When you think about some of the most popular financial services, what comes to your mind? We know VISA and Mastercard are there. But what’s next? We can assume that Neteller also comes to your list. If not, this is the post for you. We’re going to explore Neteller betting sites in Nigeria!
With over 23 million active users around the world, Neteller is undoubtedly one of the most secure and popular payment services. It allows the user, as in you, to make payments to vendors who accept it, including sports betting platforms in Nigeria.
This post is targeted at Nigerian punters who are looking forward to using Neteller as a payment method. If you are one of them, congratulations in advance! You’ll learn all there is about it and how you can become a user effortlessly. Without wasting any more time, let’s get started.
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What is Neteller?
Neteller is an electronic payment gateway, designed for your convenience. You can pay hundreds of vendors around the world, transfer your funds, and use them at Neteller betting sites equally. It’s a very straightforward and easy to use banking option in Nigeria as well.
Let us look at some interesting information regarding Neteller.
Neteller is an e-wallet that has over 23 million users around the world.You can deposit funds into Neteller from freelance websites, bank accounts, VISA or Mastercard credit cards, etc.You can withdraw funds just as you would deposit them. You can transfer funds from your Neteller account to your bank account, PayPal, and many other service providers.Neteller ensures the safety of the users. The data protection standard is one of the highest in the industry. The transactions are also verified and protected against phishing scams.Almost all bookmakers in Nigeria accept Neteller for both deposits and withdrawals.
How Does Neteller Work?
As we’ve already mentioned, Neteller is an electronic payment system for all kinds of users. It works very similarly to a bank, except for the fact that you don’t have to visit any physical institutions.
To use Neteller betting sites, you need to open a Neteller account at first. It’s a very simple process, just like opening an email account. You provide your information and watch your account come to reality.
There are two main types of Neteller accounts. One is verified and the other one is unverified. To use the full potential of Neteller, we always recommend verifying your identity.
Once the verification is done, you can start transactions. Neteller transactions are based on email addresses. So, when sending money to someone or making payments, you will be entering their email address as the identifier. It eliminates the need for sensitive information like bank details from bouncing around on the internet.
You can use Neteller for payments, fund transfers, crypto trading, and even at Neteller betting sites. All of it available from the digital Neteller account. Moreover, you can go for Net+ cards, either virtual or prepaid cards. The benefit of using Net+ cards is that you can withdraw money from Neteller-supported ATMs directly!
History of Neteller
If you think Neteller is something new, you would be completely wrong. And the history is quite colorful! Even Neteller betting sites were part of the history. You’ll know why soon!
It started its journey back in 1999! It was initially based in Canada and in 2004, it was moved to 2004. It’s currently owned by Paysafe Group Limited. But it didn’t happen overnight. To understand what happened, we have to go back to the 90s.
Three companies, Netbanx Ltd, Optimal Payments Limited, and Neteller PLC was established in 1996, 1997, and 1999 respectively. In 2005, Neteller PLC acquired Netbanx and rebranded itself as Neovia Financial PLC.
Again in 2011, Neovia Financial PLC acquired Optimal Payments Limited and rebranded it as Optimal Payments PLC. In reality, it was a reverse takeover. Finally, in 2015, Optimal Payments PLC acquired Skrill, a major e-wallet in Europe. The final branding was to be Paysafe Group Limited.
Neteller, the payment gateway is now a subsidiary of the Paysafe Group, offering top of the line online payments services.
Neteller in Nigeria
If you’re a punter living in Nigeria, you should be very happy because Neteller works like a charm in the country. Among other countries where Neteller has its operations, Nigeria is one of the most prominent. Needless to say, it goes for Neteller betting sites as well.
A Neteller account works very similarly to a bank account in Nigeria. It allows you to receive money, transfer money, make payments to other Neteller accounts, and buy goods online.
Even the Net+ card is available for you to acquire in Nigeria. It’s a prepaid Mastercard that you can use both online and offline to cater to your needs.
One thing you need to keep in mind is that Neteller might operate as a conventional bank, but it’s not a bank. It will not lend you money or offer credit cards. Under the FCA regulation, Neteller is required to keep your money in a separate account than their operational accounts.
Advantages of Using Neteller
Neteller offers all the modern benefits you can expect from a 21st century e-wallet. It has state of the art security for your money, top-notch customer service, minimal fees for instant transfers, and so on.
In terms of sports betting, Neteller betting sites have made life so much easier for punters like you. You can start betting on your favorite sportsbook without even leaving your home to open a bank account!
E-wallets are always on the top list of payment options for sports betting. Do you know why? Because it’s all online! Everything you need to do, you can do it from your home. From opening an account to transferring money, all functionalities at Neteller betting sites are at your fingertips.
Despite having an exclusively online presence, Neteller has spectacular security features. For starters, the FCA regulations. It states that all of the customer funds must be stored in separate trust accounts. It ensures that the operating costs are kept separate and Neteller can return your money anytime you want it.
The encryption technology used to protect your information is unprecedented as well. All of your personal information and banking information is kept secret and away from the reach of any cybercrime, even the Neteller betting sites!
Very Minimal Fees
A difference you would notice with Neteller is that it has fees for almost any service. It’s not uncommon for people to back off when they see this. But trust us when we say this, it’s done to ensure your safety and convenience.
The fees range anywhere from 1% to 5% depending on what you’re trying to do. For example, if you want to transfer your funds to Skrill, you need to pay a 3% fee to Neteller. As the customer accounts are separate, the fee is required to ensure that the company doesn’t incur any losses.
And as long as it doesn’t incur any losses, your funds at Neteller betting sites are completely safe and untouched. There might be a lot of fees, but all of them are negligible. For example, you can send money instantly across the world for very little charge. Even the best financial services take at least half a day to do that!
Wide Variety of Options for Funding
Worried about funding your Neteller account? Don’t be. Neteller accepts all of the major financial services to fund the account. VISA, Maestro, Mastercard, or direct bank transfers, anything works seamlessly with Neteller.
Just log into your account, go to the deposit option, select the method you want to use, and follow the instructions. The same rule applies to Neteller betting sites.
You already know that Neteller has over 23 million active accounts. It means that it has a huge customer base. And any service that has as big of an audience as Neteller will be accepted by numerous vendors.
That’s exactly the case here. All major e-commerce websites in Nigeria accept it as a payment method. And most importantly, hundreds of bookmakers accept Neteller for both deposits and withdrawals.
Neteller in Betting
The history of Neteller betting sites goes back a long way. It first started processing payments for online gambling in 2001. At that time, almost 85% of the merchants were using Neteller because conventional financial services were yet to adapt to the idea.
And 95% of Neteller’s revenue came from online betting transfers, where many of the users were Americans.
As Neteller left the American geography in 2004 and moved to the Isle of Man, the accounts of the US users were restricted for Neteller betting sites. But they were soon released in 2007. The revenue generated in the US dropped significantly due to this restriction. Finally, in 2019, Neteller stopped offering its services in the US.
But it’s still one of the major payment processing companies in Europe and other regions where betting is popular. Being a company based in Malta, there are no restrictions for it to process gambling payments.
And many governments have allowed Neteller to operate in their counties due to its diverse nature. The fact that forex traders and freelancers could equally benefit from Neteller has opened the door for Neteller and betting to go hand in hand.
That’s true for Neteller betting sites in Nigeria as well. It would be very unlikely for you to find an online sportsbook that doesn’t offer Neteller. Being a viable option for both deposits and withdrawals makes it a prime choice for punters like you.
Especially when Mastercard doesn’t allow to withdraw money from gambling facilities anymore.
How to Deposit and Withdraw Using Neteller?
We’ve mentioned plenty of times that Neteller operates very similarly to a bank. You can open accounts, transfer money, make payments, and so on. But in a conventional bank, you go into the bank and deposit the cash by yourself.
How about Neteller? Let’s find out.
First, go to your Neteller account and log in.Then, go to your Neteller betting sites account and find the deposit option. It might list on the banking page. Or, it might have a dedicated deposit page.Once in there, you should find a lot of options to deposit your money. Choose Neteller from the list.Enter the amount you want to deposit and click ‘Next’.You should be redirected to a Neteller portal where you need to authenticate the transaction using your Neteller ID, the 12-digit code, and the 6-digit code for two-factor authentication.Once the transaction goes through, you’ll find your funds waiting at the sportsbook account.
Similar to deposits, withdrawals are easy using Neteller. A huge benefit of using Neteller over other payment methods is that you can use it for both deposits and withdrawals. It might seem obvious, but you would be wondered to know how hard it is to find a payment gateway that offers both functions.
Here are the basic steps for you to withdraw your money.
Visit the cashier/banking page of your operator and select withdrawal.Select Neteller as your withdrawal method. Enter the amount you want.Provide the Neteller betting sites with necessary details like your email address. Your sportsbook account must use the same email as your Neteller account.You might face a verification delay from the bookmaker.
How Secure is it to Use Neteller in Betting?
The safety of Neteller in terms of betting is beyond question. It’s only imaginable how secure the platform is given that it started its journey by processing gambling payments. The parent company has changed quite a few times and every time, Neteller improved its security.
As you already know, the funds from the customers are kept separate from Neteller’s operational account. So, your money is already more secure than other payment gateways in Neteller betting sites. And the encryption technology ensures that your money reaches where you intend it to.
Pair it up with the security features provided by the sportsbooks in Nigeria, you get a solid wall of safety between your money and scammers. The company is constantly improving its security aspect to keep the fraudulent betting sites away from you.
How to Open a Neteller Account?
To use Neteller for funding your Neteller betting sites or making purchases online, you need to open a Neteller account first. It might seem like a daunting task at first because there is verification involved.
So, we’ve created this helpful guide that you can follow to open your Neteller account and verify it to unlock all the potential features it offers.
The first task you need to endure is visiting www.neteller.com. You’ll find the Join for Free option on the top right corner of the website. You can also change the language from any of the 12 offered during this step.
Once you click the ‘Join for Free’ tab, a new window will open with a form. You need to provide your First Name, Last Name, your email address, and set a password for your account. Make sure that your country is selected as ‘Nigeria’ and the currency is selected in ‘NGN’.
In the next step, you need to provide more information. Namely your address, an optional address, your city, postal code, and Phone number.
At this point, you can start using your Neteller account. It will be an unverified account with lower limits and functionality. Please refer to the next step to verify your identity.
The last step to opening a Neteller account is verifying your account. You can skip this step as well but a lot of the functionalities will be locked for an unverified account. And limits will be lower and the charges might be higher as well.
To verify, all you need to do is provide your phone number again. An OTP (One Time Password) will be sent to your phone to confirm your identity. During this step, you also need to create a 6-digit Secure ID that you have to use every time you make a transfer.
Depending on your region, you might need to provide additional documents like your National ID/passport/driver’s license and proof of residency.
One thing to keep in mind here is that when proving your residency, the utility bill must match the name on your identity card. So, if you’re a tenant, this method might not work for you. In such scenarios, you can use your bank statement.
Fees are something where you might want to think about alternatives. Neteller charges for everything you do with it. It’s largely because they don’t touch your funds at all and they need the money to bear operational costs.
The charges are usually low, below 5% in most cases. The charges apply when you deposit funds into your account, withdraw money from your account, transfer it to other e-wallets, banks, Neteller betting sites etc.
Visit the ‘Fees’ page to know more about the exact fees you can expect to pay.
Alternatives to Neteller
There is no doubt that Neteller is one of the best payment gateways for Neteller betting sites. But you don’t have to use it if you don’t want to. For example, you might not want to pay a fee every time you make deposits, especially if you’re a frequent punter.
Or, you might already have a credit card or bank account ready to go. Whatever the case is, there are many alternatives to Neteller. Let’s take a look at them.
Credit cards are the biggest opponents of e-wallets. While e-wallets offer amazing perks, credit cars offer betting on loans! It’s a massive selling point. But it’s only a feasible option when you can pay the credit card company back!
So, if you’re a salaried individual and qualify for a credit card, only then use them at Neteller betting sites. Credit cards are great for instant transfers. And there are usually no fees associated with deposits or withdrawals.
Debit cards operate very similarly to credit cards. The only difference is that you need the money available in your account. Also, you need to ensure that your debit card supports international payment in case the Neteller betting sites you use are based overseas.
Yes, we are referring to the parent company of Neteller. Paysafe Group Limited also has a very handy method for payment that you can use in Neteller betting sites. The Paysafe Card is very widely accepted across the bookmakers in Nigeria.
It’s a pre-loaded card that you can buy from stores. All you need to do is input the 16-digit code printed on the card to start your gambling venture.
One drawback of Paysafe Cards is that you cannot withdraw from them.
Skrill is another e-wallet, very similar to Neteller. In fact, both Skrill and Neteller are owned by the Paysafe Group. It operates using the same principle as Neteller. But the fee structure might be different for different Neteller betting sites.
Using Neteller betting sites is nothing more than a walk in the park. However, you can always improve your user experience with some expert tips. And now, we are going to share some of our findings with you.
Take Your Time
Unlike many other payment gateways, the transaction at Neteller goes right through. So, you need to keep track of your transactions. You surely do not want to put an extra 0 or any other digit while transferring money.
When something like this happens, there’s no way you can get your money back. Because you have authenticated the transaction yourself. You also lose a huge amount on the fees as well!
So, don’t forget to be patient and careful when inserting digits.
Calculate the Fees Beforehand
When using Neteller betting sites, you need to always keep in mind that it has fees for everything. One helpful tip we can share with you is that calculate the fees before you make the transaction.
The larger the deposit sum, the more you have to pay. If you have an alternative lying around with a lower fee, why not use that instead of Neteller?
Make Sure Neteller is Available
Another common mistake we’ve seen is people open and fund their Neteller account only to find out their preferred bookmaker doesn’t offer Neteller. It has happened to the best of punters.
So, take the time to thoroughly do your research. We have listed the best Neteller betting sites so that you don’t fall victim to such conditions. It’s not like you lose the money forever. You can always get it back with a reverse transaction. But you are essentially paying twice the fee, aren’t you?
Understand the Limits
Both Neteller and the sportsbook operator will have limits. To know your account limit, refer to Neteller. You can easily find out about the Neteller limits when you first fund your account.
And for sportsbook limits, visit the terms and conditions page. Particularly, refer to the withdrawal section to get accurate information.
Summary – Neteller Betting Sites
Neteller betting sites are one of the most popular options for punters in Nigeria at the time of writing and for good reasons. Even with fees in every step, millions of punters use it for betting. The very good protection for your money and data is not something you find for all payment options.
Is Neteller the best in its field?
Neteller is a well-known online gaming payment service provider. They ensure that your payments through their channels will be processed and protected to the best industry standards, regardless of the type of betting you do or the website you use.
Is it necessary for me to confirm each Neteller deposit?
It is correct that you must confirm the deposit before it is credited to your account. You can do so by confirming the transaction in your betting account’s “Payments” section. You may get a code by email or text, which will allow your funds to be transferred.
What is the most efficient method of depositing funds into my Neteller account?
The money that goes into your Neteller account can originate from a variety of places, with more than 50 alternatives available to you. When you deposit money into your Neteller account, you will be charged a 2.5 percent administration fee.
How long does it take to deposit money into Neteller?
Deposits will almost instantly clear after your Neteller account has been funded.
Is Neteller a secure payment method?
Yes, it’s as safe as it gets. Neteller, like Skrill and PayPa, is one of the most tightly regulated and restricted online payment platforms.
Ekon Musa | Last Modified: April 16, 2022