Most preferred payment methods for gambling by Canadians

preferred payment methods

Online casino games and sports betting are very popular all over the globe and Canada is not an exception. This form of entertainment is legal in the country, so there are no obstacles for players to enjoy it. Around 75% of the Canadian population participates in different forms of gambling, so they need reliable and fast banking options to top up their accounts and make winnings grow. What payment methods are the most popular with Canadian gamblers and why do they prefer them? Let’s find out more about that in this article.

preferred payment method

Instant banking methods

The most popular banking option in Canada is instant banking methods. They allow connecting a bank account to the online casino site using third-party intermediaries and transfer funds quickly and securely with minimum fees. The number-one company operating in Canada for over 30 years is Interac. It has partnered up with over 250 banks to guarantee almost instant and low-fee ($0.50-$1.50 on average) transactions to Interac e-Transfer casino sites. Catalina Kirby, Gamblorium expert, confirmed Interac’s success in the gambling industry of Canada saying the following: “There is hardly any online casino that welcomes players from Canada and hasn’t added Interac to the list of payment methods.” The system draws over 15 million active users per month and the total value of transactions made in 2019 was over $132.8 billion. Other instant banking methods used by players are iDebit, eCheck, Instadebit, and others.

Credit and Debit cards

There is hardly any Canadian who doesn’t possess Visa or MasterCard. These worldwide accepted cards remain a popular payment method in online casinos being issued by over a dozen of Canadian banks. There are three types of cards distinguished including prepaid, debit, and credit cards and any of them can be used for casino deposits. It is worth noting that MasterCard does not support casino withdrawals.

Bank wire transfers

Despite being a rather old-fashioned payment method, many people still prefer to contact bank representatives and complete wire transactions with their help. One of the reasons it is still used is no need to share your banking details with the casino, but you should come to terms with the fact that your funds will travel to the balance longer and it may take up to several business days using this method.

Prepaid cards

If a player doesn’t want to have his bank account or e-wallet associated with gambling, the best alternative is prepaid cards sold by popular retailers. This deposit option allows getting strict control of the bankroll and doesn’t require sharing personal details to top up the account balance. It is enough to 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.

E-wallets

The speed, affordability, and ease of transactions attract many Canadian gamblers to the electronic payment system available online. Being a gateway between a bank account and a merchant, e-wallets allow sending funds to the casino without revealing any banking details. The range of e-wallets in Canada is not as extensive as in Europe but such popular options as PayPal, Google Pay, Apple Pay, EcoPayz, WebMoney, and MuchBetter do exist.

Mobile Payment

Purchases made with the help of mobile devices get more frequent every day, so players don’t mind utilizing mobile banking too. There are two operators in Canada that support Boku pay by mobile including Bell Canada and TELUS Mobility. This option is usually used when you need to make a deposit quickly and for a quite low amount, but gamblers can’t withdraw funds in this way.

Cryptocurrency

The most innovative banking option introduced in Canadian online casinos is cryptocurrency. Digital money has become a global payment method quite 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 benefits over others. It is characterized by the security, high speed, and cost-effectiveness of the transactions. Players who already own 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 number is constantly growing, so keep up with trends!

Final Thoughts

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

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