The History Behind Neteller Casinos
The service has been operating for around twenty years now. It was first set up in Canada in 1999, and began processing payments for online casinos the following year. It became an instant success. At its peak, it was used by over 85% of the world’s casino operators.
This rapid growth came at a price though: it was heavily dependent on a very narrow sector of the online payment market. Well over 90% of its revenue came from payments to online gaming companies. A large proportion of these were based in the United States.
Neteller were therefore in a very exposed position when The US federal government tightened the rules and regulations regarding online gaming. Turnover crashed as American citizens were no longer allowed to gamble online. Revenues from fees collapsed from around $240 million in 2006 to just $60 million in 2010. The company relocated to the UK protected territory of the Isle of Man, where it remains based to this day.
As a result of all this turmoil, Neteller attempted to diversify into other online payments and services. This new strategy has met with considerable success. Although the service is no longer available in the United States, it remains in operation in more than one hundred different countries across the world. These include just about every other major economy apart from the US. Customers can open accounts and make payments in more than 25 different currencies, making Neteller a truly international money transfer service.
It is not just its location, markets and revenues that have endured much turmoil over its two decades of operation. Neteller has also undergone considerable corporate changes. It had already taken over rival money transfer services Moneybookers and Skrill when it too was subject to takeover bids. These culminated in 2015, when Optimal Payments PLC, operators of the online and real world pre-payment service Paysafecard, paid over €1 billion to acquire the company.
Optimal Payments has subsequently re-branded, and is now named after its best known service, as Paysafe Group. This massive conglomerate is now responsible for operating Paysafecard, Neteller and Skrill.
Further changes seem likely with the advent of the United Kingdom’s withdrawal from the European Union. Plans are already underway to transfer all of the group’s European Economic Area (EEA) business to a new subsidiary company based in the Republic of Ireland. This company will be fully regulated by the Irish Financial Services Regulatory Authority, which is part of the Central Bank of Ireland.
Overall, the games on Prospect Hall Casino are varied and of good quality, and they work well on all compatible devices. The site looks fantastic, and creates a relaxing place to enjoy some fun games. The promotions look good too, and of course, customer service is always on hand to help.
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How does the Neteller service work at a Betable Casino?
Neteller is an electronic online payment service. It enables customers to pay for goods and services, or transfer funds to vendors or other Neteller account holders. This can be done across international boundaries to most countries in the world. The United States is the only major exception.
There is no charge to open an account. Your Neteller account can be loaded with funds via a linked bank account, credit or debit card. You can then use your account to make payments for goods and services online, wherever the vendor may be based.
You can also use the service to transfer funds to other account holders, almost anywhere in the world. All you need is their e-mail address to seamlessly send your money across the globe. If the recipient does not currently have a Neteller account, they will be invited to open one – for free.
It’s all done swiftly and securely. You don’t have to disclose any bank details, so your Neteller transactions cannot result in your personal banking details being disclosed via hacking or other internet fraud. To protect your Neteller account, it is always important to ensure you use a strong password, and avoid possibly unsafe internet connections such as public computers and insecure Wi-Fi services. An app is available for both Apple and Android devices, so it’s really easy to make payments through any kind of device.
It is always free to open a Neteller account. However, fees are charged when loading your account, and also for some forms of payments. The fee to upload funds to your account can vary. At the time of writing, this charge is set at 2.5% of the amount paid in. It is worth noting that Betable casinos apply no fees for using Neteller.
Neteller is generally free for you to use when making a deposit at a casino site. The merchant or vendor who receives your payment is instead charged a small fee for using the service. There may be a fee to pay for other forms of payment such as bank transfers and other money transfers, such as to friends and family. The fee for withdrawing cash to your own bank account is $10 USD per transaction.
Net+ Neteller pre-paid cards are also available. These are linked to MasterCard, enabling you to use your Neteller account to make payments in real world shops and stores too.
Summary
Despite its considerable problems in the United States, Neteller remains one of the most popular and trusted means of making payments to online casinos. It is available for you to use at most online casinos compatible with the United Kingdom market. It is always one of the payment options provided on Betable casinos.