Neteller has been processing digital payments largely for the online gambling market for well over a decade already, but it has recently decided to not embrace the rising trend of incorporating Bitcoin into its system.
Providing service to more than 180 countries, Neteller served as one of the primary methods for online gamblers from all over the world to transfer funds into their gaming accounts in various websites. Thus, its ignoring the peer-to-peer digital currency generated interest within the gambling community since many online casinos and betting platforms are joining the move to accept Bitcoin.
Evident on its revised customer terms-of-service agreement is the inclusion of virtual currencies in the list of restricted transaction types. Moreover, its policy emphasized that trading, exchanging, purchasing, and selling Bitcoin and other virtual currencies are strictly prohibited.
Thus, Neteller’s move to snub Bitcoin has hinted the budding rivalry between the two parties. Bitcoin, which is designed for fast-paced and anonymous transactions, is being favored by an increasing number of online gambling operators, and therefore, it is taking market share from the pioneer in digital payments services.
From this perspective, Neteller has only implemented a decision to protect its long relationship with the online gambling industry as a mere precautionary move since numerous real-money gambling platforms remain loyal to the payment services provided by the independent money transfer business.
On the other hand, Isle of Man-based Group General Counsel Solicitor Paul Davis was not surprised that Neteller has decided to ban the digital currency and even believed that the policy revision was simply done to avoid the risks that are related to Bitcoin use.
With the company totally dismissing any possibilities of integrating Bitcoin and other virtual currencies to its system, Bitcoin gambling enthusiasts can expect Neteller-reliant websites to be less likely open to offering Bitcoin payments anytime soon.
Nevertheless, players cannot change the fact that this digital payments service is, indeed, constantly taking steps to further the quality and reputation of its services to involved clients worldwide.