He notably played for PSV Eindhoven and Rangers, before ending his career at New York Red Bulls in the Major League Soccer.

After joining PSV Eindhoven in 1994 he quickly established himself as one of the best goalkeepers in the Eredivisie, eventually being selected for the Dutch national squad.

He was also involved in Rangers' historic 2005–06 Champions League run where they reached the knock-out stage for the first time.

In January 2007, he left the club again and agreed to move to New York Red Bulls in Major League Soccer, where he immediately established himself with three clean sheets and another scoreless half to set the record for longest clean sheet streak to begin an MLS career.

[citation needed] Waterreus was on the Dutch national squad at Euro 2004 but he did not get any playing time.