Canadian Preferred Payment Methods for Gaming

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Online casino games and sports betting are very popular all over the world and Canada is no exception. This form of entertainment is legal in the country, so there is no obstacle for players to enjoy it. About 75% of the Canadian population participate in various forms of gambling, so they need reliable and fast banking options to top up their accounts and grow their winnings. What payment methods are most popular with Canadian players and why do they prefer them? Let’s find out more about it in this article.

Instant banking methods

The most popular banking option in Canada is instant banking methods. They allow a bank account to be connected to the online casino site using third-party intermediaries and transfer funds quickly and securely with minimal fees. The number one company in Canada for over 30 years is Interac. It has partnered with over 250 banks to guarantee near instant and low cost fees ($ 0.50 to $ 1.50 on average) transactions to Interac e-Transfer casino sites. Gamblorium expert Catalina Kirby confirmed Interac’s success in the Canadian gaming industry by saying the following: “There are hardly any online casinos that welcome players from Canada and have not added Interac to the list of payment methods. “ The system attracts over 15 million monthly active users and the total value of transactions made in 2019 was exceeded $ 132.8 billion. Other instant banking methods used by gamers are iDebit, eCheck, Instadebit and others.

Credit and debit cards

There are hardly any Canadians who do not have a Visa or MasterCard. These globally accepted cards remain a popular payment method at online casinos issued by more than a dozen Canadian banks. There are three types of cards, including prepaid, debit, and credit cards, and each of them can be used for casino deposits. It should be noted that MasterCard does not support casino withdrawals.

Bank transfers

Although this is a rather old-fashioned form of payment, many people still prefer to contact bank representatives and conduct wire transfer transactions with their help. One of the reasons it is still in use is that there is no need to share your banking information with the casino, but you have to accept the fact that your funds will travel longer to the balance and it may take up to ‘to several working days using this method. .

Prepaid cards

If a player does not want their bank account or e-wallet associated with the game, the best alternative is the prepaid cards sold by popular retailers. This deposit option provides tight bankroll control and does not require sharing personal information to top up the account balance. All you have to do is select the banking option from the list offered in the Cashier section and enter the PIN code provided on the card for the money to arrive. The most popular prepaid card service providers in Canada are Revolut, Paysafecard, and Neosurf.

Electronic wallets

The speed, affordability and ease of transactions are attracting many Canadian players to the electronic payment system available online. Being a gateway between a bank account and a merchant, electronic wallets make it possible to send funds to the casino without revealing any banking information. The range of e-wallets in Canada is not as extensive as in Europe, but options as popular as PayPal, Google Pay, Apple Pay, EcoPayz, WebMoney, and Much better exist.

Mobile payment

Purchases made using mobile devices are becoming more and more frequent, so gamers are not afraid to use mobile banking services as well. There are two operators in Canada that support Boku Pay by mobile, including Bell Canada and TELUS Mobility. This option is generally used when you need to make a deposit quickly and for a fairly small amount, but players cannot withdraw funds in this way.

Cryptocurrency

The most innovative banking option introduced to Canadian online casinos is cryptocurrency. Digital money has become a global payment medium fairly recently, so not all casinos accept it due to the novelty and volatility of crypto assets. However, this payment method has a number of undeniable advantages over others. It is characterized by security, speed and profitability of transactions. Players who already own a cryptocurrency don’t lose money on conversions and can transfer funds anonymously and make instant withdrawals! The list of cryptocurrencies accepted by Canadian casinos includes Bitcoin, Ethereum, Litecoin, and Ripple. However, their numbers keep growing, so follow the trends!

Final thoughts

Canada is one of the countries with the most players in the world. The legalization of the gaming industry in 2009 resulted in the growth not only of operators offering online casino and sports betting services, but also of the payment methods used to deposit and withdraw money to and from the platforms. games. Currently, the range of banking options is quite extensive and players have a wide choice to choose from. However, players should always ensure that a preferred payment method is accepted by the selected casino before making a transaction!

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