the North American market. A publicly traded company, Neteller’s board then decided to pull out of any market that wasn’t considered legal and regulated, which is why you won’t see them offered at that many online casinos these days.
Can I make withdrawals from my casino account via Neteller?
You definitely can, and this is one of the main benefits of using the company for your online gaming transactions. The speed at which you receive your money back to your Neteller account is significantly faster than most other methods, so it is very popular among casino players. Also, there is usually a higher limit to what you can withdraw using this method, meaning if you have a big score, you don’t have to wait weeks and make multiple requests to get the cash in your hand.