Neteller has long been one of the UK’s go-to payment methods for online betting. It is known for its ease of use, security, and widespread acceptance by many bookmakers. But how does this payment method stack up in today’s rapidly evolving market, and why has it become such a favourite among UK punters?
We sat down with Teemu Mattila, a sports betting expert at the award-winning iGaming comparison platform Bojoko.com, to discuss Neteller’s benefits and drawbacks for British punters. Bojoko actively helps players choose between Neteller betting sites, and Mattila sits on quite a few insights into their current status in the UK and how its future looks when compared to its big-name competitors.
PaySpace Magazine: Why do you think Neteller has gained such prominence as a payment method among UK sports bettors?
Mattila: Neteller’s prominence in the UK sports betting market comes from its history and reliability. Neteller has been around since the late 90s, and in the early days of online betting, it quickly became a trusted name. Back then, options for secure online payments were fairly limited, and Neteller filled that gap by offering a digital wallet that allowed users to manage their betting-related transactions efficiently.
Its prominence also stems from its sector-specific focus. Neteller became synonymous with gambling payments because it offered features uniquely suited to betting. These include fast deposits, quick withdrawal options, and linking multiple bank accounts or cards to a single digital wallet, making it extremely convenient for bettors.
Even today, with a wide array of payment options available, Neteller stands out because it has built a reputation for understanding the needs of the betting community in the UK.
PaySpace Magazine: Regarding benefits, what makes Neteller so appealing to players and betting operators in the UK?
Mattila: Neteller offers a buffer between your bank account and the betting site, meaning your financial details aren’t directly shared with every operator. This is particularly appealing to those who are cautious about where their financial information is going.
Additionally, the loyalty programme Neteller offers through its VIP scheme gives frequent users access to lower fees, higher transaction limits, and even cashback—features that reward regular bettors in ways that most payment methods don’t.
From the operators’ perspective, Neteller’s long-standing reputation makes it a trusted partner. They know that players value this payment method, so integrating Neteller is often a strategic decision to attract a specific segment of users who prioritise privacy and ease of access. It’s also a reliable way to facilitate deposits and withdrawals, streamlining operations for the bookmaker.
PaySpace Magazine: Are there any downsides to using Neteller for betting purposes that UK bettors should be aware of?
Mattila: The most significant downside is the fees. Unlike some other payment methods, Neteller charges fees for transactions like deposits or moving funds between accounts. For players who bet frequently, these fees can add up and eat into their overall budget, making it less attractive compared to other free options like bank transfers or some e-wallets.
Another point is that Neteller transactions can sometimes be excluded from welcome bonuses or promotional offers. Yes, as odd as it might seem, some betting operators in the UK stipulate that if you deposit with Neteller, you may not be eligible for their sign-up bonus or certain ongoing promotions. Do check the terms and conditions before making a deposit.
PaySpace Magazine: How do you see Neteller’s future in the UK sports betting market, especially with the rise of new payment technologies and preferences?
Mattila: The payment landscape is definitely evolving, and Neteller will face challenges in keeping its position amidst rising competition from newer payment solutions.
It’s no secret that many younger e-wallets have stepped up in the British betting market. PayPal and Trustly are already giants. Then, you have Skrill, which has a profile that is very similar to Neteller. Also, to turn up the volume, you have newer payment methods like AstroPay, not to mention Revolut, which I believe you have already spoken to our CEO about. They must also feel the heat from big brands like Google Pay and Apple Pay, which are suddenly regularly accepted across UK betting sites.
Many long-time bettors are accustomed to using Neteller, and they trust it. Trust is something that’s incredibly hard to build and maintain in the payments industry, and it’s one of Neteller’s biggest assets. We can, therefore, comfortably say that Neteller still has a place in the market due to its established brand loyalty and deep integration within the gambling industry, but there are approximately as many betting sites that accept Apple Pay and far more that accept PayPal.
In the UK, Neteller will retain its foothold in the sports betting space because of its simplicity and familiarity. However, to attract new users—especially those new to betting or the younger generation who may be more inclined to try newer solutions. In my view, they must look at things such as their fee structure to stay competitive and keep pace with the changing demands of modern consumers.
