Neteller is an online payment method that shares the same ownership as two other popular options, Skrill and Paysafecard.
All owned by Paysafegroup, these three options make up a decent percentage of the options chosen by players when it comes to chosen deposit and withdrawal methods at online casinos.
Over recent years, online casino players have become used to a variety of options, and things happening instantly for them, and being that it gives both of those options, Neteller has proven very popular with these players.
As a result, despite the immense competition that exists, Neteller has become, without doubt, one of the most-used payment methods at online casino sites.
Neteller’s history has been somewhat confusing with various takeovers changing the path of the payment method for some time, and just when things looked to have settled, changes were announced at the beginning of 2019 that are unlikely to prove popular amongst players.
But before we get to the most recent changes, let’s take a look at what brought Neteller to this point.Read More
The Story of Neteller
Neteller started life in Canada some 20 years ago, just before the turn of the century, starting life as a Canadian company, a relocation to the Isle of Man in 2004 has led to Neteller being seen by most as a British operation at this point, and Neteller is still headquartered in the same place.
Unlike many other payment methods that tend to be used in various parts of the online world, for purchases at various online shops, for example, Neteller has always been focused at the iGaming industry above all else, and even in its earliest stages, well over 90% of transactions made with Neteller were done so between players and online casino operators.
While Neteller is not devoted purely to iGaming, as such, with Forex and special networking sites amongst those accepting payments using this method, it is online casinos and other gambling sites that see the most Neteller traffic.
The reasons for this are clear, Neteller is not only a trusted, safe, and secure payment method with two decades of solid reputation behind it, and the added benefit of now being part of the Paysafegroup, one of the biggest and most trusted names in online payments, it also offers a way to instantly make deposits and withdrawals from online casinos.
While this would also be possible with a debit or credit card, using Neteller’s services means that players do not have to give their personal information to a site, something that has always been a concern for players.
eWallets in general have become an increasingly popular way to deposit and withdraw from online casinos due to the desire for a certain level of anonymity, and not passing personal details to sites unless entirely necessary, and it is difficult to argue with Neteller being at the forefront when it comes to chosen eWallets.
Swift, safe payments, personal information kept private, it’s very apparent that Neteller has offered players exactly what they want up to this point, but is that all about to change?
In the last few days at the time of writing (January 2019), reports have surfaced of changes taking place at Neteller, and these are changes that may well put a dent in the popularity of the payment method.
Emails have begun to be received by Neteller users informing them that, as of March 13th(2019) changes to their account will occur, namely that certain wallets will see monthly fees added to them which will be baaed on the frequency with which the wallet is used.
Accounts may also be suspended or deleted if the company suspects criminal activity or money laundering may be occurring.
While the second is obviously welcome news to most, and part of a general move towards cracking down on money laundering in the iGaming world, the addition of extra fees is unlikely to be met with such appreciation.
It isn’t only Neteller that will be affected either, with similar changes planned for Skrill, another eWallet payment method under the Paysafegroup banner.
How Will the Changes Affect Me?
Signing up and opening an account with Neteller has always been free, and that won’t be changing, at least there has been no suggestion it will, however, a monthly service fee of $5 (in the user’s currency) will be tacked on to accounts if the account remains dormant (i.e. there is no login or transaction) within a 12 month period.
So in essence, these changes should have limited impact on the majority of users, but changes like this will always cause some eyebrows to raise.
Money Laundering Concerns
As well as the iGaming industry being under fire recently for failing to combat money laundering, it has also been long suggested that online payment services like Neteller allow an unregulated way for criminals to launder money and finance terrorism.
With these critical voices having got louder in recent times, including money laundering allegations made against Neteller back in 2007, it is clear that changes had to be made, and that appears to be happening.
Is Neteller a Good Choice for Casino Play?
These changes aside, Neteller still offers the same opportunity to online casino players as it always has, essentially, if you don’t leave your account untouched, and you are not laundering money, then you should be fine.
With instant payments able to be made in a safe and secure situation, and the majority of online casinos now offering Neteller as a payment method, it is fair to say that this should remain one of the most popular payment methods around for the foreseeable future.
However, that is on the logic that these recent changes are a one-off, and not the beginning of a series of changes, because the more regulated Neteller becomes, the more it may turn players away.
Until that time though, if it comes at all, there are few payment methods available to online casino players that promise the security and ease of use that one gets with Neteller.