Payment Methods

Canadian players have access to a variety of payment options when it comes to online gambling. These options vary in terms of speed, convenience, and security. Here, at The Odds Calculator, we have developed a guide to the different payment options available to Canadian players, as well as the pros and cons of each.

Credit and Debit Cards:

Credit and debit cards are the most commonly used payment option for online gambling in Canada. Visa and MasterCard are the most widely accepted brands, but some online casinos may also accept American Express and Discover. Deposits made with credit and debit cards are usually instant, but withdrawals can take several business days to process.

Pros:

Credit and debit cards are convenient, widely accepted, and easy to use. Many Canadian players already have one or more of these cards, making them a convenient payment option.

Cons:

Some banks may block transactions to online gambling sites, which can be frustrating for players. Credit and debit card transactions can also attract fees, which can be higher than other payment methods.

eWallets:

Popular eWallets used by Canadian players include Interac casinos, a widely available payment platform that simplifies bank transfers from Canadian bank accounts.

Another good option is Gigadat Inc, which normally works with the previously mentioned Interac to make it smoother for to players the hazard of international transactions.

Another rare-to-find e-wallet is PayPal, which only works at Ontario betting sites and online casinos due to its policy of only offering services to regulated markets. If you reside in Ontario and wish to make deposits and withdrawals at online casinos with PayPal, feel free to check our list of the best PayPal casinos in Canada.

To finalize the e-wallets list, there are also Neteller and Skrill, both more on the expensive side because of high fees, but both also extremely fast and perfect for players betting from Offshore betting sites.

Overall, deposits and withdrawals with eWallets are usually instant and it is the most recommended option for players that care about fast withdrawals.

Pros:

eWallets are secure and convenient. They allow players to make transactions without having to share their personal banking information with the online casino.

Cons:

Some e-wallets may not be accepted by all online casinos. Additionally, players may need to pay fees to transfer funds between their eWallet and bank accounts.

Prepaid Cards:

Prepaid cards are another popular payment option for Canadian players. Players can purchase prepaid cards at retail locations and use them to make deposits at online casinos. Some popular prepaid card options include Paysafecard and Vanilla Prepaid.

Pros:

Prepaid cards are convenient and allow players to make deposits without having to share their personal banking information. They also help players set limits on their gambling spending.

Cons:

Prepaid cards can only be used for deposits, so players will need to choose another payment option for withdrawals. Additionally, some prepaid cards may have fees associated with them.

Bank Transfers:

Bank transfers are a reliable payment option for Canadian players. Players can transfer funds directly from their bank account to the online casino.

Withdrawals made through bank transfers can take several business days to process.

Pros:

Bank transfers are secure and widely accepted. They also allow players to transfer large amounts of money.

Cons:

Deposits made through bank transfers can take several business days to process, which may not be ideal for players looking to start playing immediately. Additionally, some banks may charge fees for making bank transfers.

Cryptocurrencies:

Cryptocurrencies like Bitcoin are a newer payment option for Canadian players. Some online casinos now accept Bitcoin and other cryptocurrencies for deposits and withdrawals.

Pros: Cryptocurrencies are decentralized and secure, providing a high level of anonymity. They also allow for quick and easy transactions.

Cons: Cryptocurrencies can be volatile and their value can fluctuate rapidly. Players who are not familiar with cryptocurrencies may find the process of buying and using them to be confusing.