Neteller is one of the online payment provider companies, notorious for its affiliation with gambling platforms. In fact, it was one of the few companies, alongside Skrill, that managed to grow immensely in size when people were seeking alternate methods of depositing funds on their gambling accounts.
Neteller and Skrill were the companies that forced PayPal into accepting gambling payments and join the industry. The scope of companies this payment provider is able to cover cannot be joked about. Nearly all of the eSports betting industry uses Neteller, alongside other payment methods.
Most gambling enthusiasts would usually choose Skrill for their deposits, due to much smaller fees of 1.9% on a transaction. But Neteller, although it has a 2.5% deposit fee, is able to provide much more anonymity to its users, by simply covering their bank account information if they use it for deposits, or just removing their personal information from a transaction.
For a variety of reasons, one of which is the protection of their credit score, eSports bettors use Neteller as their daily driver. But, due to some amendments in the laws of the USA and Canada, the payment company is restricted to offering its services to a few countries around the world. But in general, around 95% of the world’s countries are authorized for its use.
We will detail all of the legality and comparisons of using Neteller for eSports betting in the paragraphs below.
Does Neteller prohibit eSports betting?
No, Neteller does not directly oppose eSports bets or any other gambling-related transaction for that matter. The only thing they require for the user to do is indicate the purpose of the deposit. If the purpose says it is for gambling deposits, then the user will be allowed to use the funds for gambling.
However, if you don’t indicate that they’re for gambling, then all the “gambling registered” merchants will be blocked off for your account. Well, at least for the amount you have deposited. But, in general, all forms of gambling such as:
- Casino Games
- Horse Racing
- P2P betting
- Sports Betting
- eSports Betting
- Gambling Services
Are accessible through Neteller with only a few exceptions.
Those exceptions are the citizens of a few countries such as The US, Canada, Hong Kong, Israel and Macau. All of this is understandable, as these countries mostly rely on offline casinos to fill up their gambling industries, therefore they wouldn’t want any online platform meddling in the business.
Are Neteller’s fees worth it?
In short, no, they’re not. This is due to the options that most gamblers have for payment methods. Things like Skrill and crypto transactions are able to process much faster and at a lower cost.
For example, Skrill transactions have a 1.9% fee, while Neteller has 2.5% or 3.5%. Bitcoin, on the other hand, may come with no fees at all, as long as the user is patient enough to wait for the transaction to complete.
For a player, 2.5% might not be too much as the average deposits are usually $100 or less. But it does add up for the company themselves, who are forced to withdraw millions of dollars each month and pay tens of thousands in fees to Neteller.
eSports betting with Neteller – the customer
Neteller, much like any other third party payment provider is very important for the player themselves. This is due to the extra anonymity that it’s able to bring to the table.
Naturally, it can never rival Bitcoin’s P2P transactions, but it’s much better when compared to PayPal and Skrill. Now, why would a player need anonymity? Why is it so important when making eSports bets with Neteller? What could happen if you don’t have it?
Well, imagine what you usually use when paying for something online or even offline. Your credit card right? A credit card which is connected to your bank account, and records every payment you make day by day. Well, that big repository of data about your payments is then stored and used in the future to identify you more accurately.
For example, when you visit the bank, to make a large transfer, in most cases they will check your payment patterns and determine whether or not it’s a legitimate transaction. Or, they could also check your payment history for giving you a loan.
You see, eSports betting with Neteller allows players to avoid this process and protect their credit score. What’s a credit score you ask? Well, let’s explain.
A credit score is something that the bank assigned to its users. It’s a system of rating a customer’s eligibility for being approved for a loan. If you have a good score, you get the loan, if you don’t, well tough luck.
In most cases, the score is affected negatively by defaulting on previous loans, being late for payments, having declared bankruptcy in the past or simply not having a reliable source of income. However, most banks to disclose the information that they also consider gambling transactions as “dangerous payments” which also chip away at the score.
Do them too often, and soon enough your credit score will be completely gone, and you won’t be able to apply for any type of loan, be it personal, business or a mortgage.
However, when you use payment providers like Neteller for eSports betting or gambling, you avoid the watchful eyes of the bank and protect your credit score in the process. The 2.5% fee is a small price to pay for privacy don’t you think?
eSports betting with Neteller – the company
When it comes to the company, there are very few things that can dissuade them from using Neteller. One of the main features is the fee of course.
As already mentioned, the online eSports betting platforms that use Neteller for withdrawals have to pay tens of thousands of dollars in fees, therefore they’d usually promote Skrill as their main payment option. This is due to Skrill having 1.9% fees while Neteller has 2.5%.
Furthermore, Neteller is prohibited in countries such as the USA and Canada, large markets of gambling enthusiasts. But in most cases, you’d see companies use Neteller for the European community rather than American.
Therefore, if you are from a region where Neteller is prohibited, it’s best to use the company’s Skrill payment option, as it will prevent the deposit from being charged back.
Another issue that Neteller users need to pay attention to is the classification of the transaction. The company needs to always remind their users to indicate their deposits as gambling related because if they don’t the payment will not be processed.
Neteller has a strict regulation about these things. Although they grew thanks to their affiliation with online betting and gambling, they’re also trying to enter large markets such as eCommerce and ride sharing.
Using Neteller for eSports betting – is it worth it?
When looking at Neteller from a first-time perspective, it does lack the benefits that other platforms have. Things such as lower fees and accessibility are definitely trumped by Skrill, but what Neteller does provide, is a very safe and anonymous platform that is designed for protecting the user’s identity.
In most cases, the company is not forced to give up any information about its users’ transactions compared to Skrill and PayPal. But, and that’s a big but, due to them not being forced to do this, some Neteller transactions are considered to be “dangerous” by default by some banks.
So, before you commit to using Neteller as your daily payment option, make sure to check with your bank’s blacklist, and see if the company is listed there. If there is absolutely no mention of Neteller, then it’s safe to proceed, once you’ve confirmed it with the bank’s support staff. Remember, the information about a specific transaction being dangerous is very rarely disclosed.
Overall, Neteller is good for eSports betting simply because it can be found pretty much everywhere. The companies cannot feature it as an exclusive offer as people would rarely choose it.
Another thing that you need to consider is how much you can actually withdraw from Neteller. Sure, the transaction processes pretty fast, around 24 hours, but the fees you’ll have to pay need to be considered. Having to pay 2.5% and sometimes even 3.5% on large withdrawals is a large detriment to your winnings. Having spent money and nerves on winning those funds is already stressful enough, but losing them just so you can get your hands on them is even worse.
Therefore, when it comes to deposits, Neteller could be a good option, but for withdrawals, it’s best you use Skrill due to its smaller fee margin. Or simply find a platform that covers the fees completely.