Online betting is a booming industry, with thousands of bettors across Canada wagering on sports every day. How to fund your account is one of the most important decisions you must make when signing-up with a bookmaker and it is important to find a method that works for you. The experts at BettingTop10 have taken the hassle out of the process by producing a comprehensive guide to the different payment methods on betting sites in Canada. Wondering what are the most popular payment methods for gambling and betting in Canada? We’ve made a list of the most popular payment methods in online betting websites
There are a plethora of different payment options available to Canadian bettors. These include credit/debit cards, electronic wallets, prepaid cards/vouchers and online money transfers. Card payments such as Visa or Mastercard remain one of these most popular Canadian payment methods, with their simplicity offering an efficient to fund your account. Once you have registered your card with your chosen bookmaker your details are securely stored to facilitate any future transactions. You must have funds available in order to complete a deposit via card, otherwise your card provider may decline the payment request. e-Wallets have become a hugely popular gambling deposit method in recent years, with the additional layer of security they offer to prove attractive to many gamblers. PayPal, Skrill and Neteller are amongst the different options, with each allowing you to set aside money away from your normal bank account for the purposes of gambling. This is a great way to manage your bankroll and stick within the betting limit you set yourself. Prepaid cards, bank transfers and online money transfers are other popular payment methods for gamblers who would rather not use cards or e-Wallets.
Before you choose a deposit method you must be satisfied that it suits your particular needs. Start by visiting the cashier section on your chosen site to find the information you need. Most bookmakers in Canada process deposits instantly, although methods such as bank transfers and eChecks can take longer. Make sure that you check the minimum deposit requirements, particularly if you are planning on claiming a welcome bonus. Read the terms and conditions to ensure that your deposit meets the criteria, as these are a great way to boost your bankroll. Some bookmakers charge a fee for making deposits by certain methods, so check out the T&Cs before parting with your hard-earned cash. Online security is also an important consideration when you are betting online, so make sure that the sites you visit use the latest SSL encryption technology. This keeps your personal details safe and gives you peace of mind that all your payment transactions are completed in a secure manner.
Withdrawal times vary between different bookmakers, although most generally work to a 3-5 day timeframe to credit winnings back to your account. The majority of sites require you to make withdrawals by the same method as you deposited, so make sure you are happy with this before making a payment. e-Wallets are often the quickest withdrawal method, with some bookies completing transactions within 24 hours via the likes of PayPal, Neteller and Skrill. Debit and credit card withdrawals usually adhere to the 3-5 day average, although some sites manage to process payments more quickly. Bank transfers and checks usually require you to wait for your funds for the longest period of time, with 5-14 days often quoted by Canadian bookies for these options. It is also worth noting that many betting sites have pending periods where you can change your mind and cancel the withdrawal request. This is usually between 24 and 48 hours.
Most online bookmakers are completely safe to use and have built up an excellent reputation during the time they have been operating. Whether you are planning to use an established company or one of the newer sites, check out the reviews at BettingTop10 to find all the information you need. Look for sites that hold a current operating license issued by a known gambling authority such as the Kahnawake Gaming Commission. For offshore firms, licenses from the UK Gambling Commission and the Malta Gaming Authority point towards a site being trustworthy. Make sure that your chosen site offers plenty of ways to contact them – the ones that have something to hide often only offer a web contact form. A big choice of payment options is also a sign that it is safe to deposit, as reputable payment providers are generally reluctant to work with untrustworthy brands. Avoid any sites that don’t use the latest SSL encryption technology as this indicates that they don’t take keeping your details secure seriously.
Credit and Debit Cards: Cards like Visa and Mastercard are accepted by most online bookmakers – debit card deposits deduct money directly from your bank account, while credit card payments are charged to your line of credit. Digital Wallets: Also known as e-Wallets, these are a payment system that protects your banking information and allow you to make safe transactions to and from your bookmaker. Bank Wire Transfer: This is an electronic transfer of money that sends funds from your bank account to your bookie’s bank account. e-Check: An e-Check is an electronic version of a traditional paper check used to make payments online. Bitcoin: this a decentralised digital currency that works outside of the traditional banking system on a peer-to-peer network utilising blockchain technology.
Visa: Available as a credit or debit card, Visa allows you to make deposits and withdrawals at online bookmakers in Canada. Mastercard: Visa’s main competitor, Mastercard offers debit, credit and prepaid options you can use to fund your batting account. Interac– Interac is one of the most popular payment methods in Canada, with people able to use it at more than half a million merchant locations across the country. PaySafeCard: This is a prepaid online voucher method that uses a 16-digit code you can enter to make a deposit. The vouchers are available from thousands of retailers. Neteller: One of the most popular e-Wallets around, Neteller allows you to complete transactions with your bookie outside of your normal bank account. eCheck: An eCheck allows funds to be transferred electronically from your bank account to the bookie’s account. ecoPayz: This is an online payment method that allows you complete financial transactions in a safe and secure fashion. PayPal: Another hugely popular e-Wallet, PayPal is one of the fastest ways you can complete online payment transactions with your bookie. iDebit: Connect to your online banking directly from checkout to complete real-time payments without using a debit or credit card. Skrill: A Skrill e-Wallet allows you to deposit and withdraw at your chosen bookie without using your bank account. Maestro: This is available as a debit or prepaid card which can be used to conduct financial transactions with your online bookie. Entropay: This is an online account that gives a prepaid virtual Visa card you can use to make payments. Boku: A secure payment method that allows you to charge goods and services digitally to your mobile number. Ukash: An online cash voucher scheme that was replaced by the Skrill Group’s PaySafeCard back in 2015.
