We know how annoying it can be when you need to top up your online betting account, especially when you’re right in the middle of a game of high-stakes poker. Well, thanks to Neteller, there’s a digital wallet that has been making life much easier for casino enthusiasts since 1999.

Launched by the Paysafe Group at the end of the last millennium, Neteller is a secure payment solution traditionally used by those in the online commerce and gaming industries, although it has now expanded into online gambling and the cryptocurrency space.

As the first-choice partner for the majority of the world’s leading online gaming companies over the past couple of decades, Neteller has driven iGaming’s rapid growth by promising fast, secure payments, while making digital currencies more accessible and useable for all.

In this article, we’ll take a closer look at Neteller’s history, how it became so closely associated with online gambling, how it has started making moves with cryptocurrency adoption and how users can get involved in the action.

Neteller’s origins and evolution

Launched way back in 1999 by the Paysafe Group, formerly known as Optimal Payments Limited, the business’s core purpose was to offer a viable alternative to traditional online payment methods, giving both vendors and consumers peace of mind when processing transactions.

It’s easy to see how this naturally lent itself to businesses primarily within the online commerce and gaming spaces – however, with the rise of online gambling in the following years, the biggest opportunities were just around the corner, and this allowed for rapid growth in a key industry.

Neteller’s key company milestones

2000: Became the preferred payment provider for many popular online casinos.

2004: The business relocated from Canada to the Isle of Man, where it was registered as an Authorised Electronic Money Institution under UK FCA regulations.

2005: Within half a decade, Neteller was accepted by approximately 80% of global gambling vendors, highlighting its dominance.

2006: Neteller fell foul of the U.S. Unlawful Internet Gambling Enforcement Act (UIGEA), leading to a $136 million settlement and a temporary exit from the US market.

2010: The business suffered a significant drop in revenue, sinking to just $44 million, but was able to rally by refocusing on the European and Asian markets.

Understanding Neteller’s history and evolution as a company makes it easier to forecast its future and the role it will play in the online gambling industry, especially with the wider adoption of digital currencies.

Neteller’s impact on the iGaming industry

While succeeding in the iGaming industry is hardly a walk in the park in 2025, it was much harder for platforms trying to survive in the early 2000s. With limited payment options, uncooperative banks and limited website security, both players and gambling companies were frustrated. Offering instant deposits, safer transactions and wider accessibility, Neteller was the obvious solution for any online gambling platform.

From a player’s perspective, Neteller was a game-changer, allowing them to safely deposit funds and make withdrawals. Players also don’t need to worry about security, thanks to the advanced encryption and two-factor authentication, giving end-users complete peace of mind.

However, this growth hasn’t come without its challenges. In 2006, when the company was slapped with a UIGEA violation, they were forced out of the US, which was its most lucrative region. Although Neteller was able to pivot to other regions, none were as rich as the US market. While other areas were ripe for expansion, there were still many regulatory or societal hurdles to first overcome before they could establish dominance.

In an attempt to reassert itself as a key player within the gaming and online casino sector of the internet, Neteller launched a VIP program aimed at enticing repeat users with lower transaction fees, dedicated support teams and cashback perks, particularly suited to the high-stakes players who regularly transact large amounts of money.

Neteller and crypto accessibility

While it might not seem all that long ago, Neteller has been at the forefront of digital currency integration for a few years now. In 2018, the company launched an e-wallet, allowing users to buy, sell and store coins such as Bitcoin, Ethereum and Litecoin. Users can trade these coins, as well as many others, using almost 30 different fiat currencies, making it easy and convenient to stay within the Neteller ecosystem.

Many users are dissuaded from using cryptocurrency coins due to them seemingly being more complicated, but that doesn’t need to be the case. With Neteller, users can buy coins and store them in their wallets for whenever they want to use them. If their favorite online casino supports Neteller and allows cryptocurrency deposits, they can easily access their e-wallet and load up their account without any unnecessary hassle.

Many of these online casinos, such as those found on askgamblers.com, are forward-thinking platforms that cater to a global audience of players. As one of the most respected comparison and review sites in the iGaming industry, AskGamblers offers users detailed information on a casino’s credibility, bonuses, payment options and user experience. This is incredibly valuable in a space where transparency and trust are paramount. Sites like these not only help users identify which platforms accept Neteller or cryptocurrencies but also guide them toward casinos with favorable terms and reliable customer support. Whether you’re a high-stakes player or just starting out, these directories make it far easier to find reputable gambling sites that align with your payment preferences.

That being said, there are some limitations when it comes to the use of cryptocurrency assets within the online gambling industry. Only a select range of coins is available for use, so this means that you likely won’t be able to use your favorite meme-coin (such as $HAWK and Dogecoin), while there may still be some local restrictions stopping users from fully accessing the wider cryptocurrency space online, which may limit usage.

Final thoughts

From a payment partner initially operating within the e-commerce space to becoming a major player in the gaming and online casino industry in the mid-2000s, Neteller’s rise, fall and revival has been remarkable. With fast, secure payments and greater accessibility for crypto enthusiasts, Neteller has future-proofed its operations and helped ensure that users can easily access and use funds no matter where they are.

The post The role of Neteller in the growth of iGaming and crypto accessibility appeared first on Live Bitcoin News.

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Filed under: Bitcoin - @ June 24, 2025 11:24 am