Neteller is one of the eWallets that enables sports bettors make deposits and withdrawals from their accounts. It is, as a matter of fact, one of the most used eWallets, especially in Europe. Its popularity in the European market has seen it being included in a number of European based sportsbook sites.
Neteller works by enabling you to deposit funds into your account by acting as a third party. You get to upload funds to your Neteller account, after which you make the deposit to your account. This is one of the features that makes Neteller a special payment method as it means there’s no need to share your personal info with your sportsbook of choice.
Thanks to the continuous growth of the online gambling industry, and more notably mobile bettors, Neteller’s popularity among punters is more popular than ever before. Those looking for an efficient mobile friendly payment method can count on Neteller to deliver.
If you are yet to transact with Neteller, we fully understand that the payment service may be a little daunting and complicated. Lucky for you, SportBettingBros has everything you need to know everything about Neteller including:
- What is Neteller
- How Neteller works
- How you can deposit using Neteller
- How you can withdraw your winnings using Neteller
- The benefits associated with Neteller
- Features of Neteller
What is Neteller?
Neteller is an internationally recognized eWallet service with its headquarters out of the UK. Like the majority of the other digital wallet services, the platform offers you the opportunity of:
- Paying for goods and services without revealing any sensitive information
- Making instant transactions
The awesome feature of Neteller is your one-time card number. Through this number, you can make any transaction without having to provide more information. All you have to do is enter it when making transactions and the payment will be approved instantly.
Despite the good features that eWallets such as Neteller have introduced, they unfortunately have some limitations. Some of these limitations can never match up to what corporate networks such as VISA and MasterCard have to offer.
In order to try match up the services these two companies offer, Neteller came up with an idea. It developed a onetime credit card, which bettors can use at any VISA or MasterCard enabled platform.
Recommended Neteller Sports Betting Sites
How Does Neteller Work
Neteller is an online eWallets that enables you to send and receive money. Through this platform, you can easily sign up, make your deposit at the online bookmakers, play and win using the funds and withdraw your winnings straight to the account. As a payment method, it offers its services mostly in two ways.
- As a money transfer platform – It will act as a middle man for sending and receiving cash online
- eWallet – This is the most common use of Neteller. It will let you transfer funds to and from your bank account without disclosing your bank details
Depositing with Neteller at the Online Bookmakers
Using Neteller as a payment method at the online bookmakers is super easy. All you need to do is simply follow the steps listed below and you are good to go.
- Select your preferred platform (we’ve recommended a list above). In case you don’t have an account, sign up
- Once logged into your account, click on the ‘deposit’ button. This is usually located at the top left corner of the screen. In other instances, you can find it under the menu section
- Highlight Neteller as your preferred option
- Enter the amount you’d like to deposit
- Enter your Neteller one-time card number
- Confirm you want to make the payment to complete the transaction
Et voila! You’ve successfully managed to make your first Neteller deposit at the site.
Point to note: Punters from the United States won’t be able to use Neteller as a payment option. A law was passed in 2001 that prohibited US citizens from using Neteller as a payment option. This means that our friends from across the pond will have to find an alternative, maybe use MasterCard or VISA.
How to withdraw with Neteller
The majority of online sports betting sites won’t charge you any fee when withdrawing your funds using Neteller. However, as per the law, they’ll require you to proof the following two things before you can withdraw from Neteller.
- Proof that you are the owner of the Neteller account. To do this, you’ll have to take a screenshot of your Neteller’s ‘Profile’ page. It has to capture your full names and address as they appear on your account
- Proof of age and address. You’ll have to upload a copy of your government issued ID plus a copy of your utility bill
This step is very important and is usually conducted for the first withdrawal, plus subsequent withdrawals that exceed $10,000.
Step By Step Guide On How to Withdraw Your Winnings to Your Neteller Account
- Visit the banking section
- Pick Neteller as your preferred choice
- Enter the amount you’d like to withdraw
- Confirm the transaction by clicking on the withdraw button
You might incur some extra charges when you’ll be withdrawing from Neteller to other banking platforms. Here’s a quick breakdown of these extra charges.
Payment Type Charges Imposed on Neteller
Money Transfer 1.9% (maximum 20%)
Bank Transfer 7.50
Bank Draft 7.50 – 25.00%
Credit Cards No extra charges
Benefits of using Neteller
Depending on how you choose to bet online, Neteller offers numerous benefits over the traditional payment options such as the debit/credit cards. However, there are other benefits that stand out more than others and we think it’s these benefits that we should highlight. They include the following.
- The services are free of charge – The sites that we recommend offer you free of charge payment and withdrawal services when using Neteller. There are no hidden costs and you’ll be able to keep all your winnings once you’ve withdrawn them.
- Neteller is relatively fast when compared to other payment options. For instance, all withdrawals made through Neteller are processed 2-4 hours faster than those made through Skrill. We compare it to Skrill because as a payment option, Skrill has a maximum processing time of 12 hours for withdrawals.
- It’s a safe and secure option. The safety and security of Skrill greatly depends on the unique Neteller account ID number. Punters are only able to make payments and request withdrawals if they have this number and the password account.
Features of NETELLER
In addition to offering money transfer services, Neteller offers its users extra features. They include the following.
- Neteller Rewards Points – You get to earn a point for every pound you transact at the platform. Once you have enough points, you can redeem them for cash, electronics, gift cards among other prizes
- Neteller VIP services – The more you continue using Neteller, the higher you climb in the VIP scale. You also get to earn lower FX fees, get higher and better withdrawal limits and multiple currency accounts. How good could that be?
Despite all the praise that we’ve been heaping on Neteller, it also has some few shortcomings. One of the main disadvantage of using Neteller at the online sports book is that your card details are somehow saved somewhere in the system. If you don’t have a card, or would prefer to use alternative methods that don’t require your card details, then we recommend Paysafecard. We have a detailed review on this payment option in our Paysafecard review.
Overall, Neteller has downsides, but they are largely insignificant when you compare them to the positives. LeoVegas offers a $100 Sports welcome bonus to all punters who make their initial deposit using Neteller.