There are many e-wallets in the market these days, but NETELLER is one of the very first companies in the online marketplace that has been operating without a hitch for around two decades. At one point in time, NETELLER was responsible for processing up to 85% of all online gambling transactions, with the e-wallet’s majority revenue being derived through its gambling merchant accounts.
The rise in gambling transactions paved the way for NETELLER to become a familiar e-money transfer service among online service providers, one that also finds a prominent place among Forex brokers, online casinos, and sportsbooks. Cricket bookmakers highly prefer NETELLER as their primary payment processor, as it avoids the hassles of global money transfers and the hefty fees that are usually charged by banks and credit card companies.
In the current market scenario, NETELLER may have experienced a slight dip in its popularity among regular internet users when compared to its immediate competitors, which we believe is mainly due to a low advertising budget. However, the company does make up for it by offering a secure and reliable payment platform that supports all types of international payments at highly competitive rates. Punters may be hard-pressed to find an online cricket bookmaker that does not accept NETELLER as a valid payment method, as the company has become quite synonymous with cricket betting and online gambling.
In India, a large number of users use the e-wallet for many purposes, including transferring funds to their cricket betting accounts. India has the largest number of cricket admirers in the world due to the religion-like status of the sport among hard-core Indian fans, but there are certain legal restrictions on cricket betting in India. When it comes to depositing funds and withdrawing money from a cricket betting site, punters do have to consider a few regulatory issues to stay safe. Therefore, we give you a detailed picture of the legality of NETELLER in India, and how to make a deposit into your favorite cricket bookmaker.
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NETELLER Regulation & Safety of Accounts
NETELLER launched its worldwide online payment wallet in 1999; at around the same time, other popular e-wallets took shape. Being one of the oldest and most established payment processors in the market, NETELLER has certainly benefited from the improvements in technologies and the introduction of the internet as the new information highway.
However, unlike other e-money processors in the market, this platform found its popularity soaring in the gambling sector, with various casinos, sports bookmakers, and other gaming sites being quick to adopt NETELLER as the standard payment interface for a majority of their transactions.
During the early part of the 2000s, over 85% of online gambling transactions happened through the NETELLER platform, while the company itself generated almost 95% of its revenue from these transactions. Although the company primarily started its operations from Canada, it moved to the Isle of Man in 2004 and has subsequently registered its services as an e-money transfer service under the regulatory framework of the Financial Conduct Authority (FCA). The FCA is a UK-based financial regulator that imposes various guidelines and policies for ensuring the safety and security of the UK’s financial market.
Under the FCA, NETELLER has to adhere to various regulations that include segregation of clients’ funds from its operating capital, in a move that is designed to help the e-wallet to meet its debt obligations to users up to the amount that is saved as the balance in the wallet. Therefore, even if all users initiate a withdrawal at once, the company is able to initiate all the transactions and send users their money without any hurdle. NETELLER is a global payment service provider, which further requires the e-wallet to satisfy several EU laws and Anti-Money Laundering (AML) policies that are implemented by international organizations and independent countries.
In 2015, NETELLER was acquired by Paysafe Holdings Ltd, the same British company that bought out Skrill, another popular e-wallet in the cricket betting market. Although the acquisition brought two of the fiercest competitors under a single umbrella, both e-wallets are given a distinct character and operate out of their own independent platform. The Paysafe Group has not outlined any plans to merge the two wallets, while the company continues to acquire other e-wallets and online payment processors that operate in the market. Regardless, Paysafe Group has promised full security, reliability, and continued improvements for its millions of users from around the world.
Is NETELLER Legal in India?
NETELLER operates as a payment processor for its worldwide clients, and India is one of the countries that have free and open access to the payment platform without any regulatory restrictions. Until 2007, the company used to offer its e-wallet and money transfer service to punters from the United States of America, but several controversies and changes in gambling laws led to NETELLER modifying its policies for US users. The popularity among gambling websites also means that the e-wallet has a separate set of usage policies for traders from countries such as the US, Canada, Hong Kong, Israel, and Turkey, among others.
However, as far as Indian cricket bettors are concerned, there are no Government policies or legal guidelines that specifically warn Indian users against using NETELLER as an online payment option. The only legal consideration for punters is that cricket betting in itself is largely illegal in the country, except for a few states that have licensed bookmakers operating from within their boundaries.
Although online sportsbooks and cricket bookies are considered to be illegal, the difficulty in devising laws to curb these companies has helped online cricket bookmakers to offer their sportsbooks to Indian players with little to no regulatory intervention.
The payment platform offers its support in 16 different languages, but we couldn’t find any Indian language on the website. Nevertheless, using this payment processor is completely legal in India, but users must satisfy all the laws of the country while transferring money from India to offshore accounts.
The Indian Government and its various authorities are not entirely pleased with the prospect of international money transfers from Indian accounts, particularly with the strict AML laws that are in place to prevent such transactions. However, NETELLER does not provide a track of transactions to the Government, unless requested by the Court, which ensures that you can make anonymous payments to online cricket bookmakers and withdraw funds to your bank account.
NETELLER Sign up Guide for New Users
NETELLER has the same principle behind its signup process that is followed by all the major e-wallets in the market. Users have to enter their email address, preferred password, account currency, and all personal information. Make sure to enter the correct personal information, as users are required to verify their account at a later stage. Although verification is not an absolute requirement, NETELLER does ask its clients to verify their accounts as soon as possible. Verification can be done by sending in identifying documents such as a passport, a driving license, or any other approved national identity document.
Users can choose from over 28 different currencies at the time of signing up, but once selected, the basic account currency cannot be changed at a later date. Therefore, make sure that you choose your account currency wisely, as users are not permitted to hold multiple NETELLER accounts.
Indian users can indeed specify the Indian Rupee (INR) as their primary account currency, but not all cricket betting operators allow its players to deposit/withdraw funds in INR. However, players can benefit from operating an INR-based NETELLER account, and based on the existing laws concerning Indian Forex rules, we can certainly recommend online cricket bookmakers that cater specifically to the Indian market and INR transactions.
Using NETELLER to Deposit & Withdraw Funds at Online Cricket Betting Sites
Using NETELLER is easy, convenient, and secure. Players can use the sign-in page to access their account and make a payment to another account or a merchant listed on the website, or they can alternatively choose the payment option at the bookmaker’s banking page and sign in through the online processor.
NETELLER offers a completely secure portal that can be individually customized according to the merchant account. Deposits are instant, where the funds are transferred to the merchant account within seconds. The deposit amount is debited from the e-wallet balance and users receive confirmation of the payment through their registered email.
Withdrawals are slightly different from the deposit process, whereby users only need to initiate a request with the bookmaker by choosing NETELLER as the preferred option, and the company does the rest. In most cases, bookmakers will hold on to the withdrawal for a minimum lock-in period, which can vary from a couple of hours to up to 48 hours or more.
Players can reverse their withdrawal during this lock-in period, after which, the bookmaker will send funds to your NETELLER account as per their queue.
Players must realize that withdrawals will only be processed to your NETELLER account if you have made your deposit through the same method. Every bookmaker has a policy, which stipulates that withdrawals will only be processed to the account that was used to make a deposit. In case of multiple deposits from different accounts, the bookmaker will divide the withdrawals according to the ratio of deposits made from each payment method, thereby sending in partial payments to each option that you used to deposit your funds.
How to Deposit Money in NETELLER from India?
It is quite simple to add funds to your NETELLER account from India. For starters, the e-wallet allows its users to add and verify a credit/debit card, which can be used to add funds through their internal payment portal. Alternatively, the platform also offers the convenience of adding your bank account, which can be used to send money and load your e-wallet.
Account-holders can also use other e-wallets under the Paysafe Group to add funds to their wallet, with Skrill being the most popular option. Alternatively, you can also perform transactions with other NETELLER or Skrill users, which takes advantage of the common platform that is employed by these payment systems. Transferring funds between NETELLER and Skrill accounts are the most cost-effective payment options, as they only chargethe sender with minimum transfer fees.
Withdrawing money is also quite easy, as the company allows its users to withdraw funds directly to a bank account or a credit/debit card. NETELLER does provide access to its own branded prepaid debit card that can be used to withdraw funds through an ATM or a POS machine. However, all types of prepaid debit cards are banned in India, which means that Indian users may not be able to use the NETELLER card anywhere in the country. Your best bet to withdraw money from NETELLER is to request a bank wire, which will usually be credited to your account within five days at most.
Is It Possible to Transfer Funds from NETELLER to Other Local E-Wallets?
It is possible to transfer from NETELLER to Skrill and other allied e-wallets under the Paysafe brand, but it is almost impossible to transfer money from one independent payment processor to another due to the existing rules and policies of these companies. For instance, users cannot transfer funds from NETELLER to PayPal, as both companies prohibit such a transaction. There are a few online exchanges that allow such transfers through intermediaries, but these services are illegal and highly insecure.
India has several domestic e-payment processors such as Paytm, which offer local payment options through digital currency transactions. Paytm primarily deals in INR as its basic currency, but it is not possible to transfer funds from NETELLER to Paytm directly, even if your account is denominated in INR. However, you can indirectly transfer funds to your Paytm account by first withdrawing your money from NETELLER to your bank account, and then funding your Paytm wallet through your bank account. The process is similar for all local payment wallets.
Benefits of Using NETELLER against Other Payment Options
NETELLER is an instant payment service that takes advantage of existing payment protocols, encryption technologies, and the internet to provide a secure platform for online funds transfer. In the cricket betting industry, players are always searching for the most reliable bookmaker and a cost-efficient payment system that guarantees an overall secure and convenient betting environment. NETELLER is one of the safest payment options in the market that is easily accessible for Indian players and is also one of the most common payment methods among online sportsbooks.
NETELLER is owned by the same company that operates Skrill, which leads to highly competitive transfer fees and secure fund transfer. Deposits and withdrawals are instant in most cases, which further makes it easy to access your winnings in a short period.
With the availability of dedicated NETELLER mobile apps for Android, Windows, and iOS devices, you can access your e-wallet anywhere, and can even use the app to transfer funds worldwide through your smartphone or tablet. For cricket betting in India, we can’t recommend a more suitable e-wallet for your payment needs, especially one that is a mainstay with most of our preferred cricket bookmakers in the industry.