Neteller Announces Decision To Allow Bitcoin Deposits As Funding Option

Online gambling is enjoyed by people the world over. Neteller has just announced that it will begin accepting Bitcoin as a form of payment. . This revolutionary step could make online gambling easier for those who reside in the United States, who can now gamble online at bitcoin casinos and sportsbooks. Instead of being restricted just to online sportsbooks that accept bitcoin directly, now players can gamble essentially anywhere using their bitcoins since Neteller is the go-to deposit option and accepted at nearly ever site. What's even better news is that there is no surcharge for using Bitcoin like there is when you use a major credit card.

President and CEO of Optimal Payments, the parent company of Neteller was quoted as saying "…the addition of bitcoin gives them another valuable payment method to help convert more transactions. We recognize the important role that crypto-currencies play in the future of payments and we look forward to working with BitPay as the acceptance rate grows."

Last year, as part of their expansion into the U.S. market, Optimal Payments bought Meritus Payment Solutions, based in California. In March 2015, they also announced their intention to purchase one of their largest competitors, Skrill, which was approved in 2014 as the only sanctioned digital wallet for New Jersey internet gambling by the New Jersey Division of Gaming Enforcement. That may mean that Skrill customers may soon be able to utilize the Bitcoin option as well.

Neteller currently has over 10 million customers with debit cards that can now be loaded with Bitcoin as well as cash. They also have relationships with thousands of merchants worldwide, in addition to being the most often used service for online gamblers. They also have integrations with thousands of merchants worldwide. Customers using bitcoin can save up to 5% by eliminating currency conversion and cash advance fees.

Payment processing is one of the largest costs for online casinos. When a player makes a deposit using credit cards, bank account routing numbers, or an e-wallet, there is a fee for using their service. That usually means that gambling sites pass these costs on to players in the form of withdrawal fees, reduced odds, or fewer bonuses and promotions.

This is one of the many reasons Bitcoins are so attractive to both online gambling operators and players. Deposits and withdrawals are free, allowing sites to offer better payouts for online casino gamblers. That's a scenario in which everybody wins—except those seeking to profit while risking nothing.

Another important factor regarding the use of Bitcoin is that it is a decentralized form of currency not tied to governments or banks. Therefore, funds can't be frozen or seized as they could if they were held in traditional banks. The U.S. Department of Justice has frozen the assets of U.S. online gamblers several times over the past decade. While residents of the U.S. still aren't able to make Bitcoin deposits using Neteller, all Neteller users can link a prepaid MasterCard to their accounts with the option to deposit bitcoin to recharge the card. That means that Bitcoin users can now withdraw their funds from any ATM that accepts MasterCard. This decision will allow players more freedom of choice and control over their own money, and there's no greater prize than that.

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