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Casinos Accepting Neteller Deposits
Neteller is an online money transfer system that was created in 1999. The company is owned and operated by Optimal Payments PLC, whose roots can be traced in Canada. Neteller casinos were so popular in the US before the company exited the country and froze user accounts in 2007. Optimal Payments PLC transferred their headquarters from Canada to the Isle of Man and they became subject to the UK Financial Services Authority (FSA). Regarding safety and security, Neteller is considered a bank thanks to the strict FSA regulations.
One good thing about Neteller is that they keep the customer funds in separate trust accounts to ensure that they can pay all customers at once if need be. This means that even if the company is declared bankrupt today, they would still be able to pay all their customers. They offer their services in 200 countries.
In 2000, the number of Neteller casinos started surging as the company started processing gambling payments. By then, they were responsible for 80 percent of all transactions between players and gaming sites. E-wallet services have mushroomed and dethroned Neteller. However, Neteller has developed many applications and functionalities.
Put simply, Neteller is an electronic wallet (e-wallet) that players can use to send and receive money online. Think of it as an online bank where you can upload money and subsequently use it in Neteller casinos. To be able to start using this service, one needs to open an account with the banking service.
Basically, you will need to enter your personal details, choose your preferred currency, choose a password and answer some security questions. Like any other e-wallet services, you need to have a valid email address. After filling your details, you will be sent an email with your account ID number and account security ID.
The account is now ready to receive money. There are a number of ways to upload money into the Neteller account. Each method is dictated by your country of residence. The most common way is to upload from MasterCard or Visa debit or credit cards.
Advantages of Using Neteller in Casino Transactions
As a casino deposit or withdrawal option, this banking method has a number of advantages. Neteller payments are very safe. First off, their system secures all transactions by applying 128-bit encryption.
Other than the data related to the transaction, the system does not reveal any other data. This means that no personal data such as name, location or credit/debit card number will be shown. The recipient will only see a 12 digit code which is the account ID.
Transactions on Neteller are instant. When you make a deposit or a withdrawal from your online casino account, the money will either be immediately available for you to play with or immediately available on your Neteller account for your other transactions.
The service does not offer credit. This means that you only use the money available on your Neteller account and thus reduce the risk of entering into debts. Unlike some e-wallet services, this banking solution offers both deposit and withdrawal.
Lastly, Neteller offers a number of other handy services such as the Net+ Prepaid MasterCard and the Neteller Money Transfer Service.
Disadvantages of Using Neteller in Online Casino Transactions
Neteller casinos face a number disadvantages. Unlike many e-wallet services, the registration process here can be time consuming. Your account has to be verified which at times consumes a lot of time. Neteller does not operate in the US, Canada and a number of other countries. Their services (out of the gambling industry) are limited in the US and Canada.
They have monthly withdrawal limits. If you are a high-roller gambler who makes a lot of money gambling, you may need to register for a VIP account. Some deposit and withdrawal options charge high commissions.
US players can no longer access Neteller. Granted, you can play high quality and fair games at Vegas Paradise, Leo Vegas or Jackpot Paradise by depositing money through Your credit card or by using uKash and PaySafeCard.
These casinos are popular for their great collection of slots but they also offer other games such as roulette, blackjack and craps. Both Vegas Paradise and Jackpot Paradise offer $200 welcome bonus while Leo Vegas offers $700 bonus plus 200 free spins welcome package.
Neteller is one of the best online money transfer services in terms of security, convenience and speed. However the fact that these casinos do not operate in the US, Canada and a horde of other European and Arab countries makes them disadvantageous. To this end, most gamblers use PayPal or Visa or MasterCard.